Baku, Azerbaijan, April 14
By Leman Zeynalova – Trend:
For 2018, non-OPEC supply was also revised up by 0.08 million barrels per day (mb/d) from the previous month’s assessment, to now show growth of 1.71 mb/d year-on-year, OPEC said it is April Oil Market Report.
“This is on the back of higher-than-expected output in the 1Q18, mainly in the former Soviet Union (FSU) and the US, as well as some upward adjustments elsewhere. Non-OPEC supply is now estimated to average 59.61 mb/d for 2018,” said the report.
OPEC natural gas liquids (NGLs) and non-conventional liquids’ production is estimated to grow by 0.18 mb/d year-on-year to average 6.49 mb/d in 2018.
This is while non-OPEC supply for 2017 was revised up by 0.03 mb/d, mainly due to updated Canadian production data, to now show growth of 0.9 mb/d for the year.
In 2017, demand for OPEC crude is estimated to stand at 32.9 mb/d, 0.6 mb/d higher than the 2016 level, according to the report.
In 2018, demand for OPEC crude is forecast at 32.6 mb/d, 0.3 mb/d lower than in 2017.
OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November 2016.
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