Media: US shale output may increase if crude moves above $40
Meanwhile, global analysts comment that oil prices will remain under pressure owing to an oversupply of more than 1 billion barrels built up since 2014, regardless of changes in oil production by various major producers.
Previously, the International Energy Agency (IEA) reported in its medium term outlook that oil markets will rebalance in 2017 owing to a decline in US oil production. However, according to the agency, this decline will be short-lived as they expect US oil production to reach new record highs by 2021.
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