Baku, Azerbaijan, May 14
By Leman Zeynalova – Trend:
Non-OPEC supply forecast for 2018 was revised up by 0.01 million barrels per day (mb/d), to average 59.62 mb/d, OPEC said in its Monthly Oil Market Report for May.
The cartel said that world oil supply in April 2018 increased by 0.12 mb/d month-on month, to average 97.89 mb/d, representing an increase of 2.30 mb/d year-on-year.
Preliminary non-OPEC oil supply, including OPEC natural gas liquids (NGLs), was up by 0.11 mb/d
month-on-month and rose by 2.35 mb/d year-on-year to average 65.96 mb/d, said the report.
“Non-OPEC supply for 2017 was revised down slightly by 0.01 mb/d to average 57.89 mb/d, resulting in
y-o-y growth of 0.87 mb/d. The downward revision was mainly due downward adjustments for Brazil and, to
a lesser extent, for other countries, which mostly offset by a review of historical non-conventional production data, leading to a higher assessment, notably for OECD Europe,” said the cartel.
Following this revision in 2017, upward revisions in 1Q18 for the US, Argentina, Colombia and China, were partially offset by downward adjustments for Canada, Mexico, Norway, the UK and Brazil, and the forecast for 2Q18 also saw an upward adjustment, according to OPEC’s estimates.
Therefore, non-OPEC supply forecast for 2018 was revised up by 0.01 mb/d, to average 59.62 mb/d, representing year-on-year growth of 1.72 mb/d, compared to the previous month’s assessment, according to the report.
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