The Organization of the Petroleum Exporting Countries (OPEC) has further downgraded its 2020 forecast for non-OPEC oil supply growth to 1.76 million barrels per day after the group of OPEC and non-OPEC countries failed to reach consensus on oil productions cuts last week
MOSCOW (Pakistan Point News / Sputnik - 11th March, 2020) The Organization of the Petroleum Exporting Countries (OPEC) has further downgraded its 2020 forecast for non-OPEC oil supply growth to 1.76 million barrels per day after the group of OPEC and non-OPEC countries failed to reach consensus on oil productions cuts last week.
"Non-OPEC oil supply growth for 2019 is revised up by 0.09 mb/d to 1.99 mb/d from the previous month's assessment ... For 2020, the non-OPEC oil supply growth forecast is revised down by 0.49 mb/d to 1.76 mb/d. Production is revised up mainly for Russia, Thailand, Indonesia and Oman, while the US, China, Mexico, Colombia, Norway, Azerbaijan and Malaysia are revised lower," OPEC said on Wednesday in its monthly report.
