BAKU, Azerbaijan, October 31. Non-OPEC oil supply is forecast to increase by 7.8 million barrels per day (mb/d) - from 63.6 mb/d in 2021 to 71.4 mb/d in 2027, Trend reports via the latest World Oil Outlook (WOO) from OPEC.
According to the outlook, non-OPEC’s supply is expected to reach its peak of 72.4 mb/d in 2030 and slowly drop to 67.5 mb/d by 2045.
“The main medium-term driver of non-OPEC liquids supply growth is the US, followed by Brazil, Guyana, Canada and Norway. In the long-term, after US supply is set to peak in the latter 2020s, the two Latin American producers are joined by Canada, Kazakhstan and Qatar as the primary sources of non-OPEC liquids supply increments,” OPEC noted.
As OPEC noted, the US, while remaining the leading medium-term source of growth in non-OPEC fluids, is expected to provide 3.9 mb/d, or 50 percent, of the increase in production.
Crude oil supplies to the US have cut most of the volume associated with the COVID-19 pandemic, and rising activity, favorable economic conditions, and growing investment indicate a return to healthy growth in the coming years, WOO said.
“Global liquids supply continued its recovery following the huge shock to demand to stem from the fallout of the COVID-19 pandemic, and the resulting voluntary and involuntary production adjustments taken by many producers. Not least due to the rapid and historically large action taken by OPEC and non-OPEC partners in the DoC, oil markets subsequently regained a modicum of stability throughout 2021, allowing for recovering oil demand to be met by rising supply,” OPEC added.
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