The Organization of the Petroleum Exporting Countries (OPEC) has revised downward its forecast for oil supply growth in non-OPEC countries for 2019 by 0.08 million barrels per day to 2.16 million barrels per day, OPEC said in its Monthly Oil Market Report released on Wednesday
MOSCOW (Pakistan Point News / Sputnik - 12th December, 2018) The Organization of the Petroleum Exporting Countries (OPEC) has revised downward its forecast for oil supply growth in non-OPEC countries for 2019 by 0.08 million barrels per day to 2.16 million barrels per day, OPEC said in its Monthly Oil Market Report released on Wednesday.
"Non-OPEC oil supply growth in 2019 revised down by 0.08 mb/d to average 2.16 mb/d, due to a mandatory production adjustment in Alberta, and Russia, as a result of the new decision made at the fifth Meeting of the OPEC and Non-OPEC Ministerial Conference in December. Absolute supply is now forecast to reach an average of 62.19 mb/d," the report read.
The forecast for oil supply growth in non-OPEC countries for 2018 has been revised upward.
"Non-OPEC oil supply growth in 2018 is estimated at 2.50 mb/d, an upward revision of 0.19 mb/d from the previous month's assessment," OPEC added.
