Middle East Oil Supply - July 2016

Source: OPEC 8/10/2016, Location: Middle East

Middle Eastern oil supply is estimated to decrease by 0.30 mb/d in 2016 from the previous year, to average 1.24 mb/d. This is a 10 tb/d upward revision over the previous MOMR. It is expected that oil production will remain stagnant in all countries except Yemen, where it will decline by 30 tb/d to average 20 tb/d in 2016. The Middle Eastern supply forecast is associated with a very high level of risk, mainly due to political factors, which could dramatically change the outlook in either direction. Yemen’s oil production has slumped to approximately 0.02 mb/d from 3Q15 – from a capacity of 0.14 mb/d – and remains unchanged so far, according to an estimate by different sources and media reports.

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