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World Oil Supply

OPEC Monthly Oil Market Report – November 2017

57

World oil supply

Preliminary data indicates that

global oil supply

increased by 0.53 mb/d to average 96.71 mb/d in

October 2017 compared with the previous month.

Preliminary October supply data shows an increase

in non-OPEC supply (including OPEC NGLs) by

0.68 mb/d to average 64.12 mb/d. This was mainly

driven by Mexico, Norway, UK, Brazil, Canada,

Malaysia and China, which partially offset m-o-m

declines in the US and Ghana. OPEC crude oil

production declined by 0.15 mb/d in October,

leading to a decrease in global oil output.

The share of OPEC crude oil in total global

production

fell slightly by 0.3 pp to total 33.7% in

October, 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 - 26: OPEC and world oil supply

32.2

32.6

96.5

96.7

91

92

93

94

95

96

97

98

99

28

29

30

31

32

33

34

Nov 15

Jan 16

Mar 16

May 16

Jul 16

Sep 16

Nov 16

Jan 17

Mar 17

May 17

Jul 17

Sep 17

mb/d

mb/d

OPEC crude production (LHS)

World supply (RHS)

Source: OPEC Secretariat.