EFTA Document EFTA01367327

31 May 2015 Integrated Oil US Integrated Oils The Non-OPEC growth outlook to 2017 Looking for rapid declines? Don't hold your breath The prevailing narrative on global Non-OPEC crude production is that: 1) it always disappoints (not entirely unfair), and 2) near-term production will disappoint as decline rates accelerate from capex cuts. While there is certainly risk to the current supply outlook and decline rates may eventually tick higher, the reality is that those looking for a rapi