Oil prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency. There will be no overall production growth outside the Organization of Petroleum Exporting Countries for the first time since 2008, according to the IEA. Growth in U.S. shale oil supplies will stagnate to mid-2016 while output declines in Russia, the Paris-based adviser said in its first detailed assessment of the year ahead. Global oil demand growth will slow in 2016, the agency predicted. Oil-producing nations around the world are reeling after OPEC initiated a strategy in November to defend its share of global markets by pressuring rivals to curb output. Oil prices, 45 percent lower than a year ago, may need to decline further to reduce the supply surplus, the IEA said. “The bottom of the market may […]