…as supply growth expected to lip by 1.15mb/d in 2018
19 January 2018, Sweetcrude, Lagos — Statistics inside the Organisation of the Petroleum Exporting Countries, OPEC’s Monthly Oil Market Report, MOMR for January 2018, 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 lip of 0.83 mb/d year-on-year.
Preliminary non-OPEC oil supply, including OPEC’s Natural Gas Liquids, was up by 0.35 mb/d m-o-m in December, to an average of 65.07 mb/d.
For 2017, non-OPEC supply grew by 0.77 mb/d y-o-y to average 57.79 mb/d, representing a downward revision of 0.04 mb/d from last month’s report, following a downward revision in Organisation for Economic Cooperation and Development, OECD and Developing Countries by 28 thousand, tb/d and 35 tb/d, respectively, while the oil supply forecast for the Former Soviet Union, FSU was revised up by 32 tb/d.
For 2018, y-o-y growth of 1.15 mb/d is in the forecast, following an upward revision for production in the U.S, Canada, Mexico and the UK and downward revisions in Norway and Argentina, and showing total supply expected at 58.94 mb/d.
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.
In December 2017, OPEC crude oil production increased by 42 tb/d, according to secondary sources, to average 32.42 mb/d.