We're producing more crude oil
than we're consuming

This graph looks at the production and consumption of crude oil around the world from January 2013 to December 2016.

In Q1 2014 (January-March 2014), global crude oil production was 91.93 million barrels/day outstripping consumption at 91.91 million barrels/day. This oversupply continued for the next seven quarters and is largely behind the drop in crude oil prices.

(Hover over the points for more info.)