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IEA: Global oil production could soar next year

The oil producing nations which are not part of OPEC will likely turn up the taps next year. The oil price could therefore plunge significantly, if OPEC is unable to reach agreement at the meeting in late November, notes the International Energy Agency in a report.

Photo: /ritzau/Nabil al-Jurani/Arkiv
BY DANIEL LOGAN BERG-MUNCH, SHIPPINGWATCH

If the organization of oil producing countries, OPEC, fails to agree on an output cap at the upcoming meeting on Nov. 30, the oil price will likely dive big-time in 2017 following increased production from non-OPEC oil countries.

This is the general conclusion in a new report published by the International Energy Agency (IEA), which maintains its expected oil demand level for 2017 at 97.51 million barrels per day.

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