: :inin Kyiv (EET)

Oil supply forecast to shrink next year


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

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