The Organization of the Petroleum Exporting Countries held a meeting Sunday and forecast hiked US oil production within the next five years concurrently with a reduced demand for oil produced by OPEC states.
"Declining demand for OPEC crude is a result of strong non-OPEC supply in the 2017–2023 period, most notably from U.S. tight oil," OPEC said in its long-term world oil outlook, according to Reuters.
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