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IEA Raises Forecast for Non-OPEC Oil Output Growth Next Year

  • Estimate increased by 110,000 barrels a day to almost 500,000
  • Agency cites improved outlook for Russian production
relates to IEA Raises Forecast for Non-OPEC Oil Output Growth Next Year
Photographer: Matt Nager/Bloomberg
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The International Energy Agency increased its estimate of oil production from countries outside OPEC next year, citing an improved outlook for Russia.

Supply growth from nations outside the Organization of Petroleum Exporting Countries will be “just shy” of 500,000 barrels a day, an increase of 110,000 from the agency’s forecast last month, it said Thursday. Russian production is likely to grow by 190,000 barrels a day, building on a 230,000-barrel increase in 2016.