OPEC’s surplus capacity has fallen since then and most recently averaged 4.6 million b/d in December 2021.
The price of crude oil has dropped dramatically from its above $100/b highs to sub-$50/b levels, with a near term projection to the $40/b support level – all within a year. The root cause of the rout has been a surge in non-OPEC supply to its highest level ever and a contraction in demand growth t
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