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From peak to trough, crude oil prices plunged about 60% in 2014 – and slid again recently, testing lows of earlier this year. Excess supply, combined with a market expectation for softening global demand, has weighed on oil prices. Unlike past behavior, OPEC has not cut production to support the market price. This report, from Causeway's energy & utilities research cluster, details drivers of global oil supply and demand and outlines our team's forecast assumptions for the sector.