Azerbaijan, Baku, July 8 / Trend A. Badalova /
The State U.S. Energy Information Administration (EIA) has increased its forecasts for oil supplies by the countries, non-members of OPEC in 2010 and 2011. According to the EIA new forecasts, oil supply by these countries will increase by 0.62 million up to 50.98 million barrels per day in 2010 and reduce by 0.08 million up to 50.9 million barrels per day in 2011. Previously, the EIA forecasted supply by these countries at the level of 50.86 million barrels per day in 2010 and 50.68 million barrels per day in 2011.
The EIA monthly report on short-term review of the energy market said that the main sources of growth in oil supplies by countries, non-members of OPEC will be Brazil, the U.S and Azerbaijan for the specified period.
The volume of oil supplies by former Soviet countries will hit 13.07 million barrels per day in 2010 and 13.06 million barrels per day in 2011, the EIA forecasts.
Worldwide supplies will be increased by 1.66 million barrels per day up to 85.89 million barrels per day in 2010 and by 1.17 million barrels per day up to 87.06 million barrels per day in 2011.
Oil supplies by Caspian countries
Oil supplies by the countries of the Caspian region (Azerbaijan, Turkmenistan, Kazakhstan, Russia) will increase this year by 0.19 million barrels per day up to 12.87 million barrels per day. Data on Iran's petroleum supplies was not provided.
In 2011, the EIA predicts oil supply by the countries in the Caspian region at the level of 12,88 million barrels a day.
Oil production in Azerbaijan will increase by 0.07 million barrels up to 1.08 million barrels per day in 2010 and by 0.13 million up to 1.21 million barrels per day in 2011, the EIA forecasts.
Kazakhstan will produce 1.57 million barrels per day in 2010 and 1.61 million barrels per day in 2011, the EIA forecasts.
EIA forecasts that Turkmenistan will extract oil at the level of 0,2 and 0,21 million barrels per day in 2010 and 2011, respectively.
OPEC Oil Supply
The EIA forecasts that the volume of oil supplies by OPEC countries will increase in 2010 by 0.41 million up to 29.51 million barrels per day, in 2011 - by 0.56 million up to 30.07 million barrels per day.
According to the EIA, the volume of oil supplies by OPEC countries in the second quarter amounted to 29.4 million barrels a day.
According to the EIA report, a slight increase in production by OPEC countries for 2011 will be stipulated by the increase in world demand for oil.
At present, the quota set by OPEC on oil production is 24.85 million barrels a day.
World oil demand
EIA predicts an increase in global oil demand by 1.56 million barrels up to 85.82 million barrels per day in 2010 and 1.47 million barrels up to 87.29 million barrels per day in 2011.
Most part of the demand will be ensured by the countries, non-members of the OECD (Organization for Economic Cooperation and Development), in particular, China, Saudi Arabia and Brazil.
Oil demand in OECD countries is forecasted by EIA at 45.37 million barrels per day in 2010 and 45.35 million barrels per day in 2011.
Demand for oil in countries, non-members of the OECD will increase by 1.52 million barrels to 40.44 million barrels per day in 2010 and by 1.5 million barrels up to 41.94 million barrels per day in 2011 year, EIA forecasts.
Oil Prices
EIA left forecasts unchanged at a price of U.S. light crude oil (WTI) at $ 79 per barrel in the second half of 2010 and $83 per barrel in 2011.
As a result of trading on Wednesday, July 7, the cost of the August oil futures varieties WTI on the New York Mercantile Exchange increased by $2.09 up to $74.07 per barrel.
The State Energy Information Agency is the statistical agency of the U.S. Department of Energy, created by Congress in 1977.