OPEC crude production expected to decline

OPEC’s crude production will decline more than it previously expected in the near to medium term, according to a Wall Street Journal report.

In OPEC’s annual world oil outlook, the organization stated that its crude production would fall by 1.8 million barrels a day by the end of 2017 to 28.2 million barrels a day. WSJ said that, a year ago, OPEC had predicted a production decline of 1.1 million barrels a day for that period.

WSJ noted that OPEC, whose members will meet next on Nov. 27, may soon reduce its collective output ceiling.

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