Stage is set for strong recovery: Oil Supply long-term outlook H2 2016
Despite the persistence of low oil prices production in key regions, such as Russia and OPEC Middle East, has continued to surprise to the upside. But cuts in capital investment budgets since 2014 are impacting production, with a notably lower outlook in China and continued project deferral in high cost regions, such as deepwater west Africa and the US Gulf of Mexico.
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Impact of changes to our outlook since May 2016
Key changes to our Non-OPEC outlook since May 2016: