VIENNA, 17 Nov. - (ANA) - Non-DoC liquids production (i.e., liquids production from countries not participating in the Declaration of Cooperation) is forecast to grow by about 0.9 mb/d, y-o-y, in 2025, revised up slightly by around 0.1 mb/d from last month’s assessment, mainly due to received historical data in 2025, according to OPEC monthly report. 

 

The main growth drivers are expected to be the US, Brazil, Canada, and Argentina. The non-DoC liquids production growth forecast for 2026 remains at 0.6 mb/d, y-o-y, with Brazil, Canada, US, and Argentina as the main growth drivers. Natural gas liquids (NGLs) and non-conventional liquids from countries participating in the DoC are forecast to grow by 0.1 mb/d, y-o-y, in 2025, to average 8.6 mb/d, followed by a similar increase of about 0.1 mb/d, y-o-y, in 2026, to average 8.8 mb/d. Crude oil production by countries participating in the DoC decreased by 73 tb/d in October, m-o-m, to average about 43.02 mb/d, according to available secondary sources.

 

 

 

 

In October, refining margins improved across regions, with gains driven primarily by middle distillates, amid lower refinery processing rates due to heavy turnarounds, and lower crude prices. On the US Gulf Coast (USGC), tighter product balances led to considerable gains for the middle and bottom sections of the barrel. In Rotterdam, margins exhibited the softest m-o-m increase compared to the other reported trading hubs, as gains in jet/kerosene and high-sulphur fuel oil offset losses in gasoline, naphtha, and low-sulphur fuel oil.

 

A contraction in product availability, along with concerns about the impact of sanctions on product flows, contributed to the upward pressure in Northwest refining margins. In Singapore, subdued Chinese product exports and key refinery outages in the Middle East and India contributed to sizeable strength across the barrel in Southeast Asia. Global refinery intakes declined by about 1.7 mb/d, m-o-m, to stand at 80.2 mb/d in October, however, this remains about

781 tb/d higher, y-o-y.    - (ANA) -

 

AB/ANA/17 November 2025 - - -