US Energy Information Administration Forecasts Rise in Oil Supply in 2008 Due to Azerbaijan Also

Oil&Gas Materials 13 September 2008 14:03 (UTC +04:00)

Azerbaijan, Baku, 13 September/ Trend , A. Badalova/ According to forecast of Energy Information Administration of the United States, the volume of oil supply of Azerbaijan will total to 0.95mln barrels a day in 2008 against 0.85mln barrels a day in 2007. Azerbaijan will increase supply by 0.27mln barrels a day to 1.22mln barrels in 2009.

In 2009, volume of oil supply of non-OPEC countries will go up by 900,000 barrels a day to 49.92mln barrels a day. The supplies will increase in 2009 due to US, Brasilia and Azerbaijan.

In second half of 2008, the volume of oil supply of non-OPEC countries will go up by 300,000 barrels. In the first half of 2008, oil supply dropped by 280,000 barrels a day.

In 2009, volume of oil supply of Kazakhstan will total to 1.53mln barrels a day against 1.44mln barrels a day in 2008. In 2009, Turkmenistan will increase oil supply slightly to 0.2mln barrels a day against 0.19mln barrels in 2008.

Monthly report of EIA said possible delays in major projects, increased risks in export of oil from Caspian region, potential impact of hurricanes within the next few months and risks of weak production in Russia, Mexico and North Sea can impede rise in the non-OPEC supplies which will lead to more demand for oil produced by OPEC and higher prices.

According to EIA estimations, in 2008, total volume of OPEC supply will go up by 1.83mln barrels a day to 37.25mln barrels against 35.42mln barrels in 2007.

EIA forecasts rise in OPEC supplies by 48,000 barrels a day in 2009 to 37.73 barrels a day.

In the third quarter of 2008, oil production by OPEC will go up by 32.9mln barrels a day against 32.3mln barrels in the second quarter. EIA forecasts drop in OPEC oil production to 32.8mln barrels a day in the fourth quarter of 2009.

The volume of oil supply of non-OPEC countries will make up 49.03mln barrels a day in 2008 against 49.02mln barrels in 2007.

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