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IEA: OPEC wins in the two years oil prices war

The Middle Eastern share in the world supplies became the highest since the late 1970s.

17.Jul.16 11:42 PM
By Alesya Davydova


IEA: OPEC wins in the two years oil prices war
The Middle East reached a record of its oil production while U.S. output tends to slump, said the International Energy Agency (IEA). The experts suppose that itís a sign of OPECís actions in defense of market share turned to be successful.

According to the IEA monthly report, Middle Eastern production in June exceeded 31 million barrels a day. At the same time U.S. oil industry survives its hard times Ė output slid 140,000 barrels a day to 12.45 million. The IEA analytics note that extremely high inventories still remain ďa threat to the recent stability of oil pricesĒ though OPECís strategy to re-balance global oil market is progressing.

The agency underlines that the Middle Eastís resurgence shows that traditional oil suppliers will still play an essential role for the market in spite of U.S. shale production growing fast. According to IEA data, the regionís share of world suppliers hit 35 per cent Ė the highest mark since the late 1970s.

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