| The latest oil market report from the Organization of the Petroleum Exporting Countries paints a not-so-rosy picture for US drillers under pressure from lower oil prices. But even OPEC admits that US oil production has remained surprisingly stable despite collapsed oil prices and cutbacks in US energy.
Demand for oil from the Organization of the Petroleum Exporting Countries is set to rise this year, while growth in US oil production will slow as American energy firms cut back on drilling. That’s the conclusion of the latest monthly oil report from OPEC, the 12-member oil cartel that accounts for about 40 percent of the world’s oil production. If the forecasts prove true, it suggests that OPEC is winning an undeclared price war against a growing rival: namely, the US...............................................Full Article: Source
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