2014-12-27

Fwd: Oil

'OPEC produced more than its 30 million-barrel daily target in each of the past six months, data compiled by Bloomberg show. Non-OPEC production will expand 2.3 percent next year to 57.84 million barrels a day after climbing 3.5 percent this year, the International Energy Agency forecast in a Dec. 12 report.

"Irresponsible production from outside OPEC is behind the fall in prices," Mazrouei said. "We call on all other producers to stop the increase." …

Crude tumbled into a bear market this year as oil extraction soared at shale formations in Texas and North Dakota

http://www.bloomberg.com/news/2014-12-21/non-opec-producers-called-on-to-cut-oil-output-amid-oversupply.html

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