Non-OPEC liquid supply growth continues at record high level

September 13, 2019

Liquid production growth for non-OPEC countries reached the highest rate on record in 2018, with a growth of almost 2.9 million barrels per day (bbl/d). For this year, the trend suggests that non-OPEC countries’ liquid production will reach above 2 million bbl/d once again, led by tight oil. Rystad Energy expects liquid production growth of non-OPEC countries will continue reaching record highs in 2020. However, despite strong tight oil production, offshore will have a much greater role on the market next year. Growth in offshore production from Norway and Brazil will bring the total offshore supply close to 1 million bbl/d. This will therefore be the third consecutive year to deliver liquid a production growth of more than 2 million bbl/d.

Graph showing total US fracking rate by FracFocus database release time Source: FracFocus Chemical Disclosure Registry and Rystad Energy research and analysis###

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