BAKU, Azerbaijan, Nov.15
By Leman Zeynalova – Trend:
Non-OPEC output growth is set to increase from 1.8 million barrels per day (mb/d) this year to 2.3 mb/d in 2020, Trend reports citing the International Energy Agency (IEA).
This is while OPEC has revised down the non-OPEC oil supply growth forecast for 2020 by 36,000 barrels per day (b/d) and is now projected to grow by 2.17 million barrels per day (mb/d) for an average of 66.46 mb/d.
“Global oil supply rose 1.5 mb/d in October as Saudi Arabian production returned to normal and on increases from Norway, Canada and the US. OPEC crude oil production was 29.9 mb/d. At 101 mb/d, world oil supply was 1.2 mb/d below year-ago levels with OPEC down 2.5 mb/d. The call on OPEC crude in 2020 is estimated at 28.9 mb/d, 1 mb/d below current production,” reads the IEA report.
For comparison, the OPEC report says that according to secondary sources, total OPEC-14 preliminary crude oil production averaged 29.65 million barrels per day (mb/d) in October, higher by 943,000 barrels per day month-on-month.
In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.
On July 2, 2019, a decision was made in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.
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