IEA Sees Oil Output Outside OPEC Rising Most Since 1970s

The International Energy Agency estimates that non-OPEC oil producers led by the U.S., Canada and Kazakhstan will bolster supplies next year by the most since the 1970s, undermining the need for OPEC’s crude.

Producers outside the Organization of Petroleum Exporting Countries will increase 2014 output by a near-record 1.7 million barrels a day to 56.4 million, the IEA said, boosting its forecasts from a month ago by 300,000 barrels a day. Supply losses in OPEC members Libya and Iraq, which reduced the group’s output to a two-year low, are preventing the new shipments from calming oil prices, the Paris-based adviser to energy-consuming nations said.