OPEC downgrades output forecast for non-cartel members in 2008

OPEC has downgraded its output forecast for countries that are not cartel members in 2008. Output in non-OPEC countries in 2008 will be lower than initially expected due to a projected slowdown in crude supplies as a result of rolling back the deadline for commissioning the project in Brazil and a reducing the number of operational brownfields in the North Sea and Mexico. OPEC said in a press release that crude supplies from non-OPEC countries will average 50.6 mn bpd. Last month the cartel projected this metric at 50.7 mn bpd.