OPEC warns oversupply persists amid record inventories OPEC believes crude supply outside the producer group is set to fall more than expected, with weaker Chinese, Colombian, UK and US oil output eclipsing better outlooks for Canada, Norway, Oman and Russia. The outlook for non-OPEC supply has been hit largely by lower expectations for crude oil production from China’s onshore mature fields. OPEC also cited the postponement of major new projects due to reduced cash flow as the impact of lower prices takes its toll. Article Continues below… Oilgram News brings you fast-breaking global petroleum and gas news on and including: Industry players, upstream and downstream markets, refineries, midstream transportation and financial reports Supply and demand trends, government actions, exploration and technology Daily futures summary Weekly API statistics, and much more The […]