| The International Energy Agency now expects that the United States will account for nearly 33% of all oil production growth over the next five years. This news has been unsettling to several members of OPEC that are worried about the increase in supply outstripping the growth in demand. If this comes to fruition, which most consumers are hoping for, benchmark prices for Brent crude oil could drop below $100 per barrel.
Thanks to up and coming plays like the Bakken and the Eagle Ford, quite a few companies have been building some noticeable momentum. If their pace is maintained, OPEC countries like Algeria and Nigeria could be hit hard by price reductions while Saudi Arabia remains happy with the current production levels of the organization...............................................Full Article: Source
|