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Middle East Oil Supply - May 2016

Source: OPEC 5/25/2016, 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, with the biggest decline coming from Yemen. Syrian and Yemeni production for 2016 is likely to remain weak due to conflict in both countries. Meanwhile, it is expected that Omani oil production will see a downward revision this month of 10 tb/d, to reach 0.99 mb/d in 2016, up by 10 tb/d y-o-y. Therefore, total Middle Eastern oil output, including a downward revision of 10 tb/d, is expected to fall by 30 tb/d to 1.24 mb/d in 2016.

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