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The Short-Term Outlook for Non-OPEC Production Growth

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THIS WEEK IN PETROLEUM REPORT RELEASE – February 2, 2012

This Week In Petroleum

The Short-Term Outlook for Non-OPEC Production Growth

Markets often focus on anticipated crude oil production from members of the Organization of the Petroleum Exporting Countries (OPEC) as a key driver of supply/demand tightness. Such attention is particularly understandable now, given the return of Libyan production, reports of record-high Saudi production, mixed news from Iraq (strong production growth recently and projections of more to come, tempered by political uncertainty), and now further sanctions against Iran by the United States and other countries. However, crude and liquid fuels production (crude oil, lease condensates, natural gas plant liquids, biofuels, other liquids, and refinery processing gains) in countries outside of the OPEC accounts for most of the world's production (59 percent in 2011), making prospects for non-OPEC production critical to the outlook for world oil markets.

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