An uncertain price trajectory for 2016 and a sharp decline in rig activity in North America means oil production is under pressure, OPEC said. The Organization of Petroleum Exporting Countries said output from the Americas is expected to decline by 470,000 barrels per day to average 20.5 million bpd this year. That estimate was revised lower by 20,000 bpd from the January market report. “The oil production outlook for this region in 2016 remains uncertain since the cost of production is seen to be higher than current oil prices in most areas of the United States and Canada as well as Mexico, although the upstream industry witnessing a remarkable reduction in drilling and completion costs during 2015,” the report […]