Cheap oil prices have been massively affecting global markets, from countries’ budgets to world food prices. Now the oversupplied oil market is in for a rebalancing as non-OPEC producers like the US and Russia cut back.
Oil production from non-OPEC countries is expected to plunge next year – perhaps the steepest decline since the Soviet Union collapsed – because of low prices, the International Energy Agency (IEA) said on Friday.
In its latest report, the IEA – a Paris-based institution advising the world’s largest economies on energy policy – said non-OPEC production is forecast to drop nearly half a million barrels to …read more
Source: Daily News Egypt
