Editing OPEC (section)

===2014–2017: Oil glut===
{{See also|2010s oil glut}}
[[File:Countries by Oil Production in 2013.svg|thumb|alt=refer to caption|Countries by oil production (2013)]]
{{image frame
|content={{Graph:Chart
|type=line
|legend=Legend
|width=300
|height=128
|xAxisTitle=Year
|xAxisFormat=%Y
|xType=date
|x=1973,1975,1980,1985,1990,1995,1996,1997,1998,1999,2000,2001,2002,2003,2004,2005,2006,2007,2008,2009,2010,2011,2012,2013,2014,2015,2016
|xAxisAngle=-45
|yType=integer
|yAxisMin=0
|yAxisTitle=Thousand Barrels per Day
|y1Title=Russia
|y1=,,,,,5995,5850,5920,5854,6079,6479,6917,7408,8132,8805,9043,9247,9437,9357,9495,9694,9774,9922,10054,10107,10253,10551
|y2Title=Saudi Arabia
|y2=7596,7075,9900,3388,6410,8231,8218,8362,8389,7833,8404,8031,7634,8775,9101,9550,9152,8722,9261,8250,8900,9458,9832,9693,9735,10168,10461
|y3Title=United States
|y3=9208,8375,8597,8971,7355,6560,6465,6452,6252,5881,5822,5801,5744,5649,5441,5184,5086,5077,5000,5353,5475,5646,6487,7468,8764,9415,8875
|y4Title=Iran
|y4=5861,5350,1662,2250,3088,3643,3686,3664,3634,3557,3696,3724,3444,3743,4001,4139,4028,3912,4050,4037,4080,4054,3387,3113,3239,3300,4068
|y5Title=China
|y5=1090,1490,2114,2505,2774,2990,3131,3200,3198,3195,3249,3300,3390,3409,3485,3609,3673,3736,3790,3796,4078,4052,4074,4164,4208,4278,3981
<!-- |y6Title=Algeria
|y6=1097,983,1106,1036,1180,1162,1227,1259,1226,1177,1214,1265,1349,1516,1582,1692,1699,1708,1705,1585,1540,1540,1532,1462,1420,1429,1348
|y7Title=Angola
|y7=162,165,150,231,475,646,709,714,735,745,746,742,896,903,1052,1239,1398,1724,1951,1877,1909,1756,1787,1803,1742,1802,1770
|y8Title=Ecuador
|y8=209,161,204,281,285,392,396,388,375,373,395,412,393,411,528,532,536,511,505,486,486,500,504,526,556,543,548
|y9Title=Gabon
|y9=150,223,175,172,270,365,368,370,352,331,315,270,251,241,239,266,237,244,248,242,246,241,230,220,220,213,211
|y10Title=Iraq
|y10=2018,2262,2514,1433,2040,560,579,1155,2150,2508,2571,2390,2023,1308,2011,1878,1996,2086,2375,2391,2399,2626,2983,3054,3368,4054,4452
|y11Title=Kuwait
|y11=3020,2084,1656,1023,1175,2057,2062,2007,2085,1898,2079,1998,1894,2136,2376,2529,2535,2464,2586,2350,2300,2530,2635,2650,2642,2804,2924
|y12Title=Libya
|y12=2175,1480,1787,1059,1375,1390,1401,1446,1390,1319,1410,1367,1319,1421,1515,1633,1681,1702,1736,1650,1650,465,1367,918,471,404,385
|y13Title=Nigeria
|y13=2054,1783,2055,1495,1810,1993,2001,2132,2153,2130,2165,2256,2118,2275,2329,2627,2440,2350,2165,2208,2408,2474,2457,2307,2347,2171,1878
|y14Title=Qatar
|y14=570,438,472,301,406,442,510,550,696,665,742,730,709,807,901,978,996,1083,1198,1279,1459,1571,1551,1553,1540,1532,1523
|y15Title=United Arab Emirates
|y15=1533,1664,1709,1193,2117,2233,2278,2316,2345,2169,2368,2205,2082,2348,2478,2535,2636,2603,2681,2413,2415,2679,2804,2820,2894,3019,3106
|y16Title=Venezuela
|y16=3366,2346,2168,1677,2137,2750,2938,3280,3167,2826,3155,3010,2604,2335,2557,2565,2511,2490,2510,2520,2410,2500,2500,2500,2500,2500,2277
|y17Title=Canada
|y17=1798,1430,1435,1471,1553,1805,1837,1922,1981,1907,1977,2029,2171,2306,2398,2369,2525,2628,2579,2579,2741,2901,3138,3325,3613,3677,3679
|y18Title=Egypt
|y18=165,235,595,887,873,920,922,856,834,852,768,720,715,713,673,623,535,530,566,587,568,551,539,524,517,511,494
|y19Title=Mexico
|y19=465,705,1936,2745,2553,2711,2944,3104,3160,2998,3104,3218,3263,3459,3476,3423,3345,3143,2839,2646,2621,2600,2593,2562,2469,2302,2187
|y20Title=Norway
|y20=32,189,486,773,1630,2766,3091,3142,3011,3019,3222,3226,3131,3042,2954,2698,2491,2270,2182,2067,1871,1760,1612,1533,1562,1610,1648
|y21Title=Former U.S.S.R.
|y21=8324,9523,11706,11585,10975,,,,,,,,,,,,,,,,,,,,,,
|y22Title=United Kingdom
|y22=2,12,1622,2530,1820,2489,2568,2518,2616,2684,2275,2282,2292,2093,1845,1649,1490,1498,1391,1328,1233,1026,888,801,787,893,933 -->
}}
|align=left
|width=
|caption=Top oil-producing countries,<ref>{{cite web |date=25 May 2017 |title=Monthly Energy Review |at=Figure 11.1a |url=https://www.eia.gov/totalenergy/data/monthly/archive/00351705.pdf |publisher=US Energy Information Administration |access-date=28 May 2017 |archive-url=https://web.archive.org/web/20170817203235/https://www.eia.gov/totalenergy/data/monthly/archive/00351705.pdf |archive-date=17 August 2017 |url-status=live }}</ref> thousand barrels per day, 1973–2016
}}{{clear}}
[[File:Dammam No. 7 on March 4, 1938.jpg|thumb|alt=refer to caption|Gusher well in Saudi Arabia: conventional source of OPEC production]]
[[File:Frac job in process.JPG|thumb|alt=refer to caption|Shale "fracking" in the US: important new challenge to OPEC market share]]
During 2014–2015, OPEC members consistently exceeded their production ceiling, and China experienced a slowdown in economic growth. At the same time, US oil production nearly doubled from 2008 levels and approached the world-leading "[[swing producer]]" volumes of Saudi Arabia and Russia, due to the substantial long-term improvement and spread of [[tight oil|shale]] "[[fracking]]" technology in response to the years of record oil prices. These developments led in turn to a plunge in US oil import requirements (moving closer to [[U.S. energy independence|energy independence]]), a record volume of worldwide oil inventories, and a collapse in oil prices that continued into early 2016.<ref name=basketprice/><ref>{{cite news |title=US Oil Prices Fall Below $80 a Barrel |first=Clifford |last=Krassnov |date=3 November 2014 |access-date=13 December 2014 |url=https://www.nytimes.com/2014/11/04/business/energy-environment/us-oil-prices-fall-below-80-a-barrel.html |newspaper=[[The New York Times]]|archive-url=https://web.archive.org/web/20141216205651/http://www.nytimes.com/2014/11/04/business/energy-environment/us-oil-prices-fall-below-80-a-barrel.html |archive-date=16 December 2014 |url-status=live }}</ref><ref name=glut/>

