Oil prices, which have fallen sharply since last June, have stabilised in recent weeks—partly as weak prices help boost consumption.
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Brent crude oil was trading at around $54 a barrel on Monday, about 13 percent above lows seen in January but still almost 50 percent below where it traded last June above $110 per barrel. U.S crude prices fell to about $43.57 Monday, their lowest level since March 2009, before recovering to about $44.35.
At its last meeting in November, OPEC kept its output steady in the face of falling prices in a bid to slow oil production in the U.S. driven by a boom in shale oil.
In its report, OPEC said that U.S. oil production could take a hit later in the year in a sign that the dive in oil prices could take some time to impact the production of shale oil.
"As drilling subsides due to high costs and a potentially sustained low oil price, a drop in production can be expected to follow, possibly by late 2015," Opec said.
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