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Commodities Briefing - Categorized | Oil, Price Watch more

$200 oil prices: Fact or fiction?

Posted on 26 August 2013

Fact: U.S. oil production this past July was 7.5 million barrels per day. That’s the highest monthly output since 1991. It’s now believed that in the U.S. oil production could exceed imports by October, which would be the first time since 1995.
Production growth is being fueled by places such as the Eagle Ford Shale in Texas, where ConocoPhillips, for example, saw its production skyrocket by 98% in the past year.Despite booming production, oil prices are stubbornly high, and currently well over $100 per barrel. Globally, cracks are being felt in the world oil markets as turmoil in Egypt has oil traders nervous………………………………………..Full Article: Source


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