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Commodities Briefing - Categorized | Market Moves, Oil more

OPEC’s Clout Falls as US Increases Oil Supply

Posted on 16 July 2014

Crude oil supply from hydraulic fracturing isn’t just a controversial topic for U.S. politicians and industry regulators; it’s also affecting the business of the world’s biggest oil cartel. The Organization of the Petroleum Exporting Countries (OPEC) cut demand forecast for its own oil by around 300,000 barrels per day (bpd) in 2015, mainly due to increased supply from American and Canadian shale formations.
Last week, OPEC’s secretariat in Vienna, Austria, issued a report projecting that demand for oil from its 12 member nations would drop from 29.7 million bpd this year to 29.4 million bpd in 2015………………………………………..Full Article: Source


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