OPEC revised estimates of production from rival suppliers, indicating a steeper drop in non-OPEC supply than previously anticipated. Production outside the Organization of Petroleum Exporting Countries will fall by 700,000 barrels a day in 2016, or 40,000 a day more than the group estimated last month. OPEC’s output increased by 130,700 barrels a day in January to 32.34 million a day. That’s about 600,000 a day more than the average required for this year. “Announced capex cuts by international oil companies, the fall in active drilling rigs in the U.S. and Canada, and a heavy annual decline in older […]