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As global oil prices continue to languish at half mid-2014 levels, OPEC has warned that US oil production could begin to slip by as early as end-2015. But with the International Energy Agency (IEA) adopting a more bullish outlook on US output just days earlier, it is becoming increasingly clear that this latest oil price debate – stoked by OPEC’s November 2014 decision to hold production steady despite rapidly falling oil prices – is set to rumble on for some time yet.
“Output for the non-OPEC marginal barrel this year, particularly for US tight oil and Canadian oil sands output, will become more evident in the coming months, following ongoing declines in rig counts, as well as cuts in capital expenditures by international oil companies [IOCs],” OPEC says in its latest Monthly Oil Market Report (MOMR), published on 16 March.
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