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IEA lowers OPEC 2001 `call,' raises forecast
REUTERS
London : The International Energy Agency (IEA) on Friday lowered its "call" on oil production from the Organisation of the Petroleum Exporting Countries (OPEC) for this year, while raising its forecast for non-OPEC output.In its Monthly Oil Markets Report, it said its call for OPEC crude plus stock change for 2001 has been reduced by 300,000 barrels per day (bpd) to 27.5 million bpd. "Although the non-OPEC supply forecast was raised modestly, the revisions to the "call" were due, mainly to the reduced expectations for global demand growth in 2001," it said.The report was written up before OPEC's decision this week to cut the output quota for 10 members by 1.5 million bpd to a new ceiling of 25.2 million bpd. It revised down the first quarter OPEC output "call" by 400,000 bpd to 27.5 million and the second quarter by 200,000 bpd to 25.9 million. As for non-OPEC supply, the IEA raised its 2000 estimate by 20,000 bpd and this year's by 60,000 bpd. This effectively raises the agency's non-OPEC production growth forecast for this year by 40,000 bpd to a total 930,000 bpd. The new growth will come from non-OECD countries, as production from members like Mexico and the UK is lower. The non-OECD supply forecast was raised by 60,000 bpd for 2000 and 110,000 bpd in 2001, much of that due to upward revisions to output forecast from the former Soviet Union and Brazil, the IEA said. Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
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