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Fracking Threatens OPEC Dominance on US Oil Production Surge
Feb. 14, 2013 05:35AM PST
Oil and Gas InvestingBloomberg reported that a surge in United States oil production has led to the country’s biggest output level in over 2 decades, thus threatening OPEC dominance.
Bloomberg reported that a surge in United States oil production has led to the country’s biggest output level in over 2 decades, thus threatening OPEC dominance.
As quoted in the market news:
The U.S. pumped 7.06 million barrels a day in the week ended Feb. 8, up 1 percent from the previous week and extending last year’s 19 percent gain, the Energy Information Administration said today. OPEC production fell to the lowest level in a year in January, the Paris-based International Energy Agency said today in its monthly report.