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AlwaysFreeRegister: OPEC Monthly Oil Market Report (April 2020) - World Oil Supply

Author: SSESSMENTS

The Organization of the Petroleum Exporting Countries in its April Monthly Oil Market Report (MOMR) estimated Non-OPEC oil supply to have reached 64.97 million bpd in 2019, increasing by 1.98 million bpd from 2018, 0.01 million bpd lower than OPEC’s previous estimates. For 2020, non-OPEC oil supply is forecast to decline by 1.50 million bpd to 63.47 million bpd. In the previous report, OPEC expected non-OPEC oil supply to grow by 1.76 million bpd this year.

OPEC attributed the downward revision to the falling prices due to the impact of COVID-19, which forced oil producers to respond by cutting capital expenditure to approximately $450 billion, the lowest in 13 years. The expected global economic recession due to pandemic is also expected to trigger demand shock and considerable supply disruptions.

Meanwhile, OPEC NGLs and non-conventional liquids output is estimated to have increased by 0.04 million bpd to an average of 4.80 million bpd in 2019. OPEC NGLs production is now expected to rise by 0.04 million bpd from 2019 to an average of 4.83 million bpd in 2020. In March, OPEC crude oil production increased by 821,000 bpd from February to 28.61 million bpd.

Tags: All Feedstocks,AlwaysFreeRegister,Crude Oil,English,World

Published on April 17, 2020 4:03 PM (GMT+8)
Last Updated on April 17, 2020 4:03 PM (GMT+8)