Global upstream oil supply summary - September 2017
The oil supply summary monthly report provides analysis on short-term global oil supply through 2018. The written document is accompanied by a related excel data download. Global supply is forecast to increase from 96.9 million b/d in 2016 to 97.7 million b/d in 2017 and 99.5 million b/d in 2018. This is an upward revision of 30,000 b/d and 140,000 b/d in 2017 and 2018 respectively, since our last update. This is driven by upgrades to supply in Canada and US Gulf of Mexico. Even with the assumption of an OPEC rollover of cuts through to the end of 2018, global supply is projected to grow by 1.8 million b/d in 2018.