EIA decreases forecasts for global oil supply
Baku, Azerbaijan, June 7
By Elena Kosolapova – Trend:
The US Energy Information Administration (EIA) expects global petroleum and other liquids supply to increase to 98.3 million barrels per day in 2017 and to 100.16 million barrels per day in 2018, says its June short-term energy outlook.
The forecast was slightly decreased compared to EIA previous short-term energy outlook published in May, when total world petroleum and other liquids supplies were forecast to reach 98.47 million barrels per day in 2017 and 100.4 million barrels per day in 2018.
Global petroleum and other liquids supplies stood at 97.17 million barrels per day in 2016, according to the EIA.
The EIA has also revised the forecast for supplies from non-OPEC countries.
These supplies are forecast at the level of 59.08 million barrels per day in 2017, as compared to the forecast of 59.04 million barrels per day in the May energy outlook. In 2018, supplies from non-OPEC countries are expected at the level of 60.3 million barrels per day as compared to 60.18 million barrels per day in the previous report.
Supplies of petroleum and other liquids from non-OPEC countries totaled 58.17 million barrels per day in 2016.
Quarterly global petroleum and other liquids production reached 96.81 million in 1Q2017 and is expected at the level of 97.85 million, 99.06 million and 99.43 million barrels per day in the second, third and fourth quarters of in 2017, respectively.
In 2018 quarterly global petroleum and other liquids is forecast at 99.16 million, 100.12 million, 100.48 million, 100.88 million barrels per day, respectively.
In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices. That time, OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1, while non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from Jan. 1 for six months, extendable for another six months.
On May 25, OPEC and non-OPEC producers agreed to extend their last year’s oil output cut deal for a further period of nine months, with effect from July 1, 2017.
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