16 August 2018
During 2017, the global oil market was in a supply-demand deficit, which was helped by strong global demand growth and supply restraint by OPEC and its allies. This deficit persisted during 2Q 2018, before the decision in June by OPEC and its allies to increase output.
But will this increase in output be enough to balance rising demand and potential supply shocks? In this report, Rystad Energy analyzes the effect of OPEC countries’ production on the global supply, US shale production potential, global oil demand, and other factors impacting global oil market balances.