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World Oil Supply

OPEC Monthly Oil Market Report – October 2017

59

World oil supply

Preliminary data indicates that

global oil supply

increased by 0.41 mb/d to average 96.50 mb/d in

September 2017 compared with the previous

month. Preliminary September supply data shows

an increase in non-OPEC supply (including OPEC

NGLs) by 0.32 mb/d to average 63.76 mb/d. This

was mainly driven by the US, the UK, Brazil,

Kazakhstan and Azerbaijan, which partially offset

m-o-m declines in Colombia, Canada, Mexico and

Norway. OPEC crude oil production also rose by

0.09 mb/d in September, leading to an increase in

global oil output. The share of OPEC crude oil in

total global production fell slightly by 0.1 pp to total

33.9% in September, compared with 34.0% in the

previous month. Estimates are based on

preliminary data from direct communication for

non-OPEC supply, OPEC NGLs and non-

conventional oil, while estimates for OPEC crude

production are based on secondary sources.

Graph 5 - 27: OPEC and world oil supply

32.0

32.7

95.8

96.5

91

92

93

94

95

96

97

98

99

28

29

30

31

32

33

34

Oct 15

Dec 15

Feb 16

Apr 16

Jun 16

Aug 16

Oct 16

Dec 16

Feb 17

Apr 17

Jun 17

Aug 17

mb/d

mb/d

OPEC crude production (LHS)

World supply (RHS)

Source: OPEC Secretariat.