OPEC expecting other producers to cut oil output

Non-OPEC countries’ oil output will be cut in 2016 by 70,000 barrels per day to 56.39 million barrels per day, according to an OPEC monthly oil market report.

The non-OPEC countries produced 57.09 million barrels per day in 2015.

The lowest oil output level (56.01 million barrels per day) by non-OPEC countries is expected for the Q3, 2016, while the highest level of 56.94 million barrels per day is expected for the Q1, 2016.

The OPEC and non-OPEC countries can hold a meeting in mid-April in Doha, Qatar, to discuss the possibility of freezing oil output, according to media reports.

Source: Treend