Non OPEC Non US: No Problem

19 Jan 2018; Over the last couple of years, two topics have dominated the oil (and by extension the tanker) markets: OPEC production, or the lack thereof and U.S. shale output.  Judging by the amount of ink that is used to discuss these popular themes, one may think that not much is happening in the rest of the world, i.e. the non-OPEC producers outside of the U.S. that are not part of the OPEC/non-OPEC production agreement.  That is not entirely true.  By the end of 2017, total world oil production reached an estimated 97.8 mb/d.  OPEC countries represented roughly 40% of total production.  The U.S. is the largest non-OPEC producer with an output of 13.6 m/d (13.9% market share).  The 11 non-OPEC producers that participate in the OPEC cuts represent another 19% of global output.  That leaves about 21.5 mb/d of production that is controlled by the rest of the non-OPEC countries (Non OPEC/Non US).  There is both growth and decline among these (mostly smaller) producers, both in the short term (this year) as well as in the long term.  Some of these changes could have a material impact on the shipping markets. Please fill out the form to read the article.