LONDON (Reuters) - OPEC on Thursday raised its forecast for oil supplies from non-member countries in 2017 as higher prices - partly as a result of OPEC supply cuts - encourage U.S. shale drillers to pump more, reducing demand for OPEC's oil this year.
In a monthly report, the Organization of the Petroleum Exporting Countries revised up its estimate of oil supply growth from producers outside the group this year to 950,000 barrels per day (bpd), up from a previous forecast of 580,000 bpd.