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Non-OPEC 2016 oil output to post steepest drop since 1992: IEA

by ChemOrbis Editorial Team - content@chemorbis.com
  • 11/09/2015 (13:26)
According to media reports, the International Energy Agency (IEA) reported that oil output from non- OPEC countries will post the sharpest decline seen since 1992 in 2016. According to the IEA, OPEC’s decision not to cut production in order to preserve their market share will push non-OPEC oil producers to reduce their production.

The IEA now expects oil production outside OPEC to decrease by 500,000 barrels of oil per day (bpd) to 57.7 million bpd in 2016. The agency also expects US shale oil production to fall by 400,000 bpd in 2016, although they had earlier predicted an increase of 60,000 bpd for next year.

The IEA also stated that as a result of the projected decline in non-OPEC oil production, oil demand from OPEC countries will increase by 1.6 million bpd to 31.3 million bpd in 2016. Meanwhile, the EIA added that global demand will increase by 1.7 million bpd this year to reach 94.4 million bpd while demand growth will ease to 1.4 million bpd in 2016.
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