Non-OPEC Oil Supplies to Disappoint in 2007

It said world demand will grow by 1.6 percent, or 1.39 million bpd, in 2007, less than the 1.43 million bpd expected last month.

Published: 19-Jan-2007

LONDON (Reuters) - Oil producers outside OPEC will pump less oil than expected this year, the International Energy Agency said on Thursday, increasing the burden on OPEC just as the exporter group is trimming supply.

In its latest monthly report, the adviser to 26 industrialised countries forecast oil supply from non-OPEC will rise by 1.4 million barrels per day in 2007, less than the 1.7 million bpd expected last month.

"Non-OPEC supply is adjusted down significantly for 2007," the IEA said. "Norway, Mexico, Canada, Cuba and Ecuador underpin the revision, the former two following government announcements of markedly lower expectations for 2007."

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