If the organization of oil producing countries, OPEC, fails to agree on an output cap at the upcoming meeting on Nov. 30, the oil price will likely dive big-time in 2017 following increased production from non-OPEC oil countries.
This is the general conclusion in a new report published by the International Energy Agency (IEA), which maintains its expected oil demand level for 2017 at 97.51 million barrels per day.
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