OPEC increases its forecast on growth of oil supplies by countries out of cartel in 2018


December 12, Fineko/abc.az. OPEC predicts an increase in oil supplies by non-member countries in 2018 up to 60.03 million bpd that is by 170,000 bpd more versus the previous forecast.

Organization’s monthly report says that in the last report the OPEC experts assumed that the supply of oil by independent producers will reach 59.86 million bpd in the current year.

Thus, OPEC expects an increase in oil supplies by independent producers in 2018 by 2.5 million barrels compared to last year. According to the report, volume of oil supplies by non-OPEC countries OPEC totaled 57.53 million bpd in 2017.

According to the forecast, in 2019 oil supplies by the non-OPEC states will increase up to 62.19 million bpd, exceeding the 2018 indicator by 2.16 million bpd. In the previous report, OPEC predicted an increase in oil supplies by the non-cartel countries up to 62.09 million bpd in 2019.