Oil supply forecast down for non-OPEC countries

Business Materials 23 December 2008 11:27 (UTC +04:00)

Azerbaijan, Baku, Dec. 22 / Trend , A.Badalova/ OPEC lowered oil supply forecast for non-OPEC countries by 100,000 bpd to 50.22mln bbl in 2009. According to the OPEC December report, the largest amount of supplies from non-OPEC countries will occur in the first quarter of 2009 - 50.65mln bpd, and the lowest in the third quarter - 49.82mln bpd. As a result of 2008, non-OPEC supplies will total 49.6mln bpd, which is up 110,000 bpd than in 2007. The Organization for Economic Cooperation and Development (OECD) countries will provide 19.76mln bpd of the total supplies in 2009; former Soviet Union countries will provide 12.83mln bpd. According to OPEC, oil production in Azerbaijan will total 0.87mln bpd by the end of 2008, up 60,000 bpd than in 2007 and down 30,000 bpd than OPEC's last month forecast. In Kazakhstan, as a result of this year production will amount to 1.42mln bpd, up 70,000 bpd than in 2007. Former Soviet Union countries will export 8.66mln bpd in 2009, which is 190,000 bpd more than in 2008.

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