February 13, 2018

THANKS, UR:

'Colossal' American oil boom could spoil OPEC's plans (Ivana Kottasová, February 13, 2018, CNN Money)

This is the kind of stuff that keeps OPEC up at night.

The oil cartel and key ally Russia have spent more than a year trying to drain the world of excess supply. But the International Energy Agency warned Tuesday that a "colossal" oil boom in the United States could ruin their efforts.

The Paris-based agency said that a massive increase in output means the U.S. will soon be producing more oil than Saudi Arabia. It could soon challenge Russia for the global crown.

The manic American pumping, which the IEA estimates will average 10.4 million barrels a day this year, could cause a glut to return to global markets.

Posted by at February 13, 2018 4:04 AM

  

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