Baku, Azerbaijan, August 10
By Leman Zeynalova – Trend:
Non-OPEC oil supply is expected to stand at 57.77 million barrels per day (b/d) in 2017, OPEC said in its August Oil Market Report.
Non-OPEC oil supply growth forecast in 2017 was revised down by 28,000 b/d from the previous Oil Market Report of OPEC to 0.78 million b/d, according to the report.
“The main reason for this downward revision was a lower assessment of oil supply in OECD America following the weak output in 2Q17, but this was partially offset by upward revisions of supply in Russia and China in 2Q17,” said the cartel.
Non-OPEC oil supply in 2018 is projected to grow by 1.10 million b/d, to average 58.87 million b/d, following downward revisions in the US and Canada.
“The US, Brazil, Canada, Russia, Kazakhstan, Congo and the UK are the main drivers of growth, while Mexico, China, Colombia and Azerbaijan are expected to see declines. The 2018 forecast is subject to many uncertainties,” said the report.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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