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In one of the most highly anticipated editions of its Medium Term Oil Market Report (MTOMR) in recent years, OECD energy watchdog the International Energy Agency (IEA) slashed its forecast for non-OPEC supply growth over the coming five years. Russia and the US see the two biggest cuts as the prospect of lower oil prices over an extended period hits capital spending plans in both new and existing projects.
This assessment comes against a backdrop of growing uncertainty in world oil markets, which has seen oil prices slump to their lowest levels for close to six years.
The IEA says the distribution of roles between OPEC and non-OPEC producers that has governed the oil market for the last 30 years has now been suspended.
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