18 Jan 2017 16:09

OPEC lowers non-OPEC oil production forecast by 120,000 bpd, raises forecast for U.S

MOSCOW. Jan 18 (Interfax) - OPEC has lowered its forecast for oil supply from producers outside the cartel by 180,000 barrels per day compared with December's forecast, the cartel said in its monthly Oil Market Report for January.

OPEC now expects supply to increase by 120,000 bpd to 57.26 million bpd, mainly due to downward revisions for Russia, Kazakhstan, China, Congo and Norway.

OPEC has revised upward the U.S. production forecast by 230,000 bpd due to higher rig counts and stronger cash flows.