Oil falls over doubts of OPEC output cut

The Organization of the Petroleum Exporting Countries (OPEC) is expected to maintain its current production ceiling of 30 million barrels per day (bpd). The 12-nation cartel’s oil ministers meet following a 30% price plunge since June and an oil glut that threatens to push crude prices even lower

Jan-Sep 2014: OPEC output averages 30.48 million bpd
 
Brent crude oil price ($ per barrel)

Global oil demand (million barrels per day, *2014 estimate)

$
140
120
100
80
60
40
20
--
85.83
86.28
88.28
88.98
90.54
91.75
92.44*

2010
2009
2008
2011
2012
2013
2014

Jul 3, 2008: Brent crude reaches all time high of $145.75 amid fears of Israeli military strike on Iran

Dec 2010: Arab Spring begins in Tunisia and Egypt. Protests spread across Middle East and North Africa

Jan 2013: China overtakes U.S. as world’s largest importer, with 6.3 million bpd. U.S. imports fall to under 6 million bpd

Jan-Sep 2014: Non-OPEC supplies increase by record 2 million bpd to 57.1 million bpd and U.S. production climbs to 8.9 million bpd

2012: Supply outstrips demand for first time since 2006, driven by 10% increase from OPEC

Dec 29, 2008: Brent falls to $36.69 during global financial crisis

Apr 2010: Gulf of Mexico BP rig disaster

Jun 19, 2014: $115.06

Mar 1, 2012: Stand-off between U.S. and Iran pushes Brent to $128.40

Nov 17: Brent falls to $78.27 as Japan enters recession

Sources: International Energy Agency, OPEC Monthly Oil Market report, Energy Intelligence Group, Energy Information Administration