25.04.2013 - The collapse of OPEC power
Since its inception in 1960, OPEC has never been shy in flexing its energy-fuelled power over the West. But those days are gone. And it’s not just the US and Israeli shale gas and oil revolution which threatens OPEC decline. OPEC is already grappling with a whole bunch of serious energy problems that are colluding to hasten its demise. Let’s just focus on the OPEC kingpin and world’s leading oil producer, Saudi Arabia. Even as the Saudis and other OPEC leaders have played down the nascent impact of US shale development on global production (especially America’s growing self-sufficiency), the signs are that the Saudis are increasingly desperate to keep their world no 1 ranking in oil production...............................................Full Article: Source
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