Country Report
Global upstream oil supply summary - July 2017
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
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 has had an upward revision of 70,000 b/d and 200,000 b/d in 2017 and 2018 respectively since our last update. This is largely driven by upgrades to supply in Libya and onshore US. Even with the assumption of an OPEC rollover of cuts through to the end of 2018, global supply is still projected to grow by 1.6 million b/d in 2018. The outlook for OPEC supply remains relatively stable this update. We have revised our OPEC production numbers for 2017 and 2018 up slightly due to Libya’s increased production and Ecuador announcing that it would not meet its promised OPEC cut of 26,000 b/d of production. Our outlook for total non-OPEC supply has been revised upwards, mainly a result of calibrating rig counts in the US Permian and Mid-con.
Table of contents
-
Executive summary
- Liquids changes (million b/d)
Tables and charts
This report includes the following images and tables:
- Executive summary: Image 1
What's included
This report contains:
Other reports you may be interested in
Country Report
Global upstream oil supply summary - July 2018
What is the impact of the recent OPEC/non-OPEC deal on oil supply?
$1,650
Insight
Global oil supply short-term update - March 2025
OPEC+ reaffirm their decision to ease voluntary production cuts from Q2 2025
$1,350
Country Report
Global upstream oil supply summary - April 2017
Global supply growth in 2017 remains weak. Upward revisions to Norway and Kazakhstan are partially offset by downgrade to Canada Oil Sands.
$1,650
