BAKU, Azerbaijan, March 16
By Leman Zeynalova – Trend:
Non-OPEC liquids supply is expected to stand at 61.4 million barrels per day (mbd) in 2021, as compared to 60.1 mbd in 2020, Trend reports citing the JP Morgan Bank.
The Bank expects non-OPEC liquids supply in 2021 to be equal to 60.3 mbd in Q1, 61.0 mbd in Q2, 61.9 mbd in Q3 and 62.3 mbd in Q4.
Non-OPEC liquids supply will amount to 60.2 mbd in January, 59.5 mbd in February, 61.0 mbd in March, 60.7 mbd in April, 60.9 mbd in May, 61.4 mbd in June, 62.3 mbd in July, 62.0 mbd in August, 61.6 mbd in September, 62.1 mbd in October, 62.5 mbd in November and 62.4 mbd in December.
As for 2022, non-OPEC liquids supply is expected to reach 64.0 mbd with 62.7 mbd in Q1, 63.6 mbd in Q2, 64.5 mbd in Q3 and 65.1 in Q4.
Monthly non-OPEC liquids supply forecasts for 2022 are as follows: 62.4 mbd in January, 62.7 mbd in February, 62.8 mbd in March, 63.1 mbd in April, 63.6 mbd in May, 64.1 mbd in June, 64.8 mbd in July, 64.5 mbd in August, 64.2 mbd in September, 64.9 mbd in October, 65.2 mbd in November and 65.1 mbd in December.
The 14th Ministerial Meeting of OPEC+ decided to preserve the existing quotas on daily crude oil production in April.
At the 12th Ministerial Meetings of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries, it was agreed to increase the daily crude oil production by 0.5 million barrels in January 2021 and gradually mitigate the quotas up to 2 million barrels in the next months through the Ministerial Meetings of OPEC+ to be held in every month. At the 13th Ministerial Meeting of the OPEC plus countries, it was decided to reduce the daily crude oil production of OPEC plus countries by 7 million and 125,000 barrels in February and by 7 million and 50,000 barrels in March.
---
Follow the author on Twitter: @Lyaman_Zeyn