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Commodities Briefing - Categorized | Oil, Price Watch more

Demand for OPEC oil seen to taper off

Posted on 14 July 2014

World’s top crude consumer, the United States, is now the world’s top producer too, overtaking Russia and the OPEC kingpin Saudi Arabia. In the first quarter of 2014, the United States extracted more than 11 million barrels of crude per day, compared with Russia’ daily output of 10.53 million bpd and Saudi Arabia’s 9.45 million bpd, Bloomberg reported citing Energy Intelligence Group. And the US was already declared in 2010 as the world’s largest natural gas producer.
Last month the Paris-based International Energy Agency too conceded that the US was the biggest producer of oil and natural gas liquids………………………………………..Full Article: Source


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