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OPEC predicts further decline in non-OPEC oil supply

by ChemOrbis Editorial Team -
  • 19/01/2016 (16:06)
According to the Organization of Petroleum Exporting Countries’ (OPEC) monthly market report, oil production from non-OPEC countries will decline by 660,000 barrels per day (bpd) compared with the cartel’s earlier estimates of 270,000 bpd. OPEC attributed its forecast of steeper production losses to plunging oil prices while adding that production in the US will be affected the most in 2016, decreasing by 380,000 bpd. Canada, the North Sea, Latin America and some parts of Asia followed the US in the list of places to be affected by lower crude prices.

Data from the report showed that OPEC’s oversupply in global markets reached about 600,000 bpd after Indonesia rejoined the organization while Saudi Arabia pumped 10.088 million bpd in December while continuing to show no intentions of cutting production.

Meanwhile, the lifting of sanctions on Iran elevated oversupply concerns in global oil markets as Iran plans to increase its exports by 500,000 barrels per day (bpd) in the short term and by another 500,000 bpd within a year.
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