May 22, 2024
OIL SUPPLY: Non-OPEC supply growth in 2021 has been revised down by about 0.2 mb/d — Report
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– By Alison Godswill

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The Organisation of Petroleum Exporting Countries, OPEC, has revised non-OPEC supply growth in 2021 down by about 0.2 million barrels per day, mb/d, indicating an increase of 0.7 mb/d, to average 63.3 mb/d.

In its February 2021 report obtained by The Daily, www.thedaily-ng.com, OPEC stated: “The forecast for non-OPEC supply growth in 2021 has been revised down by about 0.2 mb/d to show an increase of 0.7 mb/d, to average 63.3 mb/d. Supply from the US and Other Asia has been revised lower, whereas supply from Canada has been adjusted higher.

“US supply is expected to be 0.2 mb/d lower in 2021 from last month’s assessment, to increase by about 0.2 mb/d to average 17.8 mb/d. The key contributors to non-OPEC supply growth in 2021 are expected to be Canada, Brazil, the US, Norway, Ecuador, Qatar and Guyana, while declines are seen coming from Russia, the Sudans, Malaysia and the UK.

“OPEC NGLs are forecast to grow by about 0.1 mb/d y-o-y in 2021 to average 5.2 mb/d, following an estimated contraction of 0.1 mb/d in 2020. OPEC crude oil production in January increased by 0.18 mb/d m-o-m to average 25.50 mb/d, according to secondary sources.”

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