The oversupply in crude oil is currently being fuelled by Saudi Arabia, the group’s largest exporter, and Iraq, the world’s fastest growing source of ‘oversupply’ in 2015, among others.
OPEC supply rose in November to 31.77 million barrels per day (bpd) from 31.64 million in October, less than a million barrels from the organisation’s record high, a Reuters’ survey has shown.
The oil body has its 168th ordinary meeting set for December 5, where experts expect it to cut supply in order to push up the oil prices for the benefit of producing states.