Oil From Non-OPEC Countries to Hit Decades-Long High in 2014

A picture taken on April 7, 2011 shows Russian LUKOIL ice-resistant fixed platform LSP-1, built at the Astrakhansky Korabel shipyard, intended to drill and operate wells and collect and pre-treat reservoir content at Korchagin's oil field in the Russian sector of the Caspian Sea some 180 km outside Astrakhan. The fields productivity of oil and gas condensate will peak at 2.3 million tonnes oil and 1.2 bcm gas per year. 
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Clare Foran
Oct. 11, 2013, 6 a.m.

Data re­leased by the In­ter­na­tion­al En­ergy Agency pre­dicts ma­jor growth in oil pro­duc­tion by coun­tries out­side OPEC next year, Bloomberg re­ports.

In 2014, oil out­put from non-OPEC coun­tries — in­clud­ing the U.S., Canada, and Kaza­kh­stan — will surge and reach an es­tim­ated 56.4 mil­lion bar­rels, with an av­er­age in­crease of 1.7 mil­lion bar­rels per day.

U.S. oil pro­duc­tion driv­en by shale oil and gas ex­plor­a­tion in the Bakken and Eagle Ford form­a­tions will play a ma­jor role in ex­pand­ing out­put, but Kaza­kh­stan wins the title for single-largest con­trib­ut­or to the fore­cas­ted boom due to the open­ing of the Kashagan field in the Caspi­an Sea.

Ac­cord­ing to the IEA monthly mar­ket re­port re­leased Fri­day, “Non-OPEC crude and oth­er li­quids sup­ply scaled new heights lately.” The re­port ad­ded that the “surge looks less like a one-off than a pre­view.”


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