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According to latest report from OPEC, oil production outside OPEC is likely to slow down fast going ahead as Saudi Arabia led OPEC's strategy to overproduce the market to keep oil price low and force high cost producers' out of the market.
According to OPEC majority of the slowdown are likely to come from the shale producers, who are suffering big on their debt this year as oil price failing to show signs of recovery.
Lower price also might have boosted demand more than expected.
International Energy Agency has issued similar statement last week.
Latest EIA (Energy information administration) report suggested that that US oil production have started slowing down, due to lower oil price.
OPEC is predicting slowdown in US shale oil growth to 800,000 barrels/day in 2015 and just 200,000 barrels/day in 2016.
While slowdown in oil production growth in North America is likely to reduce imbalance in the market, it is unlikely to bring out big reversal in crude price as OPEC producers are producing well above their target of 30 million barrels/day ( in august production was 31.54 million barrels/day) and Russia pumping at record pace.
WTI is currently trading at $44.4/barrel and Brent at $3.1/barrel premium.
