IEA raises 2015 non-OPEC oil supply forecast despite US shale slowdown

Oil

The International Energy Agency (IEA) in its latest monthly oil market report has raised its forecast for non-OPEC oil supply growth in 2015 by 200K b/d from last month's report to 830K b/d (or an average annual output of 57.8M b/d). The increase follows surprisingly strong output �in 1Q15 for a number of countries including Russia, China, Colombia, Vietnam and Malaysia�, with growth in the quarter up 2.2M b/d y-o-y. �However, growth is expected to slow as the year progresses.