The Organization of the Petroleum Exporting Countries (OPEC) has downgraded its forecast for non-OPEC oil supply growth in 2019 to 1.97 million barrels per day, revising the 2020 forecast downward to 2.39 million barrels per day, according to OPEC's monthly report, released on Friday
MOSCOW (Pakistan Point News / Sputnik - 16th August, 2019) The Organization of the Petroleum Exporting Countries (OPEC) has downgraded its forecast for non-OPEC oil supply growth in 2019 to 1.97 million barrels per day, revising the 2020 forecast downward to 2.39 million barrels per day, according to OPEC's monthly report, released on Friday.
"In 2019, non-OPEC oil supply is anticipated to grow by 1.97 mb/d y-o-y, a downward revision of 72 tb/d from the previous month's projection, due to lower-than-expected oil production in the US, Brazil, Thailand and Norway in 1H19, which were partially offset by higher production in Canada in 2Q19," the report read.
Non-OPEC oil supply in 2019 is not expected to total 64.39 million barrels per day.
"For 2020, non-OPEC oil supply growth was also revised down by 50 tb/d from the last month assessment, and is now projected to grow by 2.39 mb/d y-o-y for an average 66.78 mb/d, mainly due to a downward revision in the oil supply growth forecast for Brazil. The US, Brazil and Norway are forecast to be the main growth drivers, while Mexico, Indonesia and Egypt are expected to see the largest declines," the report read.
