MTOMRMedium-Term Oil Market Report (International Energy Agency)
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Although non-OPEC supply growth looks more robust than in the 2012 MTOMR, those upwards revisions are more than offset by downward adjustments in OPEC crude production capacity.
But the balance of global supply growth, more or less evenly split between OPEC and non-OPEC in the 2012 MTOMR, is tilting towards the latter.
As noted, North America is forecast to account for an even larger share of non-OPEC supply than estimated in the 2012 MTOMR. While US crude, condensate and natural gas plant liquids (NGL) supplies are booming, this growth should not obscure two concomitant developments: on the one hand, the many challenges facing continued North American supply growth, and, on the other hand, the global impacts of the North American boom on oil companies' asset portfolio management and allocation of capital expenditure around the world.