Oil “Rebalancing” In Jeopardy After Iran Output Soars To Pre-Sanction Levels, Russia “Pours Cold Water” On OPEC Forecast

from Zero Hedge

Earlier today, the OPEC released its latest monthly forecast which echoed what the IEA said yesterday, as the organization which Roseneft CEO Sechin said has “practically stopped existing“, said shrinking U.S. output and massive cuts to investment in new projects will reduce the global oil glut over the course of this year, potentially pushing world-wide oil production lower than demand in 2017.

In the report, OPEC was eager to call the early demise of its non-OPEC competitors, and predicted that production outside of the (defunct) cartel countries will fall by 740,000 barrels a day from 2015 to 56.4 million barrels a day this year—10,000 barrels a day less than OPEC previously predicted. Most of the decline will stem from cuts that U.S. oil producers are making to cut production that is become unprofitable with the oil-price rout.

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