UAE Energy Minister Suhail al-Mazrouei (L) looks on next to Former Prime Minister of Lebanon, Fuad Siniora (R), during the Gulf Intelligence UAE Energy Forum in Abu Dhabi on January 13, 2015. AFP PHOTO/ STR
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Oil fell below $45 a barrel amid speculation that U.S. stockpiles would increase, exacerbating a global supply glut that's driven prices to the lowest in more than 5 1/2 years.Oil slumped almost 50 percent last year, the most since the 2008 financial crisis, as the U.S. pumped at the fastest rate in more than three decades and OPEC resisted calls to cut production.U.S. production accelerated to 9.14 million barrels a day through Dec. 12, the most in weekly EIA estimates that started in January 1983 .OPEC, whose 12 members supply about 40 percent of the world's oil, agreed to maintain its collective output target at 30 million barrels a day at a Nov. 27 meeting in Vienna.For 2014, imports climbed 9.5 percent to 310 million tons, or about 6.2 million barrels a day.
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