First time since 2002, the global world production output has fallen by 0.2 percent in 2007.
Consumption, however rose by 1.1 percent, which pressured the oil price even more to be on the bullish side. Oil production fell by 130,000 barrels per day (bpd) last year to 81.53 million bpd amid China's and India's growing demand. Oil price has topped almost $140 per barrel due to various reasons and global oil production shortage is one of key factors.
The world's only hope of increasing production stays with OPEC as non-OPEC production has seen an inevitable decline.
Consumption, however rose by 1.1 percent, which pressured the oil price even more to be on the bullish side. Oil production fell by 130,000 barrels per day (bpd) last year to 81.53 million bpd amid China's and India's growing demand. Oil price has topped almost $140 per barrel due to various reasons and global oil production shortage is one of key factors.
The world's only hope of increasing production stays with OPEC as non-OPEC production has seen an inevitable decline.
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