One of the reasons behind the drop in petrol prices is due to the excess supply in the U.S., Canada and Saudi Arabia, according to the Monthly Crude Oil Market Report, issued by the International Energy Agency (IEA). The global crude oil supply has increased by 180,000 barrels on a daily basis in February compared to January, reaching 94 million barrels. The crude oil supply has also increased by 1.3 million barrels per day compared to last year, and the increase in the production in Saudi Arabia, Iraq, Iran and some OPEC countries along with the U.S. is the reason behind such a steep increase. The U.S.'s daily average crude oil production, which was 7.45 million barrels in 2013 increased to 8.7 million last year, and is expected to increase to 9.3 million barrels in 2015. Crude oil stock levels increased for nine weeks consecutively, and on March 6, they reached 448.9 million barrels in the U.S. The crude oil production of the U.S. is expected to hit a record high - 9.6 million barrels per day - in 2016, with an average daily production of around 9.5 million. Canada, on the other hand, was producing 2.52 million barrels per day in 2013, but its production has also increased within the last 15 months by 430,000 barrels, reaching 2.95 million barrels per day in December 2014. Saudi Arabia's crude oil production increased by 50,000 barrels per day in February and reached 9.74 million barrels per day.,
