Baku, Azerbaijan, Feb.15
By Leman Zeynalova – Trend:
For 2018, non-OPEC supply forecast was revised up by 0.32 million barrels per day (mb/d), to average 59.26 mb/d, representing growth of 1.40 mb/d, which was also revised up by 0.25 mb/d, OPEC said in its February Oil Market Report.
The key drivers for growth in 2018 are the US (1.30 mb/d), Canada (0.25 mb/d), Brazil (0.20 mb/d), UK (0.11 mb/d), Kazakhstan (0.09 mb/d) and Ghana (0.05 mb/d), while production is forecast to decline in Russia (0.19 mb/d), China (0.12 mb/d), Mexico (0.12 mb/d), Norway (0.08 mb/d) and Colombia (0.04), said the report.
Non-OPEC supply in 1H18 is forecast to average 59.19 mb/d, higher by 1.13 mb/d than 2H17 and higher by 1.53 mb/d over 1H17, while 2H18 is forecast higher by 0.14 mb/d than 1H18, averaging 59.33 mb/d, said the cartel.
OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November 2016.
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