Non-OPEC oil supplies will rise by about 3.4 million barrels a day from 2010 to 2016, led by the U.S. and Canada, according to the IEA.
The two North American nations will boost supply by about 3 million barrels a day, Brazil and Columbia will add 1.4 million barrels and biofuels and improved fuel processing will account for an extra 900,000 barrels, the Paris-based organization said today in its Oil Market Report. Output declines in the North Sea and Middle East countries not in the Organization of Petroleum Exporting Countries will partially offset the drops, it said.
The increase is due in part to higher exploration and production spending as well as new technologies to boost recovery rates against a background of record prices, according to the report.
“U.S. liquids production is expected to grow by 20 percent to reach 9.6 million barrels a day in 2016, on average 0.7 million barrels a day higher than our June estimate,” it said. Shale oil and gas development is expected to increase field condensate production, it said.
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