Cars stop at a PTT Public Company Limited's gas station in Bangkok, Thailand, January 28, 2016. REUTERS/Athit Perawongmetha
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Oil prices might have bottomed as production declines in the United States and other non-OPEC producers accelerate and an increase in Iranian supply has been less than dramatic, the International Energy Agency said Friday.The IEA said low oil prices were beginning to take a toll on high-cost production and it believed non-OPEC output would fall by 750,000 barrels per day in 2016, compared to its previous estimate of 600,000 bpd.United States production alone would decline by 530,000 bpd this year, it said.The IEA said it nevertheless saw global oil and product stocks rising heavily in the first half of 2016 in the area of 1.5-1.9 million bpd but slowing to just 0.2 million bpd in the second half, versus estimates of a build of 0.3 million bpd in its previous report.The IEA kept its estimate for 2016 growth in global oil demand unchanged at 1.17 million bpd, or 1.2 percent of the total 95.8 million bpd.
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