Global oil production hits a new record, led by US and OPEC
The world's supply of oil hit a record last month, yet another sign of oil's dominance over the energy landscape.
The International Energy Agency said Thursday that the global oil supply reached 100 million barrels a day for the first time ever. OPEC and the United States are boosting output, according to IEA, which advises oil-consuming nations. U.S. production has returned to 2014 boom levels, but the energy agency says it will grow more slowly next year due to bottlenecks in getting oil to markets.
The Organization of the Petroleum Exporting Countries accounts for about one-third of all production. Rising output in Libya, Iraq, Nigeria and Saudi Arabia is offsetting declines in Iran, which faces new U.S. sanctions on exports, and in Venezuela.