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Oil stabilizes as IEA expects biggest non-OPEC output fall in 25 years

Crude prices traded roughly flat on Thursday after the International Energy Agency (IEA) said 2016 would see the biggest fall in non-OPEC production in a generation, helping to rebalance a market dogged by oversupply.

IEA chief Fatih Birol said low oil prices had cut investment by about 40 percent in the past two years, with sharp falls in the United States, Canada, Latin America and Russia.

Also on Thursday, OPEC's secretary general said the oil market will begin rebalancing by the third quarter of this year and will turn positive by 2017 despite world's top producers failing to reach an agreement to freeze production during a weekend meeting in Doha.

"Doha or no Doha, we see that the market is turning," Abdullah El-Badri told an oil summit in Paris.

El-Badri also said he expects OPEC members to discuss an output freeze at a previously scheduled June meeting, Dow Jones reported.

Benchmark Brent crude...


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