Table of Contents Table of Contents
Previous Page  60 / 103 Next Page
Information
Show Menu
Previous Page 60 / 103 Next Page
Page Background

World Oil Supply

52

OPEC Monthly Oil Market Report – November 2017

Developing Countries

The total oil supply of developing countries

(DCs) is estimated to grow by 0.06 mb/d y-o-y, to reach an

average of 11.96 mb/d in 2017, revised down by 26 tb/d due to the downward revision in 4Q17, mainly in

Latin America. Preliminary data for developing countries shows oil supply at 12.02 mb/d for October, and the

4Q17 higher at 12.06 mb/d compared to the previous quarters, and also higher by 0.03 mb/d y-o-y. For 2018,

Developing Countries’ supply is forecast to grow by 0.08 mb/d y-o-y to average 12.03 mb/d, revised down by

0.02 mb/d from the last

MOMR

.

Table 5 - 7: Developing countries liquids supply, mb/d

Oil supply from

Other Asia

is expected to decline by 0.08 mb/d and 0.05 mb/d in 2017 and 2018 to average

3.64 mb/d and 3.59 mb/d, respectively.

In

Africa

, a production increase of 0.06 mb/d – primarily from Ghana and Congo – is expected for 2017, to

average 1.85 mb/d and for 2018, growth is expected at a slower pace by 0.04 mb/d to average 1.90 mb/d.

Non-OPEC oil production in the

Middle East

region is predicted to decline by 0.04 mb/d and 0.05 mb/d in

2017 and 2018, averaging 1.24 mb/d and 1.19 mb/d, respectively.

Latin America

Oil production in

Latin America

was revised down

by 0.02 mb/d and is expected to increase by

0.12 mb/d to average 5.23 mb/d in 2017. The main

driver will be Brazil to show growth of 0.18 mb/d.

Other countries in the region will witness declines,

except Trinidad and Tobago, which shows steady

production levels compared to last year.

Colombia’s oil production stood at 0.88 mb/d in

September, unchanged from the previous month

and a year ago. Production in Colombia is expected

to fall by 0.03 mb/d and 0.04 mb/d in 2017 and

2018, respectively.

Although oil output is expected to decline in

Argentina this year, growth of 0.02 mb/d y-o-y for

the next year is anticipated to average 0.68 mb/d.

Graph 5 - 20: Latin America liquids supply

quarterly forecast, 2016-2018

Change

1Q

2Q

3Q

4Q

Yearly

Y-o-y

2016

11.80

11.79

11.97

12.03

11.90

-0.15

2017

11.96

11.90

11.92

12.06

11.96

0.06

2018

12.03

12.00

12.11

12.00

12.03

0.08

Note: * 2017 = Estimate and 2018 = Forecast.

Source: OPEC Secretariat.

241

149

16

89

131

99

251

64

0

50

100

150

200

250

300

4,800

4,900

5,000

5,100

5,200

5,300

5,400

5,500

1Q 2Q 3Q 4Q

2017/16 (RHS)

2018/17 (RHS)

2016

2017*

2018*

Note: * 2017 = Estimate and 2018 = Forecast.

Source: OPEC Secretariat.

Y-o-y change (tb/d)

Production (tb/d)