“In 2008, the United States produced on average approximately 5 million barrels of oil a day. By the end of 2014, that number had increased to more than 9 million barrels and the Energy Information Agency predicts production will continue to increase through 2015,” explains Latham & Watkins partner Michael Chambers. “However, during that same period worldwide demand increased by less than 1 million barrels a day, and in the US oil consumption has actually declined since 2008. The fact that US production has been growing faster than US consumption, and even world growth, together with the slowing of growth of some of the world’s major economies, has resulted in a class oversupply situation.”