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OPEC cuts 2016 forecasts for non-OPEC oil supply

by ChemOrbis Editorial Team -
  • 14/09/2015 (17:36)
According to media reports, the Organization of Petroleum Exporting Countries (OPEC) trimmed its growth forecast for non-OPEC oil production in 2016 in its monthly report. According to OPEC, output from non-OPEC countries will increase by 160,000 barrels of oil per day (bpd) to reach 57.6 million bpd in 2016, down 110,000 bpd from their previous estimate of 270,000 bpd.

OPEC cited lower production in the US stemming from reduced investment and activity as the main reason behind their decision to cut their non-OPEC growth forecast. OPEC lowered its projections for supply from the US by 103,000 bpd to 13.97 million for 2016.

The organization also reported that need for OPEC oil will increase in 2016 as a result of lower production in non-OPEC countries. OPEC expects to increase their oil production by around 200,000 barrels a day to 30.3 million bpd next year which is still less than the cartel’s August oil production of 31.54 million bpd.
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