U.S. predicts rise in oil supplies by Caspian states
WASHINGTON, D.C. - Oil supplies by the Caspian littoral states
Azerbaijan, Turkmenistan, Kazakhstan and Russia will increase this
year by 0.19 million barrels per day up to 12.87 million barrels
per day, the U.S. Energy Information Administration (EIA) has said.
Data on Iran's petroleum supplies was not provided.
In 2011, the EIA predicts oil supply by the countries in the Caspian region at the level of 12.88m barrels a day.
Oil production in Azerbaijan will increase by 0.07m barrels up to 1.08m bpd in 2010 and by 0.13m up to 1.21m bpd in 2011, the EIA monthly report on short-term review of the energy market said.
Kazakhstan will produce 1.57m bpd in 2010 and 1.61m bpd in 2011, the EIA said.
EIA forecasts that Turkmenistan will extract oil at the level of 0.2 and 0.21m bpd in 2010 and 2011, respectively.
As for non-members of OPEC, the agency increased its forecasts for oil supplies in 2010 and 2011. According to the EIA new forecasts, oil supply by these countries will increase by 0.62m up to 50.98m bpd in 2010 and reduce by 0.08m up to 50.9m bpd in 2011. Previously, the EIA forecast supply by these countries at the level of 50.86m bpd in 2010 and 50.68m bpd in 2011.
EIA estimates that the main sources of growth in oil supplies by non-OPEC members will be Brazil, the U.S. and Azerbaijan.
The volume of oil supplies by the former Soviet countries will hit 13.07m bpd in 2010 and 13.06m bpd in 2011, the EIA forecasts.
Worldwide supplies will be increased by 1.66m bpd up to 85.89m bpd in 2010 and by 1.17m bpd up to 87.06m bpd in 2011.
The EIA forecasts that oil supplies by OPEC countries will increase in 2010 by 0.41m up to 29.51m bpd, in 2011 - by 0.56m to 30.07m bpd.
According to the EIA, oil supplies by OPEC countries amounted to 29.4m bpd in the second quarter.
A slight increase in production by OPEC countries for 2011 will be stipulated by the increase in world demand for oil, it said.
At present, the oil production quota set by OPEC is 24.85m bpd.
Regarding world oil demand, EIA predicts an increase by 1.56m barrels up to 85.82m bpd in 2010 and 1.47m barrels to 87.29m bpd in 2011.
Most of the demand will be met by the countries not represented in the Organization for Economic Cooperation and Development (OECD), in particular, China, Saudi Arabia and Brazil.
Oil demand in OECD countries is forecast at 45.37m bpd in 2010 and 45.35m bpd in 2011.
The demand for oil in non-members of the OECD will increase by 1.52m barrels to 40.44m bpd in 2010 and by 1.5m barrels to 41.94m bpd in 2011, EIA forecasts.
EIA also made projections on crude prices. The agency left forecasts unchanged on the price of U.S. light crude oil (WTI) at $79 per barrel in the second half of 2010 and $83 per barrel in 2011.
EIA is the statistical agency of the U.S. Department of Energy, established by Congress in 1977.*
In 2011, the EIA predicts oil supply by the countries in the Caspian region at the level of 12.88m barrels a day.
Oil production in Azerbaijan will increase by 0.07m barrels up to 1.08m bpd in 2010 and by 0.13m up to 1.21m bpd in 2011, the EIA monthly report on short-term review of the energy market said.
Kazakhstan will produce 1.57m bpd in 2010 and 1.61m bpd in 2011, the EIA said.
EIA forecasts that Turkmenistan will extract oil at the level of 0.2 and 0.21m bpd in 2010 and 2011, respectively.
As for non-members of OPEC, the agency increased its forecasts for oil supplies in 2010 and 2011. According to the EIA new forecasts, oil supply by these countries will increase by 0.62m up to 50.98m bpd in 2010 and reduce by 0.08m up to 50.9m bpd in 2011. Previously, the EIA forecast supply by these countries at the level of 50.86m bpd in 2010 and 50.68m bpd in 2011.
EIA estimates that the main sources of growth in oil supplies by non-OPEC members will be Brazil, the U.S. and Azerbaijan.
The volume of oil supplies by the former Soviet countries will hit 13.07m bpd in 2010 and 13.06m bpd in 2011, the EIA forecasts.
Worldwide supplies will be increased by 1.66m bpd up to 85.89m bpd in 2010 and by 1.17m bpd up to 87.06m bpd in 2011.
The EIA forecasts that oil supplies by OPEC countries will increase in 2010 by 0.41m up to 29.51m bpd, in 2011 - by 0.56m to 30.07m bpd.
According to the EIA, oil supplies by OPEC countries amounted to 29.4m bpd in the second quarter.
A slight increase in production by OPEC countries for 2011 will be stipulated by the increase in world demand for oil, it said.
At present, the oil production quota set by OPEC is 24.85m bpd.
Regarding world oil demand, EIA predicts an increase by 1.56m barrels up to 85.82m bpd in 2010 and 1.47m barrels to 87.29m bpd in 2011.
Most of the demand will be met by the countries not represented in the Organization for Economic Cooperation and Development (OECD), in particular, China, Saudi Arabia and Brazil.
Oil demand in OECD countries is forecast at 45.37m bpd in 2010 and 45.35m bpd in 2011.
The demand for oil in non-members of the OECD will increase by 1.52m barrels to 40.44m bpd in 2010 and by 1.5m barrels to 41.94m bpd in 2011, EIA forecasts.
EIA also made projections on crude prices. The agency left forecasts unchanged on the price of U.S. light crude oil (WTI) at $79 per barrel in the second half of 2010 and $83 per barrel in 2011.
EIA is the statistical agency of the U.S. Department of Energy, established by Congress in 1977.*
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