Regarding oil supply:
" Non-OPEC oil supply for 2014 was revised up by 20 tb/d to 56.23 mb/d. The
estimated growth was also revised up by 10 tb/d to 1.99 mb/d over the previous
Monthly Oil Market Report (MOMR). This revision – mostly driven by upward
4Q14 revisions in the OECD, Brazil, Kazakhstan and China – was partially offset
by downward revisions for Azerbaijan, Other Asia Pacific, Australia and Mexico.
Non-OPEC oil supply in 2015 is projected to grow by 0.85 mb/d, mostly in the
1H15, down by 0.42 mb/d from the previous assessment, to average 57.09 mb/d,
mainly due to announced capital expenditures (capex) cuts for 2015 on the part
of international oil companies, as well as a decline in the number of active
drilling rigs in the US and Canada, geopolitics and a heavy annual decline in
Russian brownfields."
The full OPEC report can be found here.
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