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Non-OPEC oil supply expected to drop in 2016

Oil&Gas Materials 12 October 2016 16:52 (UTC +04:00)

Baku, Azerbaijan, Oct.12

By Leman Zeynalova – Trend:

World liquids supply in September 2016 increased by 1.46 million barrels per day month-on-month to average 96.4 million barrels per day, and grew by 0.95 million barrels per day compared to a year ago, according to OPEC’s monthly oil market report published Oct.12.

The share of OPEC in the monthly increase was only 15 percent, while non-OPEC producers, including OPEC natural gas liquids (NGLs), added 1.24 million barrels per day, according to OPEC.

Non-OPEC oil supply in 2016 is estimated to see a contraction of 0.68 million barrels per day, a downward revision of 70 ,000 barrels per day, to now average 56.30 million barrels per day, according to the report.

“This was due to the downward adjustment of 135,000 barrels per day in 2Q 2016, mainly in Canada, Russia and the US, as well as an upward revision of 60 ,000 barrels per day to the 2015 baseline, mainly coming from the US,” said the cartel.

In contrast, non-OPEC oil supply growth in 2017 was revised up by 40,000 barrels per day to average 0.24 million barrels per day year-on-year from the previous assessment, to settle at an average of 56.54 million barrels per day, mainly due to new projects coming on stream in Russia, said the report.

OPEC NGL production in 2016 and 2017 is forecast to grow by 0.16 million barrels per day and 0.15 million barrels per day, respectively, to average 6.29 million barrels per day and 6.43 million barrels per day.

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