Stronger non-OPEC crude oil supplies are set to sideline OPEC supplies by even more than previously thought, despite a predicted resurgence in world oil demand growth to levels last seen in 2009, the International Energy Agency (IEA) says in its latest Oil Market Report (OMR).
Analysts have been suggesting such a shift for most of this year, but with global markets set to enjoy higher than expected supply from non-OPEC countries over the coming 6-12 months, the IEA – along with OPEC – has made moves to revise downward earlier forecasts for the call on OPEC crude going into next year. (CONTINUED - 839 WORDS)
