OPEC Trims 2016 Estimates for Rival Supplies as U.S. Oil Suffers
- Group still expects non-OPEC output to expand slightly in 2016
- OPEC sees signs U.S. production responding to investment drop
OPEC Cuts Oil Forecast From Nonmembers
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OPEC trimmed estimates for supplies from outside the group in 2016 as the slump in prices takes its toll on the U.S. shale-oil industry.
The Organization of Petroleum Exporting Countries cut 2016 estimates for non-OPEC output by 110,000 barrels a day, its Vienna-based secretariat said Monday in its monthly market report. Still, the group sees non-OPEC supply expanding slightly next year, while the International Energy Agency on Friday predicted a contraction of 500,000 barrels a day, the biggest since 1992. Saudi Arabia told OPEC it curbed output in August to a six-month low.