Baku, Azerbaijan, Jan.18
By Leman Zeynalova – Trend:
Non-OPEC oil supply in 2016 is estimated to have averaged 57.14 million barrels per day in 2016, a decline of 0.71 million barrels per day over 2015, OPEC said in its January 2017 Oil Market Report.
According to preliminary and estimated data, total non-OPEC supply in the fourth quarter of 2016 decreased by 0.57 mb/d over the same period a year earlier.
During the second half of 2016, non-OPEC supply decreased by 0.83 mb/d compared with the same period the previous year, said the cartel.
For 2017, non-OPEC oil supply is now projected to grow by 0.12 mb/d, down by 0.18 mb/d from the December report due to lower expectations for Russia, Kazakhstan, China, Congo and Norway, to average 57.26 mb/d.
The revision was driven partially by the non-OPEC decision on production adjustments in the first half of the year. In contrast, the US forecast for 2017 was revised up by 0.23 mb/d, following higher rig counts and increased cash flows.
During the Vienna meeting held Nov.30, OPEC members decided to implement a new OPEC-14 production target of 32.5 million barrels per day.
Later, non-OPEC countries agreed to cut the oil output by 558,000 barrels per day during the meeting held Dec.10.
Eleven non-OPEC countries agreed to reduce the oil output: Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and Republic of South Sudan.
OPEC and non-OPEC countries pledged to implement the reached deal from Jan.1, 2017.
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