OPEC keeps estimate of growth in oil supply from non-OPEC+ countries

OPEC has maintained its estimates for growth in oil supply from countries outside the OPEC+ alliance for 2024 and 2025, reads the organization’s monthly report, Report informs referring to Interfax.

Thus, in 2024, countries that are not members of OPEC+ are expected to increase oil supply by 1.23 million barrels per day (bpd) to 52.98 million bpd, and in 2025 by another 1.1 million bpd to 54.08 million bpd.

The main driver of supply growth will be the US, where oil production approached its historical maximum in April. It is expected that the US will account for 0.51 million bpd of the total increase in supply from non-OPEC countries (0.44 million bpd - June forecast). Other drivers will be Canada and Guyana.

In 2025, OPEC believes, an increase in supply outside OPEC+ will also be observed in the US, Brazil, Canada and Norway, and the main decline is expected in Angola.