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OPEC sees oil supply hole in 2016 as low prices curb rival output

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A flame shoots out of a chimney at a petro-industrial factory in Kawasaki near Tokyo December 18, 2014. REUTERS/Thomas Peter/Files

LONDON (Reuters) - OPEC said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut.

In a monthly report, the Organization of the Petroleum Exporting Countries said it pumped 31.38 million barrels per day (bpd) last month, down 256,000 bpd from September.

If realised, the forecast of a decline in supply outside OPEC would be a further indication the group's strategy is working. OPEC...


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