OEF Rapid Review It
OPEC boosted its estimates for growth in oil supplies from rival Non-OPEC producers by 64% as the U.S. oil industry’s recovery accelerates, threatening attempts by the organization and its partners to clear a surplus. Production from outside OPEC will increase by 950,000 barrels a day this year, OPEC said, revising its forecast up by about 370,000 b/d. U.S. oil and gas companies have already stepped up activities as they start to increase their spending amid a recovery in oil prices, and higher oil production is also expected in Canada and Brazil.
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Oil Prices At Five-Month Low, OPEC And Partners Not Clearing Glut
