U.S. predicts increase in Caspian countries' oil supplies
Azerbaijan, Baku, June 10 / Trend A.Badalova /
The U.S. Energy Information Administration (EIA) predicts this year's level of increase in oil supply by the Caspian region countries (Azerbaijan, Turkmenistan, Kazakhstan and Russia) at 0.22 million bpd up to12.9 million bpd. The agency did not provided data on petroleum supplies by Iran.
EIA predicts the Caspian countries' oil supplies to reach 12.94 million bpd in 2011.
EIA projected increase in Azerbaijan's oil production at 0.07 million bpd up to 1.08mln bpd in 2010 and at 0.13 million bpd up to 1.21 million bpd in 2011.
Kazakhstan will produce 1.61 million bpd in 2010 and 1.67 million bpd in 2011, the agency forecasted.
Based on EIA forecast, Turkmenistan's oil production will increase by 0.2million bpd in 2010 and 0.21 million bpd in 2011.
Oil supplies by non-OPEC countries
EIA forecasts increase in oil supplies by non-OPEC countries in 2010 by 500,000 barrels per day to 50.86 million barrels per day, which is 160,000 barrels per day below the level projected in last month. The forecast was lowered mainly due to more pessimistic expectations about the growth of oil supplies by Brazil and Central Asia, which, however, are the sources of overall growth in oil supplies by non-OPEC countries in 2010.
Based on the EIA monthly report on review of the energy market, in 2011 oil supply by non-OPEC countries will decrease by 0.18 million bpd to 50.68 million bpd.
The volume of oil supplies by former Soviet states will be 13.11 million bpd in 2010 and 13.13 million bpd in 2011.
The volume of the global oil supply will increase by 1.35 million bpd- up to 85.59 million bpd in 2010 and by 1.03mln bpd up to 86.62mln bpd in 2011, EIA forecasted.
Oil supplies by OPEC countries
According to EIA expectations, OPEC will not significantly alter the level of oil production until the end of 2010. EIA forecasts oil output of OPEC to be 29.34 million barrels a day in 2010. The agency projected the cartel will increase oil production by 0.52 million barrels per day to 29.86 million barrels per day in 2011.
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 1.5 million bpd up to 85.51 million barrels per day in 2010 and 1.61 million barrels per day up to 87.12 million barrels per day in 2011.
EIA expects that the growth in oil demand will be mainly concentrated in the Asia-Pacific and the Middle East.
Based on EIA estimates, OECD countries' oil demand will reach 45.37 million bpd in 2010 and 2011 compared to 45.36 million bpd in 2009.
Non-OECD countries' oil demand will increase by 1.49 million bpd 40.15 million bpd in 2010 and 4by 1.61 million bpd up to 41.76 million bpd in 2011.
EIA lowered price forecast for U.S. crude WTI by $ 3 per barrel for 2010 and 2011.
According to new forecasts, the average price for this sort of oil will be $79 and $83 dollars per barrel in 2010 and 2011, respectively. EIA expects growth up to 84 per barrel by late 2011.
As a result of trades on Tuesday June, July futures price for the U.S. crude oil WTI increased by $0.55 - to $71.99 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.
Do you have any feedback? Contact our journalist at: firstname.lastname@example.org