Non-OPEC countries’ oil output growth to slow in 2015: OPEC
According to OPEC, non-OPEC countries’ oil supply will grow by 680,000 barrels per day (bpd) in 2015, down from its previous forecast of 850,000 bpd, mostly due to slowing US oil production stemming from lower rig counts. OPEC said US oil production will reach about 13.65 million bpd in the second quarter of 2015 before beginning to decline in the second half of the year.
OPEC also reported that production in Saudi Arabia, Iraq and Libya significantly increased in March. The group’s crude production reportedly increased 810,000 bpd to approximately 30.79 million bpd in March.
Meanwhile, OPEC kept its global oil demand growth forecasts unchanged at 1.17 million bpd in 2015.
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