Baku, Azerbaijan, June 8
By Leman Zeynalova – Trend:
Non-OPEC oil supply has increased by 900,000 barrels per day (b/d) in 2017, OPEC said in its annual statistical bulletin.
“The year 2017 was full of surprises in regard to liquid oil supply and crude oil production with two opposite trends. On the one hand, non-OPEC supply — led by the US — increased by almost 900,000 b/d, after experiencing a decline of around 750,000 b/d in the year 2016,” said the report.
In regard to countries with increasing oil output in 2017, and with a focus on non-OPEC supply, output expansions were clearly driven by North America, notably by the US, according to the cartel.
“With the recovery of oil prices and investment activities, oil supply in the US increased by more than 700,000 b/d in the year 2017, representing 83 percent of total non- OPEC supply growth. This happened despite supply disruptions caused by the Hurricanes Harvey and Irma, the first weather disruptions to severely hit oil operations since Hurricanes Gustav and Ike in 2008,” OPEC said.
The cartel estimates that in 2017, Canada experienced the second largest oil output gains — of more than 350,000 b/d — mainly coming from the Alberta oil sands projects.
In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.
At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.
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