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OPEC Expects Non-OPEC Oil Producers Will Increase Oil Production This Year
Jan 19, 2018

The Organization of Petroleum Exporting Countries (OPEC) released a report on the 18th and expects oil output of non-OPEC member countries to see a significant increase this year.

The report pointed out that being driven by a rebound in oil market and the climbing oil price this year, some areas of oil production will grow, especially the crude oil growth in North America will be more obvious. Non-OPEC oil output is expected to reach 58.94 million barrels a day, up 1.15 million barrels compared with the previous year.

The report said the global oil production increased slightly in December last year, reaching 97.49 million barrels a day, up 400,000 barrels compared with November.

OPEC data shows that under the influence of the joint production cuts between OPEC and non-OPEC oil-producing countries, the oil inventories of developed countries fell for several months, last November OECD oil stocks fell by 16.60 million barrels to 29.33 million barrels.

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