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Commodities Briefing - Categorized | Oil, Price Watch more

7 reasons why oil prices won’t plunge

Posted on 30 April 2013

The United States is in the midst of a miraculous supply boom that has seen domestic oil output soar by more than 1 million barrels per day in the past year to the highest levels in decades. U.S. oil output is now at 6.5 million bbl per day, in third place after Saudi Arabia and Russia (both at roughly 9.8 million bpd). And the growth shows no sign of slowing down.
Add to that the slow and steady recovery of the Iraqi oil industry, plus the likelihood that the shale-cracking techniques perfected in the U.S. will be exported to the likes of China and Russia, and it looks like the world’s oil demand will be easily met for years to come………………………………………..Full Article: Source


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This post was written by:

VRS - who has written 38144 posts on Opalesque Commodities Briefing.


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