MOSCOW (Pakistan Point News / Sputnik - 10th April, 2019) The Organization of the Petroleum Exporting Countries (OPEC) revised down its projection for 2019 non-OPEC supply growth by 60,000 barrels per day compared to last month to average 2.18 million barrels daily, the organization said Wednesday in its monthly report.
"Non-OPEC oil supply growth in 2019 was revised downward by 0.06 mb/d to average 2.18 mb/d, mainly due to extended maintenance in Kazakhstan, Brazil and Canada, which was partially offset by upward revisions to the US and Russia. Total non-OPEC supply in 2019 is now forecast to average 64.54 mb/d, with the US, Brazil, the UK, Australia and Ghana being the major contributors to growth, while Mexico, Kazakhstan, Norway, Indonesia and Vietnam are projected to see the largest declines," the report read.
