Middle East Oil Supply - April 2016

Source: OPEC 4/24/2016, Location: Middle East

The Middle East’s oil supply declined by 70 tb/d y-o-y to average 1.27 mb/d in 2015. Estimated supply growth was revised up by 10 tb/d due to national updating from Bahrain and Oman for 2015. The biggest decline of 100 tb/d the previous year came from Yemen. Syrian and Yemeni production for 2016 is likely to remain weak due to conflict in both countries. It is expected that Omani oil production will grow by 20 tb/d y-o-y to 1 mb/d in 2016, following remarkable investment in the past. Nevertheless, total oil supply is expected to fall by 20 tb/d to 1.25 mb/d in 2016.

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