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Friday, December 15, 2017

OPEC expects non-OPEC production to increase by 1.82 mbd in 2007

OPEC expects a strong increase in non-OPEC oil production in 2007, which means that the call on OPEC crude will be reduced.

 

The 0.44 mbd increase in North American oil production will more than cover the 0.39 mbd expected increase in North American demand. The 0.12 mbd increase in Latin American oil production approximately matches the expected increase in Latin American demand. A marginal increase is expected in North Sea and Chinese oil production. However while Europe’s oil demand is expected to remain flat, China’s oil demand is expected to increase by 0.39 mbd, which means an increased Chinese oil import demand of just over 0.3 mbd.

 

non-OPEC production mbd

2005

2006

2007

Increase

2006-2005

Increase

2007-

2006

North America

14.07

14.31

14.75

0.24

0.44

Latin America

4.29

4.52

4.65

0.23

0.12

Africa

3.74

4.09

4.61

0.35

0.51

FSU

11.55

12.05

12.58

0.50

0.52

Total Other regions"

14.55

14.28

14.48

-0.27

0.23

Total non-OPEC production

48.20

49.25

51.07

1.05

1.82

 

The other significant demand increases are expected in the Middle East (0.39 mbd), which does not provide much tanker demand, and other Asia (0.22 mbd).

 

Contact: Erik Ranheim