Country Report
Global upstream oil supply summary - May 2018
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The oil supply summary monthly report provides analysis on short-term global oil supply through 2019. The written document is accompanied by a related excel data download. Global supply growth remains strong in the near term, the US continues to be the key driver behind this growth. Global supply is forecast to increase by 2.5 million b/d in 2018 and 1.8 million b/d in 2019, with total supply remaining broadly unchanged since our last update revised up by 50,000 b/d in 2018 and revised down by 40,000 b/d in 2019. Analysis in this monthly update includes: the implications of President Trump’s decision as to whether the US will continue to waive sanctions on Iran, upgrades to US type curves and potential takeaway capacity concerns in the Permian.
Table of contents
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Executive summary
- Global supply surge expected in 2018 assuming Iranian nuclear deal holds, Venezuelan production falls to 1.3 million b/d by December 2018, and the Permian reaches 3.7 million b/d by December 2018
- Deal or no deal? Iranian nuclear deal deadline is fast approaching
- Widening differentials in the Permian set to curtail US onshore production growth?
Tables and charts
This report includes the following images and tables:
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Liquids changes (million b/d)
What's included
This report contains:
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