OPEC Revised Upward Non-OPEC Oil Supply Growth Estimate For 2018 To 2.31 Mln Bpd - Report

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OPEC Revised Upward Non-OPEC Oil Supply Growth Estimate for 2018 to 2.31 Mln Bpd - Report

The Organization of the Petroleum Exporting Countries (OPEC) revised upward its forecast for oil supply growth in non-OPEC countries for 2018 by 0.09 million barrels per day to 2.31 million barrels per day, OPEC said in its Monthly Oil Market Report released Tuesday

MOSCOW (UrduPoint News / Sputnik - 13th November, 2018) The Organization of the Petroleum Exporting Countries (OPEC) revised upward its forecast for oil supply growth in non-OPEC countries for 2018 by 0.09 million barrels per day to 2.31 million barrels per day, OPEC said in its Monthly Oil Market Report released Tuesday.

"Non-OPEC oil supply growth in 2018 is estimated at 2.31 mb/d, an upward revision of 0.

09 mb/d from the previous month's assessment. The US, Canada, Kazakhstan and Russia are expected to be the main drivers for this growth, while Mexico, Norway, Vietnam and China are expected to show the largest declines," OPEC said.

"With this, total non-OPEC supply for 2018 is now estimated at 59.86 mb/d. In 2019, non-OPEC oil supply growth was revised up by 0.12 mb/d from the previous month, forecast to stand at 2.23 mb/d and is now projected to reach an average of 62.09 mb/d," it said.