In spite of global oversupply, on 27 November 2014 in Vienna, Saudi oil minister [[Ali Al-Naimi]] blocked appeals from poorer OPEC members for production cuts to support prices. Naimi argued that the oil market should be left to rebalance itself competitively at lower price levels, strategically rebuilding OPEC's long-term market share by ending the profitability of high-cost US shale oil production.<ref name=PriceWar>{{cite news |title=Inside OPEC room, Naimi declares price war on US shale oil |work=Reuters |date=28 November 2014 |access-date=13 January 2016 |url=http://uk.reuters.com/article/uk-opec-meeting-idUKKCN0JB0M420141128 |archive-url=https://web.archive.org/web/20160211162226/http://uk.reuters.com/article/uk-opec-meeting-idUKKCN0JB0M420141128 |archive-date=11 February 2016 |url-status=dead }}</ref> As he explained in an interview:<ref name=MEES>{{cite journal |url=http://oilpro.com/post/9223/mees-interview-saudi-oil-minister-ali-naimi |title=Interview With Saudi Oil Minister Ali Naimi |journal=[[Middle East Economic Survey]] |volume=57 |issue=51/52 |date=22 December 2014 |archive-url=https://web.archive.org/web/20151221021005/http://oilpro.com/post/9223/mees-interview-saudi-oil-minister-ali-naimi |archive-date=21 December 2015 }}</ref>

<blockquote>Is it reasonable for a highly efficient producer to reduce output, while the producer of poor efficiency continues to produce? That is crooked logic. If I reduce, what happens to my market share? The price will go up and the Russians, the Brazilians, US shale oil producers will take my share... We want to tell the world that high-efficiency producing countries are the ones that deserve market share. That is the operative principle in all capitalist countries... One thing is for sure: Current prices [roughly US$60/bbl] do not support all producers.</blockquote>

