EIA's global crude supply outlook considers planned and unplanned production outages (5/11/2016)

The U.S. Energy Information Administration's (EIA) May Short-Term Energy Outlook (STEO) forecasts that global liquid fuels supply will grow by 0.5 million barrels per day (b/d) in 2016 and by 0.8 million b/d in 2017. The supply growth comes from production increases by members of the Organization of the Petroleum Exporting Countries (OPEC) that more than offset decreases in non-OPEC supply. This level of supply growth compared with expected demand growth implies that the oil market will remain relatively loose through the first half of 2017, with significant inventory builds continuing through the end of 2016. ... More »