Baku, Azerbaijan, Nov. 9
By Aygun Badalova - Trend:
Analysts of the US JP Morgan bank expect non-OPEC oil production to decrease by 0.5 million barrels per day to 54.7 million barrels per day in 2016.
Non-OPEC supply growth is assessed at 1.1 million barrels per day in 2015 and -0.5 million barrels per day in 2016. This represents a further downgrade of 0.3 million barrels per day to our previous 2016 growth forecast, analysts said in a report obtained by Trend.
Lower US supply estimates primarily account for the reduction in growth in the latter half of 2016.
Non-OPEC oil production is predicted by the analysts at 55.2 million barrels per day in 2015.
JP Morgan analysts estimate US crude production will average 8.8 million barrels per day next year, with the expected trough in production next September at 8.6 million barrels per day and stay broadly flat thereafter.
The International Energy Agency (IEA) said in its latest report that lower oil prices and steep spending curbs are expected to cut non-OPEC output by nearly 0.5 million barrels per day in 2016.
World oil supply held steady near 96.6 million barrels per day in September, as lower non-OPEC production was offset by a slight increase in OPEC crude. Non-OPEC accounted for just under 40 percent of the 1.8 million barrels per day annual increase in total oil output, the report said.