Crude oil prices dropped to a three-week low (Brent at $62.6) after OPEC indicated the market will remain well-supplied. The group now predicts global oil production will meet demand by 2026, reversing its earlier forecast of a shortage, and noted that supply already exceeded demand in the third quarter. Meanwhile, the US Energy Information Administration has raised its outlook for domestic production next year.
The International Energy Agency has recently eased its position on peak oil demand, now projecting that global consumption will continue to grow until 2050.
