Global oil supply to shrink sharply because of latest price tumble, energy agency says

September 11, 2015 10:15 AM

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PARIS – The International Energy Agency forecasts a sharp drop in oil supply from the United States, Russia and other non-OPEC countries because of continued low oil prices.

In its monthly forecast Friday, the IEA says non-OPEC production is expected to drop nearly half a million barrels per day to 57.7 million barrels a day, calling it the biggest decline in over two decades.

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