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OPEC lowers non-OPEC liquids supply growth estimate for 2021 by 170,000 bpd, leaves 2022 forecast unchanged – report
MOSCOW. Sept 13 (Interfax) – OPEC has lowered its non-OPEC liquids supply growth estimate for 2021 by 170,000 barrels per day compared to the previous month’s; that is, supply will rise 0.9 million bpd to 63.85 million bpd, according to the organization’s latest report.
OPEC lowered the estimate for Q3 by 520,000 bpd, mainly due to production problems in North America in August due to Hurricane Ida in the Gulf of Mexico, as well as a fire on an offshore problem in Mexico.
The organization reduced the forecast for liquids supply in the United States by 41,000 bpd and now expects it to increase 80,000 bpd to 17.7 million bpd. The impact of Hurricane Ida was partially offset by higher than expected output in Q2 2021.
OPEC left its non-OPEC oil supply growth forecast for 2022 unchanged at 2.9 million bpd to 66.8 million bpd.
Including the expected growth in OPEC countries, global liquids supply is forecast to grow 3.1 million bpd in 2022.
Liquids supply from OPEC countries should grow 120,000 bpd to 5.17 million bpd in 2021, and 0.13 million bpd to 5.29 million bpd in 2022.
