IEA Predicts Tight Oil Market Without Cash Infusion

Demand for the group’s output will be at 33 million barrels a day in 2018, roughly in line with the amount it pumped before cutting production. Libya is a member of the Organization of Petroleum Exporting Countries that’s exempt from a group-wide production ceiling, though fighting has led to output cuts of around 37,000 barrels per day, or about 5 percent of total production based on January data.