Global crude production drops for first time since 2013
The International Energy Agency (IEA) has released a report saying the world’s crude oil production has decreased for the first time since 2013.
The report said reductions by OPEC and non-OPEC countries led to cuts in global oil supply by nearly 800,000 barrels per day (bpd) in May. It said the current output stood at over 95 million bpd.
It added however that non-OPEC supply growth is expected to return in 2017 at 200,000 bpd.