The main deck of Tullow Oil's newly completed floating production, storage and offloading vessel.
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After a year of low oil prices, only 0.1 percent of global production has been curtailed because it's unprofitable, according to a report from consultants Wood Mackenzie Ltd. that highlights the industry's resilience.Last year, non-OPEC output rose 1.4 million barrels a day.The company, which tracks production and costs at more than 2,000 fields worldwide, estimates that another 3.4 million barrels a day of production are losing money at current prices, of about $35 a barrel.The price of Brent crude has fallen from more than $100 a barrel in mid-2014 to a 13-year low of $27.10 a barrel last month.As oil fields age, production typically goes down by 5 percent to 10 percent a year.
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