Opec signals surplus oil next year | GulfNews.com

Opec signals surplus oil next year | GulfNews.com:

"The Organisation of the Petroleum Exporting Countries (Opec) is expected to continue producing surplus oil going into next year even as production increased 14 per cent in July.
Output from 16-members of Opec, which contributed to 34.8 per cent of the total output last month, rose by 46,400 barrels per day to 33.106 million per day in July. Global supply, which includes supplies from non-Opec members rose by 24,000 barrels per day on month to 95.14 million of barrels per day in July. The Opec supplies are expected to register a surplus of 100,000 barrels per day in 2017, compared to a deficit that it saw last month, Opec said in its monthly report released on Wednesday.
“The overall indications in the supply side by the end of second quarter of 2016 are showing that the short-term outlook for non-Opec supply in 2016 is being revised up due to the recovery in Canadian oil production following the vast wildfire in Alberta and rising rig counts in the US for four consecutive weeks, resulting in higher-than-expected output,” Opec added."



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