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World Oil Supply

60

OPEC Monthly Oil Market Report – September 2017

World oil supply

Preliminary data indicate that the

global oil supply

decreased by 0.41 mb/d to average 96.75 mb/d in

August 2017 compared with the previous month. Preliminary August supply data show a decrease in

non-OPEC supply (including OPEC NGLs) by 0.33 mb/d to average 64.00 mb/d. This was mainly driven by

Africa other, Brunei, Canada, Colombia, Congo, Ghana, Norway, OPEC NGLs and the US, which partially

offset m-o-m declines in Azerbaijan, China, Mexico and the UK. OPEC crude oil production also declined by

0.08 mb/d in August, leading to a decrease 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 August, compared with 33.8% 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 - 25: OPEC and world oil supply

32.1

32.6

95.7

96.6

91

92

93

94

95

96

97

98

99

28

29

30

31

32

33

34

Sep 15

Oct 15

Nov 15

Dec 15

Jan 16

Feb 16

Mar 16

Apr 16

May 16

Jun 16

Jul 16

Aug 16

Sep 16

Oct 16

Nov 16

Dec 16

Jan 17

Feb 17

Mar 17

Apr 17

May 17

Jun 17

Jul 17

Aug 17

mb/d

mb/d

OPEC crude production (LHS)

World supply (RHS)

Source: OPEC Secretariat.