New York (CNN Business)The epic American oil boom is just getting started. OPEC, on the other hand, is stuck on the sidelines.
US oil production is on track to spike to a record 13.4 million barrels per day by the end of 2019, according to a recent report by energy research firm Rystad Energy. Texas alone is expected to soon top 5 million barrels per day in oil production — more than any OPEC member other than Saudi Arabia.
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Update #1: Platts: OPEC Oil Production Slumps With Saudis Cutting Deeper -- OilPrice.com
Update #2: Oil Drops Below $54 as Global Recession, Supply Concerns Mount -- Bloomberg
WNU Editor: Russia's oil minister sees a further collapse in oil prices .... Russian Energy Minister: Oil Could Still Drop To $30 (OilPrice.com). These price drops are occurring with sanctions on Iran, Venezuelan oil production at a 20 year low, and Libya in the grip of a civil war.
4 comments:
I think we know who to thank for this, OUR GREAT PATRIOT FARMERS!
MAGAAAAAAAAAAAAAAAAAAAAA!
American Fracking is to the 21st century as the Revolutionary War was to the 18th and early 19th century. It’s impact is just starting.
OPEC is and was cartel..we accepted this for many years. Oil is killing civilization and electricity will make major inroads; so too nuclear should be in place but is not
OPEC is gay ,lol!
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