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U.S., Russian oil production threatens OPEC dominance

Posted on 07 November 2012

U.S. politicians have long been fixated on the sway the Organization of the Petroleum Exporting Countries has on oil markets, and this year’s presidential election has been no exception. But an oil boom in America, coupled with a boost in Russian production, is undermining the cartel’s influence, making it likely the group will cut crude production to support prices.
Both President Barack Obama and challenger Mitt Romney claimed during the campaign that their approach would help America make do with less oil from OPEC. Yet change is already afoot in the U.S. oil market and this time it looks as if OPEC has more to worry about than do American motorists………………………………………..Full Article: Source


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VRS - who has written 36199 posts on Opalesque Commodities Briefing.


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