Baku, Azerbaijan, Sept.12
By Leman Zeynalova – Trend:
Non-OPEC oil supply in August declined by 0.32 million barrels per day (b/d) month-on-month to average 57.68 million b/d, according to OPEC’s Monthly Oil Market Report.
Non-OPEC supply is projected to grow by 0.78 million b/d year-on-year in 2017, which is unchanged from last month’s prediction to average 57.80 million b/d, said the cartel.
The main changes for the month is a result of an increase in expected oil production growth in Kazakhstan by 0.04 million b/d in 2017 and lower growth in the US oil supply by 0.07 million b/d in 2017, according to the report.
“The non-OPEC oil supply forecast in 2018 was revised down by 0.10 million b/d due to the downward revisions in Kazakhstan and Russia. Hence, non-OPEC supply to average 58.80 million b/d with a growth of 1.00 million b/d for 2018 is anticipated,” said OPEC.
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.
---
Follow the author on Twitter: @Lyaman_Zeyn