Non-Opec Liquid Supply Growth Continues At Record High Level

Liquid production growth for non-OPEC countries reached the highest rate on record in 2018, with a growth of almost 2.9 million barrels per day (bbl/d). For this year, the trend suggests that non-OPEC countries’ liquid production will reach above 2 million bbl/d once again, led by tight oil. Rystad Energy expects liquid production growth of non-OPEC countries will continue reaching record highs in 2020.

However, despite strong tight oil production, offshore will have a much greater role on the market next year. Growth in offshore production from Norway and Brazil will bring the total offshore supply close to 1 million bbl/d. This will therefore be the third consecutive year to deliver liquid a production growth of more than 2 million bbl/d.
Source: Rystad Energy