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Commodities Briefing - Categorized | Market Moves, Oil more

U.S. oil production hurts OPEC

Posted on 22 February 2013

The United States’ shale oil and gas boom has catapulted the country into global energy prominence. The International Energy Agency estimates the U.S. could become the world’s biggest oil producer by 2020, and others are saying it will be closer to 2017.
Experts have realized the potential for decades, but extraction was difficult and expensive. Not until modern technology and drilling techniques that include horizontal drilling and hydraulic fracturing, or fracking, was it all possible. The U.S. is producing its highest output level since 1992, threatening the strong hold held by the Organization of Petroleum Exporting Countries (OPEC)…………………………………….Full Article: Source


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