Name: Global upstream oil supply summary - September 2018
Brand: Wood Mackenzie
SKU: 92911
Price: 1650 USD
Availability: OnlineOnly
Author: Wood Mackenzie

Country Report 07 September 2018

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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. OPEC crude oil supply from key Middle East producers increased in July, with Saudi Arabia, UAE, Kuwait and Iraq ramping-up oil production. But the increases are offset by continuing declines in Venezuela and Iran. Though remaining strong overall, US L48 production has been downgraded slightly this month, due to slower activity in key tight oil plays and Permian pipeline constraints capping production. On the other hand, strengthening non-OPEC production growth outside of US has lifted our forecast from a month ago, with global supply now projected to increase by 2.0 million b/d in 2019, following a 2.1 million b/d gain in 2018.

Executive summary
- Global supply to add ~2 million b/d in both 2018 and 2019
- Non-OPEC supply strengthening into 2019, despite minor downgrades to US supply
- US onshore crude and NGL production outlook lowered through 2018 and 2019
- OPEC production stable, with GCC increases offset by Venezuela declines, Libyan disruption and Iran sanctions
- Iran production outlook lowered as exports drop faster than expected