42
39
th
Annual Report
levels of speculation in the commodities markets, exacerbated
by geopolitical tensions and, latterly, exceptional weather
conditions. The conference observed: the mounting pessimism
over the global economic outlook, with downside risks continuing
to be presented by the sovereign debt crisis in the Euro-zone;
high unemployment in the advanced economies, especially the
Euro-zone; and inflation risk in the emerging economies. Given
the demand uncertainties, the conference decided to maintain the
current production level of 30.0 mb/d.
1-2
Non-OPEC Supplies
Non-OPEC oil supplies came to 53.0 million b/d in 2012. This is
an increase of 600 thousand b/d compared with an increase of 100
thousand b/d only in 2011, as shown in
Table (1-1)
.
Despite the traditional decline experienced by many countries
outside OPEC, Non-OPEC group was able to achieve a significant net
increase in production during 2012, defying expectations that refer
to the arrival of peak oil production .The bulk of the increase in Non-
OPEC oil supplies, came from the United States where production
increased by more than 900 thousand b/d in 2012 compared with
2011. Canada’s production rose by 170 thousand b/d, Former Soviet
Union supplies increased by 70 thousand b /d. As a result, OECD
countries were able to increase their supplies to a level of 21 million
b/d, while developing countries oil supplies went down by 500
thousand b/d in 2012 compared with last year level.
Figure (1-2)
shows the annual change in oil supplies from OPEC
and non-OPEC producers in 2008-2012.
