Opec MOMR sticks to non-Opec supply growth
Opec has kept its non-Opec supply projections little-changed for this year and next, just a day after the group's secretary-general Mohammed Barkindo spoke about the likelihood of "sharp revisions of non-Opec supply going into 2020".
In its latest Monthly Oil Market Report (MOMR) today, the group's research division maintained its 2019 projection for non-Opec supply growth unchanged from last month, at 1.82mn b/d, and trimmed its 2020 forecast by 36,000 b/d to 2.17mn b/d.
Non-Opec supply increased by nearly 2mn b/d in 2018, driven by a surge in US tight-oil output. Opec cut its forecast for 2019 US supply growth by 47,000 b/d to 1.62mn b/d, and sees US supply growing by 1.5mn b/d next year, or 33,000 b/d slower than it projected in October. Still, this represents annual growth of 9.7pc and 8.2pc, respectively.
The MOMR forecasts global oil demand growth at 980,000 b/d this year at 1.08mn b/d next year, unchanged from last month.
"Total global demand is forecast to exceed 100mn b/d on an annual basis, to average 100.88mn b/d in 2020," it said.
The report's forecast call on Opec's crude was unchanged from last month, at 30.7mn b/d this year and 29.6mn b/d in 2020. Citing secondary sources, including Argus, the MOMR said that Opec crude production rose by 943,000 b/d last month to average 29.65mn b/d.
Saudi Arabia told the Opec secretariat that its October production grew by 1.17mn b/d from September to 10.3mn b/d. Iraq told the secretariat its output declined by 44,000 b/d in October to 4.58mn b/d. Iraq's oil minister Thamir Ghadhban vowed in September to cut output by 150,000 b/d in October. The ministry told Argus last week that its production averaged 4.62mn b/d in October.
source: Argus Media
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Gold loses some luster after Trump’s decisive win
Hedge funds slash bullish wagers on gold over Trump election win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Resolute Mining says it will pay Mali $160 million in tax dispute
Russia takes aim at US nuclear power by throttling uranium
Aluminum price to average 6% higher in 2024 on strong demand: Fitch
BHP to spend up to $14 billion on Chilean copper expansion
Trump chooses oil fracking boss as energy secretary
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Marimaca Copper eyes ASX dual listing to boost Chile project
Osisko Development surges on permitting milestone for Cariboo gold project
Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
Mexico’s proposed higher mining royalties could block nearly $7bn in investments
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project