14.04.2016 - OPEC Sees Bigger Drop in Non-Cartel Output
The Wall Street Journal’s Benoit Faucon reported that the Organization of the Petroleum Exporting Countries, a group of some of the world’s biggest producers, forecast on Wednesday that a long-expected contraction in non-OPEC oil supply was shaping up to be steeper than expected. In March, it forecast non-OPEC output would fall by 700,000 barrels a day this year. It is now estimating that drop will be 730,000 barrels a day. The downgrade was due to lower expectations for oil production from China’s onshore mature fields and further declines in the U.S. and the U.K., where projects have been deferred because of lower oil prices...............................................Full Article: Source
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