Forecasts for non-OPEC oil supply down
Baku, Azerbaijan, Nov.13
By Leman Zeynalova – Trend:
Forecast for non-OPEC oil supply in 2017 was revised down by 23,000 barrels per day (b/d) to 57.67 mb/d, to now show growth of 0.65 mb/d year-on-year, according to OPEC’s November Oil Market Report.
“The non-OPEC oil supply forecast for 2018 was also revised down in absolute terms by 0.09 million barrels per day (mb/d) to average 58.54 mb/d, and growth revised down by 0.07 mb/d to 0.87 mb/d,” said the report.
Any changes in the production forecast of the non-OPEC countries in 2017 and the next year are based on the historical production progress, oil field developments, periodical and unexpected maintenance, unexpected outages due to weather and disruptions and finally new start-ups and production expansion plans, according to the cartel.
“The US remains the key driver of non-OPEC supply growth, adding 0.59 mb/d to non-OPEC production in 2017, supported by other countries such as; Canada with 0.26 mb/d, Brazil with 0.18 mb/d, Kazakhstan with 0.18 mb/d, Ghana with 0.07 mb/d and Congo with 0.05 mb/d,” said OPEC.
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