24 January 2018, Sweetcrude, Lagos – 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.