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September 13, 2016

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OPEC sees non-cartel output to rise in 2017

OPEC said yesterday that oil production by countries outside the exporters’ cartel was now expected to rise in 2017, revising its previous expectations of a drop.

In its monthly report, the Organization of the Petroleum Exporting Countries said Kazakhstan, Norway and Britain were now all expected to produce more next year than forecast earlier.

This means output outside the cartel is expected to rise by 200,000 barrels per day, against previous projections of a 150,000 b/d decline.

Global oil demand is projected to continue growing.

For 2016, non-OPEC oil supply is still projected to fall, by 610,000 barrels per day, a drop slightly smaller than previously expected.

“This has been mainly due to a lower-than-expected decline in US tight oil and a better-than expected performance in Norway, as well as the early start-up of Kashagan field in Kazakhstan,” OPEC said.

OPEC, which does not forecast supply by its own 14 members, said it saw world oil demand growth rising by 1.23 million b/d this year.

World oil demand is also expected to rise in 2017. “The main growth centers for next year continue to be India, China and the US,” it said.

Oil prices tumbled again yesterday in Asian trade on a pick-up in drilling and a strong dollar as speculation swirled that the US Federal Reserve could hike interest rates as soon as this month.

Producers have been hurt by plunging oil prices for around two years due to a stubborn supply glut.


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