Non-opec Supply

Petrol prices have continuously been cut from May 30 onwards. In the past 24 days, the prices have been slashed by Rs 2.41 in Delhi, Rs 2.5 in Mumbai

OPEC, Russia and several other non-OPEC producers began to cut supply in January 2017.

OPEC, which has reduced output even more than it had pledged last year, also said in its monthly report that US shale output and other non-OPEC supply was increasing.

The Organization of Petroleum Exporting Countries (OPEC) will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles to a deal.

Oil markets will begin to tighten in the second half of 2016 but at a slow pace as global demand growth declines and non-OPEC (Organization of Petroleum Exporting Countries) supplies rebound, the International Energy Agency said on Thursday.

The global glut in oil is refusing to ease and acts as a major dampener on crude prices despite robust demand growth and steep declines in non-OPEC production, the International Energy Agency said on Wednesday.

A deal to freeze oil production by OPEC and non-OPEC producers will have a limited impact on global supply and markets are unlikely to rebalance before 2017, the International Energy Agency (IEA) said on Thursday.

US crude oil prices slid as much as 7 per cent on Monday, pressured by weak economic data from China, a US forecast for mild weather and growing doubts that OPEC and non-OPEC producers would come together to reduce the swelling global supply glut.

The world is awash with oil having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC (Organization of the Petroleum Exporting Countries) supply could worsen the glut well into next year, the International Energy Agency (IEA) said on Friday.

The monthly report from the Organization of the Petroleum Exporting Countries, however, trimmed its estimate for 2016 global oil demand growth and predicted a less dramatic slowdown in non-OPEC supply than the International Energy Agency.

The International Energy Agency said in a monthly report that it was steeply raising its demand growth outlook for this year and 2016, and expected non-OPEC supply growth to decline next year, with US producers hardest hit.

The Organization of the Petroleum Exporting Countries' agreement last month to stand pat on output meant the onus for any supply cutbacks was now on non-OPEC producers, primarily led by US shale oil, analysts said.

Petrol prices have continuously been cut from May 30 onwards. In the past 24 days, the prices have been slashed by Rs 2.41 in Delhi, Rs 2.5 in Mumbai

OPEC, Russia and several other non-OPEC producers began to cut supply in January 2017.

OPEC, which has reduced output even more than it had pledged last year, also said in its monthly report that US shale output and other non-OPEC supply was increasing.

The Organization of Petroleum Exporting Countries (OPEC) will probably revive talks on freezing oil output levels when it meets non-OPEC nations next month as top exporter Saudi Arabia appears to want higher prices, according to OPEC sources, although Iran, Iraq and Russia present obstacles to a deal.

Oil markets will begin to tighten in the second half of 2016 but at a slow pace as global demand growth declines and non-OPEC (Organization of Petroleum Exporting Countries) supplies rebound, the International Energy Agency said on Thursday.

The global glut in oil is refusing to ease and acts as a major dampener on crude prices despite robust demand growth and steep declines in non-OPEC production, the International Energy Agency said on Wednesday.

A deal to freeze oil production by OPEC and non-OPEC producers will have a limited impact on global supply and markets are unlikely to rebalance before 2017, the International Energy Agency (IEA) said on Thursday.

US crude oil prices slid as much as 7 per cent on Monday, pressured by weak economic data from China, a US forecast for mild weather and growing doubts that OPEC and non-OPEC producers would come together to reduce the swelling global supply glut.

The world is awash with oil having built record stockpiles in recent months and slowing demand growth combined with resilient non-OPEC (Organization of the Petroleum Exporting Countries) supply could worsen the glut well into next year, the International Energy Agency (IEA) said on Friday.

The monthly report from the Organization of the Petroleum Exporting Countries, however, trimmed its estimate for 2016 global oil demand growth and predicted a less dramatic slowdown in non-OPEC supply than the International Energy Agency.

The International Energy Agency said in a monthly report that it was steeply raising its demand growth outlook for this year and 2016, and expected non-OPEC supply growth to decline next year, with US producers hardest hit.

The Organization of the Petroleum Exporting Countries' agreement last month to stand pat on output meant the onus for any supply cutbacks was now on non-OPEC producers, primarily led by US shale oil, analysts said.