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OPEC Revises Forecast for 2018 Oil Supply by Non-Cartel Downwards

The oil producing countries outside OPEC will increase their supply of oil produced in 2018 by 1.1 million barrels per day in comparison with the level of 2017 to 58.87 million barrels per day, OPEC said in its August monthly oil market report.

That is slightly lower than the expected growth in demand.

The previous estimate was higher by 9,000 barrels and amounted to 58.96 million barrels.

In particular, in 2018, oil supply from the US will increase by 840,000 barrels per day in comparison with the level of 2017 to 15.13 million, oil supply from Russia - by 130,000 barrels to 11.24 million barrels, according to the report.

(ITAR-TASS, August 10, 2017)

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