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OPEC sees oil supply surge from rivals, countering its cuts

Reuters  |  LONDON 

By Alex LawlerLONDON (Reuters) - OPEC on Wednesday raised its forecast for non-member oil supply this year to almost double the growth predicted four months ago as higher prices spur U.S. shale drilling, offsetting OPEC-led output cuts and a collapse in Venezuelan production.In a monthly report, the Organization of the Petroleum Exporting Countries said non-OPEC producers would boost supply by 1.66 million barrels per day in 2018. That was the fourth straight rise from 870,000 bpd forecast in November."For 2018, higher growth is expected on the back of the projected increase in U.S. shale ...

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First Published: Wed, March 14 2018. 20:05 IST