As producers react to the recent surge in Brent crude above $70 a barrel, the agency expects non-OPEC supply to expand by 1.7 million this year.
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U.S. oil output is set for " explosive" growth this year as prices rally, the International Energy Agency said Friday.Even with the moderate price response to the OPEC-led cuts during most of 2017, rival suppliers still managed to bounce back with output growth of 700,000 barrels a day, the IEA said.Rival suppliers would be handed the entire 1.3 million barrel-a-day expansion in the global oil market this year, and U.S. crude output could overtake that of Saudi Arabia and even get close to Russia, IEA data show.The IEA expects Venezuela's troubles to worsen after its 2017 production fell to the lowest in nearly 30 years.
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