U.S. Supply Shock to Lift Non-OPEC Oil Output 1.9%, IEA Says
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Crude from outside the Organization of Petroleum Exporting Countries will increase by 990,000 barrels a day annually to 2018 as U.S. tight oil output continues to boom, according to the International Energy Agency.
Non-OPEC supplies are forecast to grow to 59.3 million barrels a day in 2018 from 53.3 million last year, or 1.9 percent a year, the Paris-based energy adviser said in its medium-term oil market report today. The U.S. will add 2.8 million in liquids production, accounting for nearly half of the growth and 420,000 barrels a day more than in the IEA’s estimate in October.