The International Energy Agency (IEA) has lowered its forecast for the oil supply growth for the producers that are not part of the Organisation of the Petroleum Exporting Countries (OPEC) by 0.4 million barrels per day, according to the report issued Thursday.
MOSCOW (Pakistan Point News / Sputnik - 13th December, 2018) The International Energy Agency (IEA) has lowered its forecast for the oil supply growth for the producers that are not part of the Organisation of the Petroleum Exporting Countries (OPEC) by 0.4 million barrels per day, according to the report issued Thursday.
"The forecast for non-OPEC supply growth for 2019 has been lowered by 415 kb/d since last month's Report ... Non-OPEC supplies are now expected to expand by 1.5 mb/d next year, following gains of 2.4 mb/d on average in 2018," the report read.
OPEC crude oil output increased to 33.03 million barrels daily in November with Saudi Arabia and the United Arab Emirates compensating for losses from Iran.
"In the run-up to the supply cut deal, Saudi Arabia delivered the biggest increase, with output surging 410 kb/d month-on-month (m-o-m) to 11.06 mb/d in November, the highest level ever," the report said.
Meanwhile, Iran, facing US sanctions, had its oil production lower dramatically.
"Output in November was the lowest since January 2016, when international sanctions on Iran were eased, and was down 840 kb/d on a year ago. Shipments of Iranian oil plunged 550 kb/d m-o-m to 1.28 mb/d, down 1.4 mb/d since May," the report read.
According to the IEA, waivers granted by Washington to some importers of Iran's oil could help recover some of the losses in December.
