OPEC cuts 2016 forecasts for non-OPEC oil supply
OPEC cited lower production in the US stemming from reduced investment and activity as the main reason behind their decision to cut their non-OPEC growth forecast. OPEC lowered its projections for supply from the US by 103,000 bpd to 13.97 million for 2016.
The organization also reported that need for OPEC oil will increase in 2016 as a result of lower production in non-OPEC countries. OPEC expects to increase their oil production by around 200,000 barrels a day to 30.3 million bpd next year which is still less than the cartel’s August oil production of 31.54 million bpd.
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