OPEC Raises 2017 Estimate for Supply Growth From Rivals by 64%

12 May 2017   Oil Supply, OPEC

Non-OPEC to grow 950,000 barrels a day in 2017, led by U.S. Outlook for non-OPEC now 4 times higher than at outset of cuts OPEC boosted estimates for growth in rival supplies by 64 percent as the U.S. oil industry’s recovery accelerates, threatening the group’s attempts to clear a surplus. Production from outside the Organization of Petroleum Exporting Countries will increase by 950,000 barrels a day this year, OPEC said in a report, revising its forecast up by about 370,000. The projection is four times higher than in November, when the group announced a production cut to try and re-balance oversupplied world markets. Non-OPEC nations pump about 60 percent of the world’s oil. Oil prices sank to a five-month low below $44 a barrel in New York last week on concern that the cuts by OPEC and 11 partners, including Russia, aren’t clearing the glut and that more supply […]

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