Oil investments likely to decline in 2016: IEA
Birol also stated that oil supplies could tighten from mid-2016 due to a decrease in investments and lower oil output in the US. According to Birol, oil production in the US is expected to decline by 400,000 barrels per day (bpd) in 2016. However, according to the IEA, oil prices will not show a strong pick up in the short term as the market remains oversupplied.
Previously, the IEA had reported that oil output from non- OPEC countries will post the sharpest decline seen since 1992 in 2016 as OPEC’s decision not to cut production in order to preserve their market share will push non-OPEC oil producers to reduce their production.
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