IEA Sees Oil Supply Outside OPEC Falling by Most Since 1992
- U.S. shale output to shrink by 400,000 barrels a day in 2016
- Saudi defense of market share is having `intended effect'
Does U.S. Economy View Cheap Oil as Doom or Boom?
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Oil supplies outside OPEC will decline next year by the most in more than two decades as the price rout curbs U.S. shale output, according to the International Energy Agency.
Production outside the Organization of Petroleum Exporting Countries will fall by 500,000 barrels a day to 57.7 million in 2016, the Paris-based adviser said Friday in its monthly report. While fuel demand this year will be the strongest since 2010, record-high oil inventories in developed nations won’t start to diminish until the second half of next year, and the revival of Iranian exports with the removal of sanctions may swell supplies further, it said.