Key points:
OPEC said Wednesday that it expects demand for its crude to fall to 28.9 million barrels per day next year, 400,000 barrels per day less than in 2014. The cartel’s official production target is 30 million barrels a day, which would mean far more oil on the world market than is being consumed.
Also on Wednesday, the Energy Department reported a surprise increase in U.S. crude supplies of 1.5 million barrels last week. Analysts were expecting a decline of 2.2 million barrels.
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OPEC as an organization recognizes their current problem is going to get worse without action. And US production is going to make that ever more worse, before we begin to slow down.
thackey;
You have the best graphs for oil production. Do you have one for Saudi production over the past decade or so?