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Non-OPEC oil supply in 2016 set to drop by most in more than two decades

Oil

The International Energy Agency (IEA) in its latest monthly oil market report expects the slump in oil prices to cause non-OPEC oil supply in 2016 to decline by almost 0.5M b/d y-o-y to 57.7M b/d, the largest fall in 24 years. This is predicted to be driven by a contraction in US light tight oil production, which the organisation expects to decrease by 0.4M b/d next year. Global oil demand growth in contrast is projected to climb to a five-year high of 1.7M b/d in 2015, before moderating to 1.4M b/d in 2016.