4582 Votes In the last few days (written 14 October 2014) the headlines have focused on the increase in oil production from OPEC producers, now at its highest level since the summer of 2013 – In its monthly oil market report, OPEC said its oil production rose by 402,000 barrels a day in September 2014 to total 30.47 million barrels a day. Higher levels of supply from Iraq and Libya were the main drivers of the production increases. Oil production is also rising due in part to the shale oil boom in North America. Whereas demand has weakened as growth falls in the global economy, this saw a 20% fall in the spot price for Brent crude over 3½ months. From the oil industry’s point of view this all sounds very positive, growing production, a product where supply exceeds current demand. But we need to step back and look at the longer-term picture. Richard […]