OPEC oil exporters lowered their volume of oil supply forecast from non-OPEC countries by 170,000 barrels per day, in part due to the hurricane Ida in the United States, according to the September OPEC report made available to TASS on Monday, APA reports.
The forecast was adjusted due to the Q3 3021 supply expectation, which may be 500,000 bpd lower than projected. According to the report, the changes are due to the fire on the Mexican offshore platform and delivery disruption caused by Hurricane Ida.
In general, the 2021 oil market supply increase will amount to 900,000 barrels per day - up to 63.8 mln barrels per day, which will be attributed to the increased production in Canada, Russia, China, USA, Brazil and Norway.
In the last month's report, OPEC, on the contrary, raised its forecast for growth in oil supplies from non-OPEC countries for 2021 and 2022 by 0.27 mln bpd and 0.84 mln bpd, respectively. The forecast was based on the OPEC + countries decision to increase production by 0.4 mln bpd per month until September 2022.
The OPEC+ agreement to cut oil production involves 10 of the 13 members of the OPEC, as Iran, Libya, and Venezuela are exempt from restrictions. In August, the production of the parties to the deal amounted to 22.59 mln bpd against 23.286 mln bpd as stipulated by the terms. In total, in August, the ten countries from OPEC were able to remove from the market 4.1 mln bpd to the base level in the agreement instead of 3.397 mln bpd. Thus, the terms of the deal were fulfilled by 121%.
OPEC countries, under the current rules, are increasing oil production by 400,000 bpd per month, this plan will remain in force until October. The decision for November will be taken at the ministerial meeting on October 4.
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