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Oil glut now forecast to continue into next year
OPEC expects non-OPEC supply to rise by 200,000 barrels per day in 2017, versus a previously forecast 150,000 bpd decline. Photo: Reuters
OPEC raised its forecast of oil supplies from non-member countries in 2017 as new fields come online and US shale drillers prove more resilient than expected to low prices, pointing to a larger surplus in the market next year.
Demand for crude oil from the Organization of the Petroleum Exporting Countries (OECD) will average 32.48 million barrels per day (bpd) in 2017, OPEC said in a monthly report yesterday. That is down 530,000 bpd from the previous forecast.
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