According to the latest forecast from the Organization of Arab Petroleum Exporting Nations, total oil supply for the group of non-OPEC producing countries in 2021 will be around 63. 7 million barrels per day, an increase of 680 thousand barrels per day, or 1. 1 percent, over 2020. (OAPEC).
According to the research, the increase is mostly due to increased oil supply from Canada, Russia, China, and the United States of America.
According to the data, Canada’s oil output climbed by 330,000 barrels per day to about 5.
5 million barrels per day in 2021, coinciding with the announcement by the Canadian province of Alberta to lift production restrictions imposed in 2018 to reduce stocks that grew due to limited export capacity beginning in January 2021, and supported by a noticeable increase in conventional crude oil production to approach the level recorded before the emerging Corona virus pandemic.
According to the study, Russia’s oil output climbed by 210 thousand barrels per day to reach 10.
8 million barrels per day, coinciding with the decrease of OPEC+ nations to the cutbacks in the production cut agreement, while China’s output grew by 160 thousand barrels per day to reach around 4. 3 million barrels per day, with the help of New maritime projects.
According to the research, the United States of America’s oil output grew by 130,000 barrels per day from 2020 to over 17.7 million barrels per day.
According to the report, climate fluctuations significantly impacted US crude oil production in 2021, as it fell during the week ending February 19th at a record level of 1. 1 million barrels / day, amid an unprecedented cold weather wave that swept the US state of Texas and a large number of other states, causing historical power outages and oil froze at wellheads and pipelines. This comes before it saw its greatest ever drop of 1.
5 million barrels per day during the week of September 3rd, against the backdrop of Hurricane Ida, which ravaged the US Gulf of Mexico and inflicted catastrophic damage to the infrastructure of the US marine energy industry, which was the most expensive in 2005.
63.7 million barrels of oil per day The causes for the growth in oil supply to non-OPEC nations
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