wth means growth in the OECD plus the six largest non-OECD members. LILI anticipates the CLI by four months,

Iraq: 0.8 mn b/d; other OPEC crude: 1.7 mn b/d; 0.4 mn b/d OPEC NGLs. Non-OPEC production will not reach 2015 levels before 2020 at the earliest... Non-OPEC producers have massively reduced capex spending, down US$290bn or 42% from 2014 to 2016, in response to the low price environment. Should capex start

oun- tries (including the United States) and five non-OECD member countries (Argentina, Brazil, Bulgaria, the

the developed world has been falling, followed by non-OECD countries (see first chart). This is not meant to