OPEC's oil production spiked to a 3-year high in November
The 12-member oil cartel said on Thursday in its monthly oil market report that it pumped about 32 million barrels of oil per day in November, the highest in three years, surpassing the record it hit just a few months prior.
This is the latest confirmation that OPEC is resolute in its fight to maintain market share, and try and squeeze smaller competitors out of the market.
The cartel, which once regulated its supply to control global oil-price levels, now finds itself scrambling for customers.
At its policy meeting in Vienna last Friday, OPEC raised its output target to 31.5 million barrels per day, and did not reach an agreement on what the ceiling should be.
Iraq pumped the most oil in November, while Saudi Arabia, Nigeria, and Libya all scaled back output month-over-month, according to OPEC's secondary sources.
Global oil supply, too, was unrelenting, hitting nearly 96 million barrels per day.
In its report, OPEC forecast that global oil demand would fall next year, with demand for non-OPEC supply dropping at a steeper rate. It estimated that demand for OPEC oil would be 30.8 million barrels per day in 2016.
Earlier this week, both West Texas Intermediate and Brent crude oil fell to new six-year lows. On Thursday morning in New York, WTI fell 1% to as low as $36.55 per barrel.
Here's a chart showing the soaring output from OPEC and the world:
And here's what oil prices have done in roughly the same period: