IEA: Non-OPEC Supply Set to Rebound in 2H 2005, 2006

Crude oil supplies from producers outside the Organization of Petroleum Exporting Countries are set to rebound in the second half of this year and accelerate into 2006, the International Energy Agency said Wednesday.

Despite production slowdowns from the former Soviet republics so far this year, output is expected to recover in Russia and the U.S. Gulf, while new supply from Azerbaijan, China, Sudan, Angola and Trinidad will come on line in the rest of 2005, the IEA said in its monthly oil market report.

The recovery is expected to continue into 2006 when non-OPEC supply growth is forecast at 1.4 million barrels a day to 52.4 million b/d, up from 900,000 b/d growth this year.
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