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BP sees flat global oil supply in 2016

(In Oil & Companies News 13/04/2016)

Global oil markets will likely see flat supply this year with increases in Iranian output offset by drops in production in other parts of the world, BP (BP.L) Chief Economist Spencer Dale said on Tuesday.

He said predictions Iran would ramp up supply by 500,000 barrels per day within six months of the lifting of international sanctions in January were proving correct but further growth might prove more challenging.

“Longer term I’m not sure Iran will be a game changer,” he said.

Source: Reuters (Reporting by Dmitry Zhdannikov and Sarah McFarlane; editing by David Clarke)

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