IEA: Global oil production could soar next year
The oil producing nations which are not part of OPEC will likely turn up the taps next year. The oil price could therefore plunge significantly, if OPEC is unable to reach agreement at the meeting in late November, notes the International Energy Agency in a report.
BY DANIEL LOGAN BERG-MUNCH, SHIPPINGWATCH
If the organization of oil producing countries, OPEC, fails to agree on an output cap at the upcoming meeting on Nov. 30, the oil price will likely dive big-time in 2017 following increased production from non-OPEC oil countries.
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