Non-OPEC oil supply growth in 2019 revised down

Oil&Gas Materials 14 May 2019 18:20 (UTC +04:00)

Baku, Azerbaijan, May 14

By Leman Zeynalova - Trend:

Non-OPEC oil supply growth in 2019 is revised down by 0.03 mb/d to average 2.14 mb/d, Trend reports citing OPEC Monthly Oil Market Report (MOMR).

Reportedly, this is mainly due to lower than expected output in 1Q19 in the US, Brazil and the UK, which is partially offset by upward revisions in China.

“Total supply for the year is now projected to average 64.52 mb/d. The US, Brazil, Russia, Australia and the UK are the main drivers for this year’s growth, while Mexico, Kazakhstan, Norway and Indonesia are projected to see the largest declines,” said the cartel.

OPEC NGLs and non-conventional liquids were revised downward for the years 2016 thru 2018, reads the report.

“In addition, growth in OPEC NGLs and non-conventional liquids was revised upward by 83 tb/d y-o-y in 2018, reaching 4.76 mb/d, representing a growth of about at 0.13 mb/d, y-o-y. For 2019, OPEC NGLs and nonconventional liquids are forecast to grow by 0.08 mb/d to average 4.84 mb/d, a slight downward revision of 0.01 mb/d. In April 2019, OPEC crude oil production was broadly unchanged from the previous month to average 30.03 mb/d, according to secondary sources,” said the cartel.

Non-OPEC oil supply growth in 2018 is revised up by a minor 0.01 mb/d from the previous month’s assessment, mainly due to an upward revision to Canada’s supply in 4Q18, which non-OPEC supply is now estimated to have grown by 2.91 mb/d to average 62.37 mb/d, according to OPEC.


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