Baku, Azerbaijan, Jan.18
By Leman Zeynalova - Trend:
Total OPEC-14 crude oil production averaged 32.42 million barrels per day in December, a minor increase of 42,000 barrels per day over the previous month, OPEC said in its January Oil Market Report.
Crude oil output increased in Nigeria, Angola and Algeria, while production declined by 0.08 million barrels per day, month-on-month in Venezuela.
OPEC natural gas liquids (NGLs) and non-conventional liquids output in 2017 is estimated to grow by 0.17 million barrels per day, averaging 6.31 million barrels per day, while for 2018, growth of 0.18 million barrels per day is forecast to average 6.49 million barrels per day, said the report. Production growth is expected to be mainly in Iran and Saudi Arabia.
This is while non-OPEC supply in 2018 was revised up by 121,000 barrels per day in absolute terms compared with last month’s analysis to average 58.94 million barrels per day, and now is expected to grow at a faster pace, leading to an upward revision in year-on-year growth by 161,000 barrels per day to average 1.15 million barrels per day, compared to the previous month’s report.
“This is mainly due to a higher-than-expected supply forecast for the US, Canada, Mexico, UK, Denmark, Indonesia, Brazil, Latin America others, and FSU others, while the expectations for Norway, Other OECD Europe, Australia, Argentina, Egypt, and Russia have declined,” said the cartel.
The US, Canada, Brazil, the UK, Kazakhstan, Ghana, India and Australia, are expected to be the key countries driving growth next year, in contrast to Russia (-0.19 million barrels per day), China (-0.16 million barrels per day), Mexico (-0.14 million barrels per day), Norway (-0.07 million barrels per day)and countries such asAzerbaijan, Colombia, Egypt, as well as some other countries with less than 50,000 barrels per day year-on-year decline, which are expected to see a further drop in oil supply, according to the report.
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