Forecast for non-OPEC oil supply in 2016 remains unchanged

Jun 13, 2016 12:00 AM

Non-OPEC supply for 2016 is forecast to contract by 0.74 million barrels per day, despite several upward and downward revisions in May, indicating no changes in absolute supply compared with a month earlier, to average 56.4 million barrels per day, says OPEC Monthly Oil Market Report - June 2016.

The downward revisions in Canada, Brazil and Colombia broadly offset upward revisions in the US, UK, Russia and Azerbaijan, according to the report.

The report also says non-OPEC oil supply in 2016 is subject to many uncertainties from economic and technical to geopolitical factors.

"According to the latest update to historical data, total non-OPEC oil supply for 2015 remained unchanged, averaging 57.14 million barrels per day (as compared to 55.67 million barrels per day in 2014)," according to OPEC.

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