Non-OPEC countries expected to reduce oil supply
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Non-OPEC countries are expected to reduce oil supply by 0.74 million barrels per day and bring it to 56.4 million barrels per day in 2016 as compared to 57.14 million barrels a day in 2015, according to OPEC's monthly report on the oil market.
The oil supply by those countries will reach 56.06 million barrels per day in the second quarter of 2016, 56.04 million barrels per day in the third quarter, and 56.55 million barrels per day in the fourth quarter of 2016.
The world oil supply rose by 0.02 million barrels per day in April and stood at 95.34 million barrels per day, according to the OPEC report.
The world oil supply will be 96.23 million barrels per day in 2016 and 96.99 million barrels per day in 2017, according to the forecasts of the US Energy Information Administration (EIA).
Oil supply from non-OPEC countries will reach 56.9 million barrels per day in 2016 and 56.69 million barrels per day in 2017, according to the EIA forecasts.
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