Output beats global oil consumption

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.

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