Baku, Azerbaijan, Jan.19
By Leman Zeynalova – Trend:
Non-OPEC oil supply growth was revised up by 0.16 million barrels per day (mb/d) to now stand at 1.15 mb/d, OPEC said in its January Oil Market Report.
The forecasted increase is driven by mostly higher growth expectations for the US and Canada, according to the report.
This is while non-OPEC oil supply growth in 2017 has been revised marginally lower to now stand at 0.77 mb/d. The adjustments were mostly due to revisions in the actual data for the fourth quarter of 2017.
“Non-OPEC preliminary oil supply in December 2017 rose by 0.34 mb/d month-on-month, mainly in Canada, Mexico, Norway, Brazil and Kazakhstan to average 58.62 mb/d, while production declined month-on-month in the US, and the UK,” said the cartel.
Preliminary data indicates that global oil supply increased by 0.40 mb/d to average 97.49 mb/d in December 2017 compared with the previous month.
Preliminary December supply data shows an increase in non-OPEC supply (including OPEC natural gas liquids) by 0.35 mb/d to average 65.07 mb/d.
“This was mainly driven by Canada, Mexico, Norway, Brazil and Kazakhstan which partially offset month-on-month declines in the UK, US and China. OPEC crude oil production was also up slightly by 0.04 mb/d in December, leading to an increase in global oil output,” said the report.
The share of OPEC crude oil in total global production was steady at 33.3 percent in December, compared with the previous month.
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