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World Oil Supply
56
OPEC Monthly Oil Market Report – June 2016
China
China’s oil supply is forecast to decline by 0.14 mb/d to average 4.23 mb/d in 2016,
unchanged from the previous
MOMR
. Crude oil output plummeted to 4.04 mb/d in April,
lower y-o-y by 0.22 mb/d, or 5.2%. Chinese total liquids output in April decreased by
60 tb/d to average 4.13 mb/d, including 90 tb/d of unconventional fuels. Nevertheless,
oil production in 2H16 is expected to be higher by 60 tb/d than in 1H16.
OPEC NGLs and non-conventional oils
OPEC NGLs and non-conventional liquids production in 2015 grew by 0.13 mb/d, and
averaged 6.13 mb/d, based on OPEC MCs direct communication. In 2016, OPEC
NGLs and non-conventional liquids are projected to average 6.29 mb/d, to reach
0.16 mb/d, y-o-y.
Table 5.4: OPEC NGLs + non-conventional oils, 2013-2016
Change
Change
Change
2013 2014
14/13 1Q15 2Q15 3Q15 4Q15
2015
15/14
2016
16/15
Total OPEC 5.82 6.00
0.17 5.97 6.15 6.23 6.17
6.13
0.13
6.29
0.16
Source: OPEC Secretariat.