US forecasts decline in oil supplies from non-OPEC countries

The US Energy Information Administration (EIA) forecasts a decline in supplies of oil and other liquid hydrocarbons from non-OPEC countries in 2016, said EIA's Short-Term Energy Outlook (STEO) for May 2016.

Total non-OPEC liquid supplies are expected to be 56.9 million barrels per day in 2016 and 56.69 million barrels per day - in 2017, according to the STEO.

In its April STEO the EIA forecasted non-OPEC liquid supplies at the level of 57.16 million barrels per day in 2016 and 56.68 million barrels per day - in 2017.

Non-OPEC supply of oil and other liquid hydrocarbons was 57.64 million barrels per day in 2015.

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 May 2016 forecasts that the US will daily supply 14.47 million barrels of oil and other liquid hydrocarbons in 2016 and 14.36 million barrels per day - in 2017. In its April STEO the EIA forecasted that the US will supply 14.46 million barrels and 14.19 million barrels of oil and other liquid hydrocarbons per day respectively in 2016 and in 2017.

Supply from Russia is forecasted at the level of 11.17 million barrels in 2016 and 11.03 million barrels - in 2017. The May forecast on oil supply from Russia has remained unchanged as compared to the EIA's April STEO.

Source: Trend

Related posts