| When OPEC blames everyone else for a glut that’s sent oil prices to the lowest in 5 1/2 years, it’s not without some merit. The CHART OF THE DAY shows crude production in the U.S. increased 75 percent over the past 5 years while output from the Organization of Petroleum Exporting Countries grew 5 percent.
Canada boosted supplies by 42 percent while Brazil pumped 24 percent more, according to data from New York-based Energy Intelligence Group. Brent crude collapsed by 48 percent in 2014, its biggest price slide since 2008, as OPEC resisted calls to cut output amid a global surplus that Qatar estimates at 2 million barrels a day...............................................Full Article: Source
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