OPEC: U.S. oil production shows little signs of recovery after the epidemic

According to news from Dow Jones on May 12, OPEC said on Tuesday that U.

In its closely watched monthly market report, OPEC lowered its production growth forecast for non-OPEC oil-producing countries in 2021 by 200,000 barrels per day to 700,000 barrels per day.

OPEC said that Canada, Norway, and Brazil will promote the overall increase in the supply of crude oil from non-OPEC oil-producing countries, but the continued sluggish capital expenditures and the unexpected winter snowstorm in Texas in February mean that after a daily decrease of 800,000 barrels last year, U.

Although OPEC expects that the supply of oil from non-OPEC oil-producing countries will increase this year, the organization stated in the report that “especially uncertainty about the level of investment still exists, which is expected to determine the oil supply of non-OPEC oil-producing countries in the next few years.

In the report, OPEC maintained its forecast for global oil demand in 2021.

The global economic recovery in the post-epidemic era has already promoted the recovery of oil demand.

Although the new crown epidemics in India and Brazil have returned in recent months, some European countries such as the United States and the United Kingdom have successfully controlled the epidemic and eased travel restrictions.

Zhang Chunxiao excerpted and translated from Dow Jones

The original text is as follows:

　　Little Sign of Post-Pandemic Recovery for US Oil Production, OPEC Says

　　American oil production is set to drop again this year, with the shale industry's output showing few signs of recovery despite a broader pickup in economic activity, the Organization of the Petroleum Exporting Countries said Tuesday.

　　In its closely-watched monthly market report, OPEC cut its forecast for the amount it expects production from its noncartel counterparts to increase in 2021 by 200,000 barrels a day to 700,000 barrels a day.

　　Canada, Norway, Brazil will drive that overall increase, but persistently low capital expenditure and the unexpected winter storm Texas suffered in February mean US supply is expected to fall by 100,000 barrels a day this year, after dropping 800,000 barrels a day last year, the cartel said.

　　Despite its forecast for a rise in supply from outside the cartel this year, OPEC said in its report that "uncertainties persist particularly with regard to levels of investment which is expected to determine the non-OPEC supply outlook for the years to come.

　　In its report, OPEC left unchanged its forecast for global oil demand in 2021.

　　The world's post-pandemic economic recovery, which has also prompted a rebound in oil demand, has been variegated in recent months due to governments' differing levels of success in keeping coronavirus case numbers at bay and rolling out vaccination programs.

　　While India and Brazil have suffered a resurgence of cases in recent months, the US, and parts of Europe such as the UK have all succeeded in bringing infections under control and lifting travel restrictions.