IEA: OPEC Output Cuts Under Security As Market Tightens
On average, the IEA said in the report, it expected U.S. light tight production to grow by closer to 170,000 bpd in 2017, after falling by nearly 300,000 bpd in 2016.
The IEA said the oil market would continue to tighten, stabilising prices and depleting stocks, if OPEC and fellow oil producers were able to produce close to their promised limits.
(Additional reporting by Libby George and Alex Lawler in London and Dmitry Zhdannivov in Davos, Switzerland; editing by Susan Fenton and Jason Neely)
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