Statistics
from the Organisation of the Petroleum Exporting Countries, OPEC’s, Monthly Oil
Market Report, MOMR, for January 2018, showed that world oil supply growth for
the year is forecast at 1.15 million barrels per day, mb/d, year-on-year.
This
follows an upward revision for production in the US, Canada, Mexico and the UK
and downward revisions in Norway and Argentina. Total supply is expected to
reach 58.94 mb/d during the year.
The
OPEC report also showed that world oil supply in December increased by 0.40
million barrels per day month-on-month, to average 97.49 million barrels per
day. According to the report, the increase represented a leap of 0.83 mb/d
year-on-year.
Preliminary
non-OPEC oil supply, including OPEC’s Natural Gas Liquids, NGLs, was up by 0.35
mb/d month-on-month in December, to an average of 65.07 mb/d.
For
2017, non-OPEC supply grew by 0.77 mb/d year-on-year to average 57.79 mb/d,
representing a downward revision of 0.04 mb/d from the previous month’s report.
OPEC NGLs and non-conventional liquids’ production averaged 6.45 mb/d in
December.
OPEC
said its NGLs grew by 0.17 mb/d to average 6.31 mb/d in 2017, and for 2018,
production is forecast to grow by 0.18 mb/d, to average 6.49 mb/d. (Sweet
Crude)
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