IEA cuts non-OPEC oil supply growth forecast

Non-OPEC nations are failing to deliver as much oil as expected this year despite record high crude prices, the International Energy Agency said on Thursday. Non-OPEC countries are set to pump only 675,000 barrels per day (bpd) of fresh oil this year, sharply down on the additional 1.1 million bpd in 2004, the energy watchdog said. The picture is expected to brighten in 2006, with non-OPEC supplies set to rebound to 1.25 million bpd. But that projection is also revised down from last month’s report by 150,000 bpd. With non-OPEC offering only slim new volume, OPEC may need to turn up the taps.

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