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Commodities Corner: Global oil output in 2016 logged slowest growth in 7 years

Global crude-oil production in 2016 saw its slowest percentage growth in seven years, as output from producers outside of OPEC marked its biggest decline in nearly 25 years, according to an annual report on the energy market from BP released Tuesday.

Global oil production rose by 0.5%, the lowest percentage increase since 2009, or 400,000 barrels a day, BP’s Statistical Review of World Energy 2017 report showed.

The modest climb came on the back of a production decline from countries outside of the Organization of the Petroleum Exporting Countries, which fell by 800,000 barrels a day. That was its largest fall in almost a quarter-century, the report said.

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