U.S. predicts increase in Caspian countries' oil supplies
Azerbaijan, Baku, May 13 / Trend A.Badalova /
The U.S. Energy Information Administration (EIA) predicts this year's level of oil supply by the Caspian region countries (Azerbaijan, Turkmenistan, Kazakhstan and Russia) at 12.94 million bpd compared to12.68 million bpd in 2009. The agency did not provided data on petroleum supplies by Iran.
EIA predicts decline in the Caspian countries' oil supplies to12.93 million bpd in 2011. The reduction in supply will be observed due to the fall of oil production in Russia in 2011, which is projected by EIA at the level of 9.97 million bpd in 2010 and 9.81 million barrels per day - in 2011.
EIA projected Azerbaijan's oil production at 1.13 million bpd in 2010 and 1.21 million bpd in 2011.
Kazakhstan will produce 1.64 million bpd in 2010 and 1.7 million bpd in 2011, the agency forecasted.
Based on EIA forecast, Turkmenistan's oil production will increase by 0.2 million bpd in 2010 and 0.21 million bpd in 2011.
Oil supplies by non-OPEC countries
Growth in oil supply by non-OPEC countries will amount to 660,000 bpd in 2010 or 60,000 more than the growth forecasted by EIA earlier.
Based on the EIA monthly report on review of the energy market, in 2010 oil supply by non-OPEC countries will amount to 51.02 and decrease by 0.19 million bpd - up to 50.83 million bpd in 2011.
In 2010, growth in oil supplies by non-OPEC countries will be observed thanks to the U.S., Kazakhstan, Brazil and Azerbaijan, the agency reported.
The volume of oil supplies by former Soviet states will be 13.14 million bpd in 2010 and 13.1 million bpd in 2011.
The volume of the global oil supply will increase by 1.6 million bpd- up to 85.84 million bpd in 2010 and by 1.07mln bpd up to 86.91mln bpd in 2011, EIA forecasted.
Oil supplies by OPEC countries
EIA predicts an increase in oil production by OPEC at an average of 0.34mln bpd up to 29.44mln bpd in 2010 and 0.57mln bpd up to 30.01mln bpd in 2011.
Increase in oil production within OPEC will be mainly observed in Angola and Nigeria.
Current quota of oil production set by OPEC is 24.85 million barrels per day. OPEC did not change production quotas at the Vienna meeting held March 17.
World oil demand
Based on EIA report, the growth in the world oil demand will be 1.6 million bpd in 2010 and in 2011. EIA expects that the growth in oil demand will be mainly concentrated in the Asia-Pacific and the Middle East.
EIA projections on the world oil demand are based on expectations of global economic growth, which is projected at 3.6 percent in 2010 and 3.7 percent in 2011. The U.S. GDP growth is projected by EIA to reach 3 and 2.9 percent in 2010 and 2011, respectively.
EIA predicts the world oil to reach 85.59 million bpd in 2010 and 87.19 million bpd in 2011.
Based on EIA estimates, in 2010, OECD countries' oil demand will decrease by 0.02 million bpd - to 45.34 million bpd and increase by 0.2 million bpd - up to 45.54 million bpd in 2011.
Non-OECD countries' oil demand will be 40.24 million bpd in 2010 and 41.65 million bpd in 2011.
EIA expects that spot price of the American crude oil WTI will remain at a level of $84 per barrel in the second half of 2010. In late 2011, the figure will reach $87 per barrel.
As a result of trades on Tuesday May 11, June futures price for the U.S. crude oil WTI fall by $0.43 - to $76.37 per barrel on the New York Mercantile Exchange.
The State Energy Information Administration is statistical agency of U.S Department of Energy established by the Congress in 1977.
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