Unplanned Outages at OPEC on the Rise
All the turmoil in the world is beginning to have an impact on OPEC to maintain production levels.
The graph shows unplanned outages over the last three years in six OPEC countries plus the other six members grouped as "other.". Libya has been the worst offender with it's 1.5 million barrels per day out of commission for most of 2011 and again over the last 12 months since July 2013. Iran's outages have been due to sanctions over it's nuclear policy. The fighting in Iran has also cut production in recent months.
Notably absent is Saudi Arabia, which manages to keep itself apart from Mideast turmoil and usually serves as the reserve supplier, stepping up production to make up for shortages elsewhere.