Non-Opec-Plus: Liquids Output Growth Harbinger for Robust 2022

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Crude oil output by countries outside the Opec-plus alliance reached 32 million barrels per day in November, a nearly 500,000 b/d monthly increase and the highest level since March 2020 when global production fell off a pandemic cliff. Total liquids output by this group, excluding refinery gains, amounted to 44.74 million b/d, up almost 520,000 b/d compared to October and also a post-pandemic peak. Given the price spikes for both oil and natural gas this autumn, non-Opec-plus producers have an attractive price and an incentive to ramp up output, especially now that Opec-plus is failing to meet monthly targets.

Oil Supply, Crude Oil
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