EFTA Document EFTA01367322

31 May 2015 Integrated Oil US Integrated Oils Executive Summary Expecting a Non-OPEC collapse? Don't hold your breath Given the scats of cuts to global capex (20% across our global coverage universe), many in the market have speculated about the imminent decline of global Non-OPEC production. Although we see significant risk post-2017, our analysis suggests greater than expected resilience in global Non-OPEC production over the next couple of years, as a slug of major capital projects,