Country Report
Global upstream oil supply summary - October 2017
*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 in 2017 and 2018 remains largely unchanged, with global supply forecast to increase 0.7 million b/d year-on-year in 2017 and 1.8 million b/d in 2018. This is a downward revision of 90,000 b/d and 70,000 b/d respectively since our last monthly update. We have extended our short-term forecast to incorporate 2019; global supply is projected to grow at a slower rate of 1.0 million b/d in 2019, reaching 100.4 million b/d. Notably, this assumes key OPEC and non-OPEC producers continue to demonstrate production restraint through the year.
Table of contents
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Executive summary
- Global supply: 2019 growth robust despite assumption that OPEC continues to curtail output
- US L48: pace of supply growth to slow in 2019; value over volume remains a downside risk in the near-term
- OPEC: base case assumes that OPEC continues production restraint through 2019
- Venezuela: downside supply risk persists irrespective of debt saga
- Kurdistan: Baghdad retakes control of disputed Kirkuk fields
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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