Photo: Illustration: Peregrino A platform offshore Brazil; Author: SP Mac

Non-OPEC liquid production to continue reaching record highs in 2020, Rystad says

Illustration: Peregrino A platform offshore Brazil; Author: SP Mac

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), according to Norwegian energy intelligence company, Rystad Energy. 

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 said in a report on Friday.

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.

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