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Opec sees oil price collapse hurting rival output in 2016
[LONDON] Opec forecast on Monday that oil supply from non-member countries will post a larger-than-expected decline this year due to the collapse in prices, boosting the need for crude from the producer group.
The Organization of the Petroleum Exporting Countries said in a report that supply outside Opec would decline by 660,000 barrels per day (bpd) in 2016, led by the United States. Last month, Opec predicted a drop of 380,000 bpd.
Opec's report also said its members pumped less oil in December, reducing the excess supply in the market.
Production includng new Opec member Indonesia fell by 210,000 bpd to 32.18 million bpd in December, the report said, citing secondary sources.