A year later, when OPEC met in Vienna on 4 December 2015, the organization had exceeded its production ceiling for 18 consecutive months, US oil production had declined only slightly from its peak, world markets appeared to be oversupplied by at least 2&nbsp;million barrels per day despite [[Libyan Civil War (2014–present)|war-torn Libya]] pumping 1&nbsp;million barrels below capacity, oil producers were making major adjustments to withstand prices as low as $40, Indonesia was rejoining the export organization, Iraqi production had surged after years of disorder, Iranian output was poised to rebound with the lifting of [[Sanctions against Iran|international sanctions]], hundreds of world leaders at the [[Paris Climate Agreement]] were committing to limit carbon emissions from fossil fuels, and [[Solar power#Economics|solar technologies]] were becoming steadily more competitive and prevalent. In light of all these market pressures, OPEC decided to set aside its ineffective production ceiling until the next ministerial conference in June 2016.<ref name=FT2015>{{cite news |url=http://www.ft.com/intl/cms/s/0/1f84e444-9ceb-11e5-8ce1-f6219b685d74.html |archive-url=https://ghostarchive.org/archive/20221210/http://www.ft.com/intl/cms/s/0/1f84e444-9ceb-11e5-8ce1-f6219b685d74.html |archive-date=10 December 2022 |url-access=subscription |url-status=live |title=OPEC discord fuels further oil price drop |newspaper=Financial Times |date=7 December 2015}}</ref><ref name=glut>{{cite news |url=https://www.bloomberg.com/news/articles/2015-12-04/opec-maintains-crude-production-as-group-defers-output-target-ihryzilb |title=OPEC Won't Cut Production to Stop Oil's Slump |first1=Grant |last1=Smith |first2=Angelina |last2=Rascouet |first3=Wael |last3=Mahdi |publisher=Bloomberg News |date=4 December 2015 |access-date=10 March 2017 |archive-url=https://web.archive.org/web/20170328111428/https://www.bloomberg.com/news/articles/2015-12-04/opec-maintains-crude-production-as-group-defers-output-target-ihryzilb |archive-date=28 March 2017 |url-status=live }}</ref><ref>{{cite news |url=https://www.bloomberg.com/news/articles/2016-01-02/iran-says-post-sanctions-crude-output-boost-won-t-hurt-prices |title=Iran Says Post-Sanctions Crude Output Boost Won't Hurt Prices |first1=Hashem |last1=Kalantari |first2=Mohammed |last2=Sergie |publisher=Bloomberg News |date=2 January 2016 |access-date=18 April 2016 |archive-url=https://web.archive.org/web/20160115230602/http://www.bloomberg.com/news/articles/2016-01-02/iran-says-post-sanctions-crude-output-boost-won-t-hurt-prices |archive-date=15 January 2016 |url-status=live }}</ref> By 20 January 2016, the OPEC Reference Basket was down to US$22.48/bbl – less than one-fourth of its high from June 2014 ($110.48), less than one-sixth of its record from July 2008 ($140.73), and back below the April 2003 starting point ($23.27) of its historic run-up.<ref name=basketprice>{{cite web |url=http://www.opec.org/basket/basketDayArchives.xml |title=OPEC Basket Daily Archives |work=OPEC |access-date=21 January 2016 |archive-url=https://web.archive.org/web/20160121231540/http://www.opec.org/basket/basketDayArchives.xml |archive-date=21 January 2016 |url-status=live }}</ref>

As 2016 continued, the oil glut was partially trimmed with significant production offline in the United States, Canada, Libya, Nigeria and China, and the basket price gradually rose back into the $40s. OPEC regained a modest percentage of market share, saw the cancellation of many competing drilling projects, maintained the status quo at its June conference, and endorsed "prices at levels that are suitable for both producers and consumers", although many producers were still experiencing serious economic difficulties.<ref name=June2016>{{cite press release |url=http://www.opec.org/opec_web/en/press_room/3487.htm |title=OPEC 169th Meeting concludes |work=OPEC |date=2 June 2016 |access-date=2 June 2016 |archive-url=https://web.archive.org/web/20160605025220/http://www.opec.org/opec_web/en/press_room/3487.htm |archive-date=5 June 2016 |url-status=live }}</ref><ref>{{cite news |url=https://www.telegraph.co.uk/business/2016/06/04/opec-is-very-much-alive-as-saudis-learn-to-tread-softly/ |title=OPEC is very much alive as Saudis learn to tread softly |first=Liam |last=Halligan |newspaper=The Telegraph |date=4 June 2016 |access-date=4 April 2018 |archive-url=https://web.archive.org/web/20170208231802/http://www.telegraph.co.uk/business/2016/06/04/opec-is-very-much-alive-as-saudis-learn-to-tread-softly/ |archive-date=8 February 2017 |url-status=live }}</ref><ref>{{cite web |url=http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-reportsother |title=North America Rig Count |publisher=Baker Hughes |access-date=21 February 2017 |archive-url=https://web.archive.org/web/20170302194417/http://phx.corporate-ir.net/phoenix.zhtml?c=79687&p=irol-reportsother |archive-date=2 March 2017 |url-status=live }}</ref>