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Non-Opec oil producers exceed production expectations
Higher, consistent oil prices and lower industry costs are cited for greater optimism by non-Opec producers.
June 24, 2010 1:27 by Rasha Reslan
Oil supplies from non-Opec sources are expected to reach record highs next year, according to the International Energy Agency (IEA),the National reported Thursday.
The forecast comes as a surprise following analyst predictions last year that non-Opec oil supplies had already reached their peak, with some suggesting peaks had been attained in 2005. The IEA says that countries outside of Opec, last year pumped oil at a rate exceeding the IEA’s predictions by more than 200,000 barrels per day, citing greater optimism that oil prices will remain relatively high and consistent, as well as lower industry costs.
The agency now estimates that these nations may pump 500,000 more bpd than earlier expected, topping 52.6 million bpd in 2011. The Gulf of Mexico oil spill, however, has confounded predictions, in that US oil production may be drastically curtailed, by as much as 300,000 bpd lower in 2015 than is currently forecasted, the report added.
“Both these factors have prompted companies to reactivate upstream projects they had delayed,” the National quoted an IEA spokesperson. “Despite fears to the contrary one year ago, the main impact of the upstream spending dip last year was to postpone rather than cancel upstream projects,” the report added.