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OPEC: U.S. shale oil to cut into demand

Posted on 13 March 2013

The Organization of the Petroleum Exporting Countries cut its forecast of demand for its oil this year, citing growing production from U.S. shale deposits. If the scaled-back forecast proves correct, OPEC could be on track to have its lowest share of the global oil market in more than 10 years.
OPEC’s move comes as industry experts increasingly question whether the producers’ group, which has had a decisive influence on the oil market since the 1970s, can maintain its position amid a boom in U.S. oil production resulting from shale- rock drilling technology………………………………………..Full Article: Source


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