13 September 2011 21:20 [Source: ICIS news]
HOUSTON (ICIS)--Non-OPEC oil production is projected to increase by about 10% over the next 10 years, a US-based consultant said on Tuesday.
Jim Peters, the head of downstream consulting Americas for Wood Mackenzie Consulting, said the increased oil production from Canadian oil sands and North American shale plays, which are producing more than 1m bbl/day of oil.
Oil exploration off the shores of Brazil and Russia has also bolstered non-OPEC production, Peters added.
He said the additional supply will help satisfy growing demand from emerging countries such as China and India.
“The non-OPEC world is much more interesting than in the past,” Peters added.
Meanwhile, Peters said North American and European oil demand will be flat for the next 10 to 20 years.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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