Page 374 - ஆர்கநைஸேஶந் ஆஃப் தி பெட்ரோலியம் ஏற்றுமதி நாடுகள் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Non-OPEC oil supply development The year 2020 saw a sudden and unprecedented decline in oil demand due to the outbreak of the COVID-19 pandemic, which necessitated oil producing countries around the world to voluntarily shut in, or adjust, oil production in an effort to safeguard the market balance. Consequently, global liquids supply fell by 6.4 mb/d, y-o-y, in 2020 with non-OPEC supply declining by 2.5 mb/d, following growth of 2.1 mb/d in 2019. US liquids production in 2020 fell by 0.8 mb/d, compared to growth of 1.7 mb/d in 2019, mainly through the voluntary temporary shut in of wells. US tight oil production declined by 443 tb/d in 2020, which is 0.1 mb/d more than the 350 tb/d decline witnessed in 2016. However, it is worth noting that production in the Permian managed to register an increase of 0.1 mb/d, y-o-y, indicating that some US tight crude production may have become more resilient to a lower oil price environment.

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