Non-OPEC supply will shrink by 380,000 barrels a day next year to average 57.14 million a day, with the U.S. accounting for about half of that contraction, it predicted.
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USA } military resources, disrupt planned Chinese investments and deepen a conflict between nuclear-armed India and Pakistan. He said at least 18 members of the security forces and civilians had been killed and 11 wounded, including two women.
OPEC production rose to 31.73 million barrels a day in November, according to the IEA, more than 400,000 barrels a day above the IEA’s estimate of 31.3 million barrels for the 2016 “call” on OPEC production.
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The agreement also recognizes developing countries’ right to special safeguard mechanism aimed at protecting their farmers. hard } to narrow differences on issues including agriculture and the future of the Doha round.
OPEC’s report follows an acrimonious OPEC meeting on December 4, where it rolled over a policy of pumping crude to safeguard market share, despite oil prices that have more than halved to $40 a barrel in 18 months due to excess supply.
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Oil prices fell for a fourth day in a row on Wednesday after the market ignored an unexpected drawdown in US crude stockpiles to focus on a build in distillates, including diesel, that came in twice as large than expected.
On the New York Mercantile Exchange, WTI crude for January delivery fell 0.72% to $36.50 a barrel.
The IEA projected that the rate of growth in global demand for crude would slow to 1.2m barrels per day in 2016 from the 1.8 mb/d rise seen this year.
The Organization of the Petroleum Exporting Countries last week failed to reach an agreement on production quotas, leading to fears that increased production from Iran and elsewhere would increase the glut further.
But strength in the US dollar, resilient USA production and a continuing global supply glut are also among the key reasons why oil prices continue to fall, he said.
Sustained falls in output could help to stabilise the price of oil, although some market forecasters suggest the price could continue to fall to as low as $20 a barrel.
“The level of output out of OPEC is spectacular”, Kilduff said.
However, there were signs of increasing demand from China, the world’s second-biggest oil user. Opec supplies were 200,000 barrels a day higher in November over October, and non-Opec output 280,000 barrels higher.
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“Consumption is likely to have peaked in the third quarter and demand growth is expected to slow to a still-healthy 1.2 million bpd in 2016, as support from sharply falling oil prices begins to fade”, the IEA said in its monthly report.
