OPEC revises down non-OPEC oil supply forecasts

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    Non-OPEC oil supply growth was revised marginally lower to 0.80 million barrels per day in 2017, averaging 57.82 million barrels per day, OPEC said in its July Oil Market Report.

    The downward revision was mainly driven by expected lower OECD (Organization for Economic Co-operation and Development) oil supply in 2H17.

    For 2018, non-OPEC oil supply is expected to grow by 1.14 million barrels per day to average 58.96 million barrels per day, according to the OPEC forecasts.

    OPEC analysts believe that US, Brazil, Canada, Russia, Kazakhstan, Congo and the UK are expected to be the main drivers of growth, while declines are foreseen in Mexico, China, Colombia and Azerbaijan.

    OPEC NGLs (natural gas liquids) production in 2018 is expected to grow by a higher 0.18 million barrels per day to average 6.49 million barrels per day, partly due to Equatorial Guinea joining OPEC.

    In June, OPEC crude production rose by 393,000 barrels per day to average 32.61 million barrels per day, according to secondary sources.