The Organization of Petroleum Exporting Countries raised its forecast for 2011 crude supply from outside the group as Russia and China boost production.
Non-OPEC supply will rise by 410,000 barrels a day to 52.62 million barrels next year, OPEC said in its monthly report today. That’s 50,000 barrels a day more than previously forecast. OPEC supply is forecast next year at 29.2 million barrels a day, little changed on the last estimate.
