Baku, Azerbaijan, Aug.14
By Leman Zeynalova – Trend:
Non-OPEC oil supply in 2018 was revised up by 73,000 barrels per day (b/d) to average 59.62 million b/d, OPEC said in its August Oil Market Report.
The forecasts were revised up mainly due to an upward adjustment to China’s supply forecast on higher-than-expected output in 1H18.
Year-on-year growth was also revised up by 0.08 million b/d to now stand at 2.08 million b/d, said the report.
Non-OPEC oil supply in 2019 saw an upward revision of 106,000 b/d following a re-assessment of the Chinese supply forecast for next year and is now projected to reach an average of 61.75 million b/d.
“However, in terms of y-o-y growth, it was revised up by only 34,000 b/d to now stand at 2.13 million b/d, owing to downward revisions in the supply forecast for the US and Australia. The US (1.4 million b/d), Brazil (0.4 million b/d), Canada (0.3 million b/d), the UK, Kazakhstan, Australia and Malaysia are the main growth drivers; while Mexico and Norway are expected to see the largest declines. The 2019 forecast is subject to many uncertainties,” said the report.
OPEC natural gas liquids (NGLs) production in 2018 and 2019 is expected to grow by 0.12 million b/d and 0.11 million b/d to average 6.36 million b/d and 6.47 million b/d, respectively.
In July, OPEC production increased by 41,000 b/d to average 32.32 million b/d, according to secondary sources.
Non-OPEC supply in July, including OPEC NGLs, rose by 0.64 million b/d to average 66.20 million b/d, higher by 2.41 million b/d year-on-year.
As a result, preliminary data indicates that the global oil supply increased in July by 0.68 million b/d month-on-month to average 98.53 million b/d, said the report.
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