Eleven other major oil-producing countries that are not OPEC members, including Russia, have also vowed to trim output. Russia is the largest non-OPEC producer, making its production reduction efforts a significant part of oil’s recent resurgence.
Other major oil-producing nations that are not OPEC members but are pledging to curb production include Bahrain, Bolivia, Brunei, Equatorial Guinea, Malaysia, Sudan and South Sudan.
In addition to China, supply from the Asia-Pacific region is expected to fall over the next several years due to poor oil infrastructure investment.
“The supply problem is larger than just China. Across the entire Asia-Pacific, oil supply will fall in the coming years as upstream investment has suffered from the collapse of oil prices and new exploration tends to be focused on natural gas,” according to OilPrice.com.
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