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From an OPEC perspective, the outlook for the next year is not rosy.
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Fig. 5 Trend of World Oil Production by OPEC and Non-OPEC.
The production gap between OPEC and non-OPEC's total oil production is less than 5%.
"The market doesn't distinguish between an OPEC and a non-OPEC producer," he says.
Non-OPEC members boosted production and unity within OPEC frayed as conservation measures slowed consumption growth.
OPEC will meet this week.
OPEC production is likely to recover.
Opec's decision reverberated worldwide.
"Opec's complete disarray was a factor.
Should Europe form an Opec for news?
If only OPEC had stayed the course.
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