Global supply growth in 2017 remains weak. Upward revisions to Norway and Kazakhstan are partially offset by downgrade to Canada Oil Sands.

Global supply is projected to grow at over 2 million b/d in 2018 despite the OPEC agreement to continue production restraint through 2018.

Global supply is projected to grow at a slower rate of 1.0 million b/d in 2019, reaching 100.4 million b/d.

Global supply is projected to grow by 2.4 million b/d in 2018, driven by upward revisions to US Lower 48 oil and NGL supply.

We assume additional OPEC production restraint through 2018 to counteract increasing supply from Libya, Nigeria, and the US L48.

The outlook for global liquids supply growth remains strong, rising 1.8 million b/d in 2018.

Market dynamics point to OPEC rollover in H2 2017; strong upward revision to US L48 supply due to baseline revisions and higher rig count.

To complement our more detailed upstream summary we provide a slide-pack of the key issues.