Baku, Azerbaijan, Nov.11
By Leman Zeynalova – Trend:
The non-OPEC oil supply will stand at 56.20 million barrels per day in 2016, according to OPEC’s monthly oil market report (MOMR) released Nov.11.
“The non-OPEC oil supply estimation for 2016 has been revised down by 0.1 million barrels per day since the October MOMR to now show a contraction of 0.78 million barrels per day to average 56.20 million barrels per day,” said the report.
This revision was due to higher-than-expected declines in the third quarter of 2016 in the US, Mexico, Norway, the UK, Malaysia, Kazakhstan and China, which were partially offset by higher output from Canada, Russia and other European members of the Organization for Economic Co-operation and Development (OECD), said OPEC.
The report said that non-OPEC production in the second half of 2016 is is expected to be lower than in the first half of 2016, despite the continued rise in US rig counts, the end of seasonal maintenance, and the startup of new projects.
“For 2017, non-OPEC supply growth has also been revised down by a marginal 10,000 barrels per day to show an increase of 0.23 million barrels per day,” said the report.
Non-OPEC supply is expected to average 56.43 million barrels per day in 2017, according to the cartel’s estimations.
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