Oil pulling higher as IEA predicts largest non-OPEC output fall in a generation

After being very unsteady of late, crude oil prices got steady on Thursday. This was as the the International Energy Agency (IEA) made predictions that 2016 could bring forth the largest drop in non-OPEC production we have seen in about twenty five years. This it hopes would help introduce a much balance which have been lacking between supply and demand.

Though the possibility of this happening is not very solid as there could be increased production from Iran and even Russia.

The energy minister of Russia announced that the country could embark on increasing oil production to levels it has not reached before. Iran on the other hand is maintaining its target of earning an output of 4million barrels for a day in face of the failed Doha meeting.

Fatih Birol, chief of the International Energy Agency (IEA) disclosed that there have been a slash amounting to 40% in investment across the last 24 months in the US, Latin America, Canada and Russia.

US crude and Brent made gains of about 70%, pulling back from lows it had fallen to in the last two months