Related Articles
Forward article link
Share PDF with colleagues

Divided oil world

The global crude supply landscape has transformed over the past two years, bringing some blessings and many curses for producers

Opec's decision in November 2014 not to cut production—one it has maintained at every meeting since—sparked a global output free-for-all, sending oil prices down in the process. Almost two years on, ahead of another unofficial Opec meeting in Algeria, Brent wasn't even able to sustain a price at $50 a barrel, its inflation-adjusted level since the 1970s. Demand is hardly roaring ahead, but the real culprit remains too much supply. In August, global oil production was 96.9m barrels a day—just 300,000 b/d less than a year ago. That's hardly the kind of supply retreat anyone expected when prices started to crumble. The relentless nature of the supply glut continues to thwart forecasters. In Ja

Also in this section
Maintaining Indian momentum
23 January 2018
Energy demand is expected to pick up in the year ahead after faltering in 2017. EV sales will rise
New crisis and old
22 January 2018
Subdued oil prices and intractable wars cast a shadow over the year
Oil through the worse?
22 January 2018
Opec cut, shale grew, stocks fell, demand soared, prices rose and balance—the oil market's magic word—drew near