Non-Opec Supply Set to Surge

Shailaja A. Lakshmi
Sunday, September 15, 2019

Liquid production growth for non-OPEC countries reached the highest rate on record in 2018, with a growth of almost 2.9 million barrels per day (bbl/d).

For this year, the trend suggests that non-OPEC countries’ liquid production will reach above 2 million bbl/d once again, led by tight oil.

Rystad Energy expects liquid production growth of non-OPEC countries will continue reaching record highs in 2020. However, despite strong tight oil production, offshore will have a much greater role on the market next year.

Growth in offshore production from Norway and Brazil will bring the total offshore supply close to 1 million bbl/d. This will therefore be the third consecutive year to deliver liquid a production growth of more than 2 million bbl/d.

Meanwhile, the International Energy Agency (IEA) also said that an unexpected surge in crude oil production from non-OPEC nations at the end of this year and next will continue to pressure prices and dent demand for supply from OPEC.

While OPEC-led crude output curbs since 2017 have helped reduce global inventories, rising production outside the so-called OPEC+ group could return the market to oversupply in the face of flagging demand, the Paris-based agency said in its latest monthly report.

Categories: Oil Production Gas OPEC

Related Stories

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Petronas to Leverage AI to Expedite Oil and Gas Exploration Activities

PV Drilling Takes Ownership of Noble Corporation’s Stacked Jack-Up Rig

Hanwha Ocean Enlists ABB for Singapore’s First Floating LNG Terminal

Aquaterra Energy Nets Subsea Analysis Contracts with INPEX off Indonesia

POSH Set to Tow Nguya FLNG from China to Eni’s Congo Field

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

CNOOC Starts Production at Offshore Field in South China Sea

Current News

MODEC Ramps Up Hammerhead FPSO Work After ExxonMobil's Go-Ahead

Aesen, DOC JV Targets Subsea Cable Logistics

Timor Gap Boosts Stake in Finder Energy’s Timor-Leste Oil Fields

SBM Offshore Starts Construction of FSO for Trion Oil Field off Mexico

Russia Targets 2028 for Sakhalin-3 Gas Project Start Up

Seatrium Secures ABS Backing for Deepwater FPSO Design

MDL Secures Cable Laying Job in Asia Pacific

Hibiscus Petroleum Starts Drilling at Teal West Field off UK

Yinson Production Nets DNV Approval for New FPSO Hull Design

Hanwha Ocean's Tidal Action Drillship Starts Maiden Job with Petrobras

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com