US production needs to fall by as much as 1 million barrels per day (bpd) for the US to balance markets, according to IHS. But such a move would require US crude to trade at or below USD 45 a barrel for two consecutive quarters, and Webster doesn't see that happening.
Brent crude fell on Monday below USD 70 dollar to hit its lowest level in four years. This is the worst losing streak for crude since the 2008 global financial crisis.