OPEC Expects Less From Competition In 2016

OPEC expects non-OPEC oil production to fall by nearly a million barrels in 2016, according to the organization's monthly report released Wednesday.

"In 2016, non-OPEC oil supply is projected to decline by [700,000 barrels a day], mainly due to announced capex cuts by international oil companies, the fall in active drilling rigs in the US and Canada, and a heavy annual decline in older fields," the organization wrote.

U.S. oil companies have struggled against thin margins and the plummeting price of oil, which fell below $30 again Wednesday morning.

Shares of Halliburton Company HAL and Baker Hughes Incorporated BHI were up slightly before the market open.