IEA expects non-OPEC output to expand
By Trend
Non-OPEC output is expected to expand by 0.7 million barrels per day (b/d) in 2017 and 1.4 million b/d in 2018, the International Energy Agency (IEA) said in its August Oil Market Report.
The US output is forecast to rise by 0.6 million b/d and 1 million b/d in 2017 and 2018, respectively, according to the report.
IEA analysts remind that the ten non-OPEC countries cooperating with OPEC saw their compliance rate improve to 67 percent in July.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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