Non-Opec Supply Set to Surge

September 15, 2019

Graph: Rystad Energy
Graph: Rystad Energy

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


Current News

Reliance Reaps Record Profit

Reliance Reaps Record Profit

Schlumberger Profit Beats Estimates

Schlumberger Profit Beats Estimates

China Crude Runs Hit Record High

China Crude Runs Hit Record High

Total Says Geopolitics Hurting Crude Supply

Total Says Geopolitics Hurting Crude Supply

Eni CEO: No Future for Firms Working in Just O&G

Eni CEO: No Future for Firms Working in Just O&G

BP Raises Asian Profile

BP Raises Asian Profile

Partners Plan Floating Wind Farm in South Korea

Partners Plan Floating Wind Farm in South Korea

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