Non-OPEC oil producers will increase output by 1.5 million barrels per day in 2018, with US shale expected to account for about half of that increase, according to the International Energy Agency. Meanwhile, global demand for crude will climb by 1.4 million barrels per day, which means that non-OPEC producers could seize all the new market share to the detriment of OPEC, which in turn may choose to retaliate by increasing production in 2018 to protect its market share.
Non-OPEC oil production to outpace demand in 2018, driven by shale
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