An employee works at the Tawke oil fields in the semiautonomous Kurdish region in northern Iraq.
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To understand what the oil price crash will mean for global crude supplies next year, look no further than the two nations that added more barrels to world markets in 2015 than anyone else.Slowing output in the the two fastest-growing producers signals the global glut, which has depressed oil prices to near $40 a barrel, may begin to dissipate next year, according to Barclays Plc. "Accelerating decline rates and reduced investment will lead to falling U.S. output, while Iraq is unlikely to see much growth from further levels".The two nations are now pumping the equivalent of 4.88 billion barrels a year, an increase of 1.77 billion barrels, or almost 60 percent, compared with their output rates at the start of 2012 . U.S. shale production, which has driven a six-year boom in the nation's oil output, will decline by 600,000 barrels a day next year, according to the International Energy Agency.
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