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Oil supply long-term outlook H1 2017: US tight oil vs conventional

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Report summary

Stable oil prices since the OPEC agreement to cut production in late 2016 have led to a return in near term growth driven primarily by onshore US supply. The pace of growth onshore US and from other non OPEC sources including Brazil Russia and Canada poses a major challenge for OPEC in the short term. We have made strong upward revisions to our supply outlook since H2 2016 weighted towards non OPEC producers. OPEC crude oil capacity in the longer term has been revised down mainly due to a downgrade in Venezuela where the pace and potential supply of heavy oil has been lowered. This is offset by growth in Iran and Iraq and recovery in Libya in the near term.

What's included

This report contains

  • Document

    Global supply outlook H1 2017 Slide pack.pdf

    PDF 1.94 MB

  • Document

    Global supply outlook H1 2017 data.xls

    XLS 204.00 KB

  • Document

    Oil supply long-term outlook H1 2017: US tight oil vs conventional

    PDF 384.01 KB

  • Document

    Oil supply long-term outlook H1 2017: US tight oil vs conventional

    ZIP 2.11 MB

Table of contents

Tables and charts

This report includes 4 images and tables including:

Images

  • US tight oil production growth
  • Pre-FID liquids cost curve
  • Associated split of production
  • Global supply outages: base case assumes relatively benign view

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