Non-OPEC oil production growth forecast for 2022 downgraded

The Non-OPEC oil production growth forecast in 2022 has been downgraded by 0.25 million barrels per day, to 2.15 million barrels per day, Report informs referring to the OPEC June report.

“Non-OPEC supply growth for 2022 is revised down by 0.3 mb/d y-o-y to 2.1 mb/d, for a yearly average level of 65.7 mb/d. The main drivers of liquids supply growth for the year are expected to be the US, Brazil, Canada, Kazakhstan, Guyana and China,” reads the report.

In particular, in the US, according to the forecast, production will increase by 0.85 million barrels per day compared to 2021, to 12.04 million barrels per day.

The forecast for oil production outside the organization continues to decline since the beginning of the year: in January, OPEC expected a figure of 66.7 million barrels per day. In May, the organization lowered its growth forecast to 65.97 million barrels per day.