Fourth-Quarter Surge in Non-Opec Supplies Compounds Opec

Oil Daily, The, October, 2002

Fourth-Quarter Surge in Non-Opec Supplies Compounds Opec Problems

Global oil demand and supply are expected to make big jumps this winter. In addition to the extra volumes being put on the market by Opec, non-Opec sources are also set produce an unusually large amount in the fourth quarter.

Recent estimates from Oil Daily's sister publication Oil Market Intelligence show a 1.72 million barrel per day quarterly gain in production in this year's fourth quarter, 1 million b/d more than the average quarterly rise in the previous five years.

Part of the surge is the result of heavy third-quarter maintenance in the North Sea and the impact of Gulf of Mexico hurricanes on US and Mexican production in September (OD Oct.22,p2). Production problems in Alaska...