As the impact of Hurricane Ida continues to weigh on world oil market supplies, the organization of the Petroleum
Exporting Countries and partners, OPEC in its new report has revised down non-OPEC liquids supply growth in 2021 by 0.17 mb/d from the previous month’s assessment. The group’s September oil market report said the downward review was not only due an adjustment of 0.5 mb/d from 3Q21, but also mainly due to outages in North America from a fire on a Mexico’s offshore platform and the disruptions caused by the current hurricane. The estimate for North Sea production has also been revised down due to lower-than-expected output in 3Q21, resulting in an annual growth forecast of 0.9 mb/d to average 63.8mb/d. The main drivers for 2021 supply growth remain to be Canada, Russia, China, the US, Brazil and Norway, with the US expected to see year-on-year growth of only 0.08 mb/d. The non-OPEC supply growth forecast for 2022 is unchanged at 2.9 mb/d, amid offsetting revisions, to average 66.8 mb/d.
Source: https://sweetcrudereports.com/opec-trims-2021-world-oil-supply-forecast/