US forecasts decline in non-OPEC oil supplies

Jun 08, 2016 12:00 AM

The US Energy Information Administration (EIA) forecasts non-OPEC countries oil supplies to decline to 57.04 million barrels per day in 2016 and to 56.8 million barrels per day in 2017.

Non-OPEC supply of oil and other liquid hydrocarbons was 57.64 million barrels per day in 2015, according to the EIA's June Short-Term Energy Outlook (STEO).

In its May STEO the EIA forecasted non-OPEC liquid supplies at the level of 56.9 million barrels per day in 2016 and 56.69 million barrels per day - in 2017.

The US and Russia are the largest non-OPEC oil producing countries. The US and Russia supplied 15.04 million and 11.03 million barrels of oil and other liquid hydrocarbons per day respectively in 2015, according to EIA.

The STEO for June 2016 forecasts that the US will daily supply 14.49 million barrels of oil and other liquid hydrocarbons in 2016 and 14.38 million barrels per day - in 2017.

Supply from Russia is forecasted at the level of 11.17 million barrels in 2016 and 11.03 million barrels - in 2017.

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