Fracking Threatens OPEC Dominance on US Oil Production Surge

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.

Click here to read the full Bloomberg report.