• 4 minutes Trump will meet with executives in the energy industry to discuss the impact of COVID-19
  • 8 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 11 minutes Why Trump Is Right to Re-Open the Economy
  • 13 minutes Its going to be an oil bloodbath
  • 6 hours While China was covering up Covid-19 it went on an international buying spree for ventilators and masks. From Jan 7th until the end of February China bought 2.2 Billion masks !
  • 59 mins Ten days ago Trump sent New York Hydroxychloroquine. Being administered to infected. Covid deaths dropped last few days. Fewer on ventilators. Hydroxychloroquine "Cause and Effect" ?
  • 31 mins US Shale Resilience: Oil Industry Experts Say Shale Will Rise Again
  • 11 hours China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 8 hours Real Death Toll In CCP Virus May Be 12X Official Toll
  • 1 hour Which producers will shut in first?
  • 8 hours Marine based energy generation
  • 13 hours Today 127 new cases in US, 99 in China, 778 in Italy
  • 8 hours What If ‘We’d Adopted A More Conventional Response To This Epidemic?’
  • 9 hours How to Create a Pandemic
  • 10 hours Apple to Bypass Internet and Beam Directly to Phones
  • 1 day TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Non-OPEC Oil Output Soars Despite Price Slide

Crude oil production outside the Organization of Petroleum Exporting Countries is set for further—and more intensive—growth this year and next, according to the latest monthly report of the cartel.

With U.S. production alone estimated to have hit 11.6 million bpd earlier this month as per figures from the Energy Information Administration, it’s no wonder OPEC sees the United States as the biggest driver behind non-OPEC supply growth, which it sees this year at 2.31 million bpd. This is 90,000 bpd more than what OPEC forecast a month earlier, and will be also helped by higher production in Canada, Russia, and Kazakhstan.

For the United States alone OPEC forecasts daily supply to reach 16.46 million barrels this year, rising considerably in 2019 as well, to 18.15 million bpd. This year, OPEC sees U.S. production growing by 2.06 million bps from 2017 and further by 1.69 million bpd in 2019. It is worth noting, however, that these figures include not just crude oil but also natural gas liquids.

In crude oil alone, OPEC expects U.S. producers to boost output to 11.43 million bpd in the last quarter of 2018 and continue ramping up production until it hits 12.5 million bpd at the end of 2019.

Thanks to these developments, oil production outside OPEC will reach 59.86 million bpd this year, growing further to 62.09 million bpd in 2019. That would represent a growth rate of 2.23 million bpd for 2019 from 2018, an upward revision by a considerable 120,000 bpd from OPEC’s October Monthly Oil Market Report.

In this context, then, it is no surprise OPEC officials, notably Saudi Arabia’s Khalid al-Falih have started to talk about production cuts again for fear of another glut like the one that dragged prices below US$30 a barrel four years ago. Whether importers would be on board with this, however, is questionable.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage






Leave a comment
  • Marc J Rauch on November 13 2018 said:
    Why do you call it a "consecutive losing day?" It sounds more like a "winning day."

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News