| North America is saving the global economy from the economic devastation that would ensue if oil prices were to hit $150 or $200 per barrel.
Global oil consumption last year jumped by about 800,000 barrels per day, while production from countries outside OPEC increased by about 900,000 barrels per day. That is, the global supply-demand balance for crude oil eased slightly, taking pressure off OPEC and providing some cushion against geopolitical supply disruptions such as the sanctions against Iran...............................................Full Article: Source
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