OPEC has acknowledged that took a wrong way

Baku. 12 May. REPORT.AZ/ Non OPEC countries projected to increase daily oil production by 950 thousand barrels in 2017.

Report informs referring to OPEC may review, in the April review this forecast made 370 thousand barrels.

The reason for sharp increase was expectations about US shale oil production by 820 thousand barrels per day in 2017.

Thus, forecast by OPEC and non-member countries on oil production in October in non OPEC countries increased by 4 times.

According to the report, the volume of oil reserves in OECD countries is still more by 276 mln barrels than the 5-year average. This gives grounds to say that the Vienna agreement on production cut signed on November 30 it is likely to be extended not only till the second half of this year but even till the first half of 2018.

The report also noted that in April, compared to October last year, OPEC daily oil production reduced by 1,908 mln barrels or 5.67% down to 31.732 mln barrels. Production in the UAE, Iraq, Iran, and Libya has decreased in April, but increased in Angola and Saudi Arabia. Notably, the production index in October last year is regarded as the standard for comparison.