Output Beats Global Oil Consumption
From Times of India
Strange things are happening in the world of oil. Crude prices have dropped more than 25% in the past four months. Global oil consumption has dropped below global production for the first time since 2004-05. Oil production capacity lying idle has increased to 2.5 billion barrels per day – higher than the 2003-2008 average. And, players in the futures trade are sitting on a fence, betting that prices will fall further in the near term, but preparing for an upswing – just in case.