16.07.2014 - OPECís Clout Falls as US Increases Oil Supply
Crude oil supply from hydraulic fracturing isnít just a controversial topic for U.S. politicians and industry regulators; itís also affecting the business of the worldís 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, OPECís 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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