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The death knell of OPEC

Posted on 07 June 2013

If there was any doubt the U.S. shale revolution is breaking the dominance of unsavory energy producers on global oil supplies, look no further than last week’s OPEC meeting, where the alarm bells were going off. At Friday’s Organization of Petroleum Exporting Countries meeting in Vienna, the mask of non-chalance about America’s new fracking energy boom came off.
After years of dismissing U.S. energy production as insignificant and expensive, OPEC suddenly said it would “study” the growth in hydraulic fracturing and horizontal drilling, a deceptively bland response to the biggest challenge the cartel has ever faced on its monopoly. …………………………………..Full Article: Source


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VRS - who has written 38958 posts on Opalesque Commodities Briefing.


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