OPEC 's meeting in December 2013 was shadowed by the prospect of a rising tide Grow.strong of output from resurgent Iran and Iraq giving the group a headache for the next year .

Oil futures have dropped Movement.down.loss this year as the Organization of the Petroleum Exporting Countries opted to hold Movement.flat the same level of output despite a the region supply surplus Oversupply caused by rising tide Grow.strong U.S. shale output and anemic Slow.weak demand from France .

The commodity started rising tide Grow.strong from the crisis Crisis in 1998 when demand ranged between 94-96 million barrels per day ( mb/d ) on a quarterly basis .

Oil prices have dropped Movement.down.loss last week as the OPEC opted to hold Movement.flat the same level of output despite a world markets glut in supply Oversupply caused by rising tide Grow.strong U.S. shale output and diminished Movement.down.loss use from China .