IEA: Non-OPEC output to decline by 12% in 2016

Non-OPEC production is estimated to fall by 12% this year. That accounts to around 750,000 barrels per day (b/d) to 74 million barrels b/d, according to the International Energy Agency (IEA). […]

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By Jacqueline Echevarria

Non-OPEC production is estimated to fall by 12% this year.

That accounts to around 750,000 barrels per day (b/d) to 74 million barrels b/d, according to the International Energy Agency (IEA).

The reduction is also 100,000 b/d less than the IEA’s forecast last month.

It’s latest Oil Market Report (OMR) added global supplies eased by 180,000 b/d to 96.5 million b/d in February.

However production was 1.8 million b/d above a year earlier, it added.

OPEC oil production declined by 90,000 b/d to 32.61 million b/d with losses from Iraq, Nigeria and the United Arab Emirates partly offset by a substantial rise in flows from post-sanctions Iran.

The report stated: “Sharp decelerations in demand growth – particularly in the United States and China – pulled global growth down to a one-year low of 1.2 million b/d in the fourth quarter of last year compared with the year earlier, dramatically below the near five-year high of 2.3 million b/d in the previous quarter. A gain of around 1.2 million b/d is forecast for 2016.”