Great news!!-----Mapped: How the world became awash with oil

Mapped: How the world became awash with oil - Telegraph:
"With Opec blasted as "irrelevant" in the new Hobbesian oil market, the world's supply glut is reaching record levels. "
Global oil markets are heading into uncharted territory.
Opec, the cartel that oversees a third of the world's oil production, has dropped all semblance of control over the world's supply.
Torn by a new war between its de facto leader, Saudi Arabia, and erstwhile rival Iran, the group failed to agree on a formal production target for the first time in its recent history in December.
The "overriding impression is one of indecision and, to some extent, powerlessness" says Jon Rigby at UBS.
"The group is not in control of the market or indeed its own production levels, and hence is largely irrelevant"...