Non-OPEC states forecasted to produce more oil in 2021

The forecast for oil output by non-OPEC states for 2021 has been raised by 0.95 million barrels per day to 63.8 million barrels per day, Report informs, citing the organization's monthly statement.

According to the forecast, the production of liquid hydrocarbons outside OPEC will grow by 0.95 million barrels per day on average to 63.8 million barrels per day.

The biggest increases are projected in Canada, the United States, Norway, and Brazil. However, exploration and production capital expenditures are expected to remain well below 2019 levels in 2021, largely due to much lower investments in shale oil in the United States, the authors of the report added.

In 2020, according to the organization, oil production in non-OPEC states averaged 62.9 million barrels per day, which is 2.6 million barrels per day less than in 2019. Outside the organization, Canada, Colombia, Kazakhstan, Malaysia, Great Britain, and Azerbaijan started to produce less, while Norway, Brazil, China, and Guyana pumped up the output.