Non-OPEC supply could be zero in 2016 – OPEC

FXStreet (Mumbai) - Secretary General of OPEC Abdalla Salem el-Badri was on the wires today stating that the non-OPEC supply could drop to zero or even turn negative in 2016.

OPEC general also mentioned USD 650 billion drop in the upstream investment. Meanwhile, International Energy Agency head Birsol said the oil upstream investment drop seen in 2015 is the highest on record.

OPEC general added that this would amount to less supply in the near future and could lead to higher oil prices. So far, oil prices at both the sides of the Atlantic have stayed unresponsive to OPEC comments.