OPEC Revises 2021 Supply Growth Outlook on Outages, Hurricane Ida

Source: OPEC

The Organization of the Petroleum Exporting Countries (OPEC) has revised its supply growth outlook for the year, following the outages in areas.

• Non-OPEC liquids supply growth for the year was downgraded by 0.17 million barrels per day from the previous month.
• The revision is attributed to a decline of 0.5 million barrels per day in the third quarter, given the outages in North America.
• Outages were caused by a fire on Mexico’s offshore platform and disruptions caused by Hurricane Ida.
• Canada, Russia, China, the United States, Brazil, and Norway remain the main drivers for this year’s supply growth.
• The non-OPEC 2022 supply growth forecast was kept at 2.9 million barrels per day, with Russia, the United States, and Brazil as top drivers.