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Commodities Briefing - Categorized | Oil, Trading more

Record Saudi oil output fills supply gap

Posted on 17 September 2013

The US might be drowning in oil, but the world is still dependent on Saudi Arabia. Indeed, Saudi Arabia is pumping out more crude than at any time since at least the 1970s. In neighbouring Kuwait and the United Arab Emirates meanwhile, oil production levels hit record highs.
These numbers reflect a profound but easily overlooked trend in the global oil market. In spite of the shale oil revolution in the US, the world has become, if anything, more dependent on a handful of Gulf producers to fill supply shortfalls elsewhere………………………………………..Full Article: Source


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