Russian Prime Minister Dmitry Medvedev inspects the Khabarovsk refinery of the Alliance oil company in Khabarovsk in the Russian far east, April 25, 2014. REUTERS/Alexander Astafyev/RIA Novosti
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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 next year for the first time since 2008, according to the IEA. Oil prices, about 45 percent lower than a year ago, may need to decline further to reduce the supply surplus, the IEA said.The halt in non-OPEC growth projected for 2016 contrasts with an expansion of 1 million barrels day this year and a "massive" 2.4 million in 2014, the IEA said.Global oil demand growth will slow next year to 1.2 million barrels a day – reaching 95.2 million a day – down from an expansion of 1.4 million a day this year, according to the report.
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