US lowers forecast on global oil supply

The US Energy Information Administration (EIA) has lowered the forecast on global supplies of oil and other liquid hydrocarbons for 2016 and 2017, says the EIA short-term energy outlook for July 2016.

Global oil supplies are expected at the level of 96.15 million barrels per day in 2016 and 96.79 million barrels per day in 2017, according to the new forecast.

In its energy outlook for June 2016, the EIA forecasted global oil supplies at the level of 96.23 million barrels and 97.02 million barrels per day, respectively, in 2016 and 2017.

Global oil supplies stood at 95.73 million barrels per day in 2015, according to the EIA.

The EIA has also lowered the forecast for supplies from non-OPEC countries.

These supplies are forecast at the level of 56.78 million barrels per day in 2016, as compared to the forecast of 57.04 million barrels per day in the EIA energy outlook for June 2016.

In 2017, supplies from non-OPEC countries are expected at the level of 56.57 million barrels per day, as compared to 56.8 million barrels per day in the previous report.

Supplies of oil and other liquid hydrocarbons from non-OPEC countries totaled 57.4 million barrels per day in 2015.

The EIA says the global supplies of oil and other liquid hydrocarbons was 95.57 million barrels per day in Q1 2016 and 95.85 million barrels per day in Q2 2016, and they are expected at the level of 96.6 million barrels per day in Q3 2016 and 96.58 million barrels per day in Q4 2016.

The quarterly production is expected at the level of 95.91 million, 96.86 million, 97.08 million and 97.29 million barrels per day, respectively, in 2017.

Source: Trend