In 2015, total worldwide production of crude oil was 96.83 million barrels per day. Total worldwide consumption was 95.12 million barrels per day. That means production was 1.71 million barrels per day higher than consumption.
But that gap is narrowing…
Production and demand in 2016 and in full-year projections for 2017 and 2018 are almost equal… at about 99 to 100 million barrels per day.
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