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Non-OPEC oil supply to sink on production cut: IEA

The oil-price slump could force the U.S. and other non-OPEC producers to carry out their deepest production cuts next year since the early 1990s, a top energy watchdog said Friday, which could potentially lead the oil-producer group to boost output even more.

Global oil prices have yet to fully recover, after concerns about oversupply and the Chinese economy sent the oil market last month to its lowest levels since the financial crisis.

In its closely watched monthly oil report, the International Energy Agency said the latest oil-price tumble is expected to cut supply outside the Organization of the Petroleum Exporting Countries by nearly half million barrels a day as producers in the U.S., the U.K. and Russia slash spending. By the end of 2016, those cuts are likely to result in the biggest production decline since the fall of the Soviet Union, the IEA said.