What's behind the current oil glut

Oil glut from OPEC

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Vienna (dpa). The Organization of Petroleum Exporting Countries (OPEC) produced 24.90 million barrels a day in 1994 instead of the planned 24.52 million barrels of crude oil (159 liters) a day, the OPEC Secretariat announced in Vienna on Wednesday. With the exception of Gabon, Nigeria and Qatar, all the other nine cartel members had produced more crude oil than specified. Despite this, OPEC only had a share of 58.3 percent of total oil exports in 1994 compared with 60.4 percent in the previous year. The OPEC oil ministers want to discuss new production quotas on November 21.

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