PEAK OIL: OPEC Flips Forecast to Predict Rebound in Rival Supply Next Year.

Production from outside the Organization of Petroleum Exporting Countries will grow by 200,000 barrels a day next year, according to the group, which a month ago had projected a drop of 150,000 a day. The gain is driven by the startup of the Kashagan oil field in Kazakhstan. That means the organization’s total output of 33.24 million barrels a day in August was 757,000 a day higher than the average amount the world will need from OPEC in 2017.

“For 2017, non-OPEC supply growth has also been revised up,” the organization’s Vienna-based research department said in its monthly market report. “This is mostly due to new production from Kashagan next year.”

The report also says that national stockpiles are “poised to diminish in the coming months as a result of surprisingly strong demand in major consuming nations.”

What’s so surprising about using more oil when the price is so low?