OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina
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U.S. crude production is set to decline this year as the Organization of Petroleum Exporting Countries struggles to put a dent in global oversupply, according to the head of the U.S. Energy Information Administration.Output in the U.S. will fall 800,000 barrels a day this year, Adam Sieminski, administrator for the EIA, said in an interview in Riyadh. U.S. crude production averaged 8.5 million barrels a day in mid October, compared with 9.2 million a day at the end of last year, according to EIA data.
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