How the U.S. and OPEC Drive Oil Prices

By JEREMY ASHKENAS, ALICIA PARLAPIANO and HANNAH FAIRFIELD

As of early 2015, the IEA Oil Market Report forecast average demand for the year of more than 93 million barrels of oil and liquid fuels per day worldwide – that works out to more than 34 billion barrels a year – with January 2015 production totalling just over 94 million barrels per day. www.iea.org