• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes The Inconvenient Truth Of Electric Cars
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 45 mins Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 14 hours Wonders of Shale - Gas, bringing investments and jobs to the US
  • 13 hours Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 10 hours The Strait of Hormuz is the world’s most important oil transit chokepoint
  • 3 hours The Plastics Problem
  • 5 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 12 hours Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 10 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
  • 5 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 19 hours Cherry Picking Climate Data
  • 16 hours Coal Boom in Asia is Real and a Long Trend
  • 15 hours Is $60/Bbl WTI still considered a break even for Shale Oil
  • 3 hours Oil Demand Needs to Halve: Equinor
Alt Text

Small Crude Build Sends Oil Lower

Oil prices continued to fall…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC Lifts Non-OPEC Oil Production Growth Forecast

OPEC revised up on Tuesday its 2018 forecast for total non-OPEC supply growth, while it left unchanged its projection for world oil demand growth at 1.65 million bpd this year.

In its closely watched Monthly Oil Market Report published today, OPEC revised up its non-OPEC supply growth estimate by 130,000 bpd compared to last month’s report, and now expects non-OPEC supply growth of 1.86 million bpd in 2018 compared to 2017.

“World oil demand in 2018 is forecast to grow by 1.65 mb/d, broadly unchanged from the previous month’s assessment, to stand at 98.85 mb/d,” OPEC said.

Total OECD commercial oil stocks—OPEC’s current gauge of the oil market rebalancing—were 26 million barrels below the latest five-year average, as per preliminary data for April.

Looking to the rest of 2018, the cartel pointed to “pronounced uncertainty about the second half of the year.”

“While oil demand in the US, China and India shows some upside potential, downside risks might limit this potential going forward, including a slowdown in the pace of economic growth in some major economies, stronger impact of policy reform with regard to retail prices, and further substitution toward natural gas,” according to OPEC.

OPEC’s crude oil production increased by 35,400 bpd from April, to 31.869 million bpd in May, as Saudi Arabia, Algeria, and Iraq boosted production that was partially offset by lower production in Nigeria, Venezuela, and Libya. Related: Venezuela Won’t Have Enough Oil To Export By 2019

Saudi Arabia, the biggest producer, raised its production by 85,500 bpd to 9.987 million bpd, according to OPEC’s secondary sources. The Kingdom self-reported a production increase of 161,400 bpd to 10.030 million bpd, just below its ceiling of 10.058 million bpd.

According to secondary sources, the biggest drop in May was registered in Nigeria, whose production fell by 53,500 bpd to 1.711 million bpd, as pipeline outages hampered production last month.

Venezuela was a close second in terms of a production decline in May, with output plummeting again, by 42,500 bpd to below 1.4 million bpd—1.392 million bpd, according to secondary sources.

By Tsvetana Paraskova for Oilprcie.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment
  • Kr55 on June 13 2018 said:
    This is well played by OPEC. Trump is demanding more OPEC oil. OPEC is saying you guys are producing enough to outpace demand, relax.

Leave a comment




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