Oil output outside OPEC at risk of no growth in 2008
The International Energy Agency (IEA) and the U.S. government have cut forecasts for supply growth in 2008, in part due to delays at new fields and declining output at existing ones.
"There is a risk of zero non-OPEC growth," said Mike Wittner, oil analyst at Societe Generale, who forecasts non-OPEC supply will expand by 400,000 barrels per day (bpd) this year.
Output from non-OPEC will grow by 460,000 bpd in 2008 from 2007, the IEA said in a monthly report on June 10, down from growth of 680,000 bpd previously forecast.
Analysts at investment bank Barclays Capital expect non-OPEC supply to decline by 40,000 bpd this year, while Credit Suisse sees non-OPEC supply as flat or negative through 2012 or longer.
Oilfields in places such as the North Sea and Mexico are seeing declines while output in Russia, the world's second-largest exporter and the engine of growth outside OPEC in recent years, has faltered.
Russian oil supply in May averaged 9.95 million bpd, the fifth straight month of decline from a year ago, according to the IEA. It expects Russian supply to be largely flat in 2008 at 10.1 million bpd.
Barclays questions if the IEA's prediction of a surge in non-OPEC supply in the last few months of 2008 will materialise, saying that the IEA's figures show a second-quarter drop of 500,000 bpd year-on-year.
"We believe that the IEA is significantly overstating the short-term ability of non-OPEC supply to bounce back and moderate the current situation," the bank said.
"The rate of year-on-year decline in Russia and Mexico has been surprising and it doesn't show any sign of letting up," Wittner said. "Non-OPEC output is certainly hitting a plateau."
Avec 50 mbj en tout liquides et 41,5 mbj en crude, la prod non OPEC semble connaitre un déclin supérieur aux 4,5% moyens.
Khursaniyah, Shaybah et Nuayyim semblent donc etre les seuls champs pour lesquels on peut esperer une hausse de la production mondiale pour le second semestre.
La barre des 87 mbj ne devrait pas etre passé cette année.... On s'éloigne un peu plus d'un éventuel plateau à 92/95 mbj....
another world is not only possible, she is on her way, on a quiet day i can hear her breathing