 "Opec sees more oil supply from rivals, implying larger 2017 surplus")
Organization of the Petroleum Exporting Countries (Opec) raised its forecast of oil supplies from non-member countries in 2017 as new fields come online and US shale drillers prove more resilient than expected to cheap crude, pointing to a larger surplus in the market next year.
Demand for crude from the Opec will average 32.48 million barrels per day (bpd) in 2017, Opec said in a monthly report on Monday. That is down from the previous forecast of 33.01 million bpd.
Opec itself kept output near a multi-year high in August, pumping 33.24 million bpd, according to figures Opec collects from secondary sources, down 23,000 bpd from July's figure, the report said.