More evidence that the world does not need Iranian oil

Bloomberg/Fuel Fix:
The world is pumping out more oil and other petroleum liquids than ever before.

Global supply rose to 100.3 million barrels a day in the third quarter, the International Energy Agency said Friday in its monthly oil market report. Output, which includes crude oil, natural gas liquids, biofuels and refinery processing gains, was 2.3 million barrels above the same period last year and 1.3 million barrels a day higher than the second quarter.
...
The price of oil has fallen by $5 in the recent week:
U.S. stockpiles of crude oil rose by another 6 million barrels last week, triggering another dip in oil prices.

Commercial crude inventories have increased for three straight weeks, and now U.S. oil prices have fallen by nearly $5 a barrel in just a few days. Crude prices have dipped from a four-year high of more than $76 per barrel down to more than $71.
...
The US set a new record of 11.2 million barrels a day and OPEC also opened its spigots too. This led to a significant increase in inventories in the US.

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