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Fundamentals

Non-Opec-Plus: First-Quarter Performance Aligns With Year's Ambition

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In March, liquids output by countries outside the Opec-plus alliance amounted to 51.36 million barrels per day, a monthly increase of 300,000 b/d and the highest level in three months, a preliminary assessment shows. Half the gain came from US production, while Brazil and Norway combined for another 100,000 b/d. For the quarter, non-Opec-plus output was 50.85 million b/d, not including refinery gains. This represents a 640,000 b/d decline on the previous quarter, much of that the result of a US cold spell in January, but a hefty improvement of 1.38 million b/d versus the first three months of 2024. For the whole of 2025, non-Opec-plus is expected to come out with a similarly sized increase in liquids output, helping it to come close to an average 52 million b/d.

Topics:
Oil Supply, Crude Oil, Non-Opec Supply, NGL/LPG
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