In 2014 the largest oil production gains were seen in the US, Canada and Brazil, all of which impacted directly on quoted company production. Meanwhile, OPEC output and non-OECD production were virtually unchanged from the previous year. However, output gains in the US and Canada in 2014 were nearly double the demand growth in the year, explaining the progressive fall in oil prices from June 2014 onwards. This predominance of output gains from North America differs from most other years where production gains have centred on OPEC countries or countries where national oil companies (NOCs) dominate. The US gains were overwhelmingly for shale oil, while in Canada it was tar sands.
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