Soaring US Oil Production Protects World From Supply Shocks: IEA

Reuters reported that the US oil boom should be sufficient to allow consumers to withstand probable supply shocks, according to the International Energy Agency.

As quoted in the market news:

OPEC expects U.S. oil supply to rise by 580,000 bpd to 10.59 million bpd in 2013, which it said would be the highest level since 1985. OPEC also said demand for its own crude would fall to 29.7 million bpd this year.

Click here to read the full Reuters report.