OPEC has slightly lowered its 2017 forecast for non-OPEC oil supply to the world market due to Russia, Brunei, Kazakhstan and Sudan.
The monthly OPEC report for June said that oil supplies from non-OPEC countries in 2017 will total 58.14 million barrels per day (bpd), down 110,000 bpd on the forecast published in May. The forecast was lowered due to Russia, Brunei, Kazakhstan and Sudan which have supported the proposal to extend the oil production cut agreement until the end of March 2018.
According to OPEC’s June forecast, Russia will produce 11.04 million bpd in 2017, down from 11.16 million bpd forecast in May.
According to data from the Russian Energy Ministry, which were submitted to OPEC, the country produced n average daily 10.29 million barrels in April and 10.23 million barrels in May.
OPEC said Russia’s participation in the agreement to reduce oil output could result in average daily oil output falling 0.4 percent this year compared with last, to 11.08 million barrels to 11.04 million barrels.
OPEC also lowered its forecast for oil production in the U.S. by 29,000 bpd. According to the June forecast, U.S. oil production in 2017 could total 14.42 million bpd, down slightly from 14.45 million bpd expected in May.
