15.10.2013 - New challenges for OPEC as it turns to the east
Rising energy output in North America was thought to have one major unintended consequence: changing and possibly diminishing the influence of OPEC. But those rushing to call the death of the cartel overlooked its willingness to adapt. Increasing oil output in the U.S. and Canada are already redirecting global oil flows, but those being hit the hardest are West Africa’s crude-oil producers and the refineries of Western Europe that are suddenly competing with cheap North American products. The four Gulf kingdoms that dominate OPEC have actually increased their exports to the U.S. over the past three years, the Financial Times reports, taking advantage of Nigeria’s fragile infrastructure and Libya’s political chaos...............................................Full Article: Source
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