Country Report
Global upstream oil supply summary - October 2017
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 1 images and tables including:
- Liquids changes (million b/d)
What's included
This report contains:
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