OPEC downgrades estimate for oil supplies from non-OPEC by 250,000 bpd to 65.74 mln bpd in 2022

MOSCOW. June 14 (Interfax) - The estimate for supplies of liquid hydrocarbons from non-OPEC countries was 63.6 million barrels per day in 2021, a rise of 30,000 bpd from a month ago, with the forecast now at 65.74 million bpd for 2022, according to the OPEC monthly report.

Consequently, the organization's experts now expect that supplies of liquid hydrocarbons from non-OPEC countries will increase by 2.15 million bpd in 2022 versus 2021, and not by 2.4 million bpd as previously thought a month ago.

Meantime, OPEC expects Russia's oil output to drop by 170,000 bpd to 10.63 million bpd in 2022 against 2021, having previously forecast an increase of 80,000 bpd, with the production outlook being downgraded by 250,000 bpd.

The United States, Brazil, Canada, Kazakhstan, Guyana, and China are expected to be the main drivers of growth in supplies of liquid hydrocarbons this year, while production cuts are expected mainly in Russia, Indonesia, and Thailand.