OPEC Forecasts Non-OPEC Oil Supply Growth To Increase By 200,000 Barrels Per Day In 2018

OPEC Forecasts Non-OPEC Oil Supply Growth to Increase by 200,000 Barrels per Day in 2018

The Organization of the Petroleum Exporting Countries (OPEC) expects non-OPEC oil supply growth to increase by 200,000 barrels per day in 2018, driven mostly by US, Canada, Kazakhstan and Brazil, according to the organization's Thursday report.

LONDON (UrduPoint News / Sputnik - 11th October, 2018) The Organization of the Petroleum Exporting Countries (OPEC) expects non-OPEC oil supply growth to increase by 200,000 barrels per day in 2018, driven mostly by US, Canada, Kazakhstan and Brazil, according to the organization's Thursday report.

"Non-OPEC oil supply growth in 2018 is estimated at 2.22 mb/d, an upward revision of 0.20 mb/d from the previous month's assessment. The US, Canada, Kazakhstan and Brazil are expected to be the main drivers for y-o-y growth, while Mexico, Norway, Indonesia and Vietnam will show the largest declines. Total non- OPEC supply for 2018 is now estimated at 59.77 mb/d," the report read.