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Rising oil production in the United States limits OPEC's efforts to raise oil prices


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Rising oil production in the United States limits OPEC's efforts to raise oil prices

Post by rocky on Thu 15 Feb 2018, 6:34 am

LOST HILLS, CA - MARCH 24: Pump jacks are seen at dawn in an oil field over the Monterey Shale formation where gas and oil extraction using hydraulic fracturing, or fracking, is on the verge of a boom on March 24, 2014 near Lost Hills , California. Critics of fracking in California cite concerns over water usage and possible chemical pollution of ground water sources as California farmers are forced to leave unprecedented expanses of fields fallow in one of the worst droughts in California history. Concerns also include the potential of earthquakes triggered by the fracking process which injects water, sand and various chemicals under high pressure into the ground to break the rock to release oil and gas for extraction though a well. The 800-mile-long San Andreas Fault runs north and south on the western side of the Monterey Formation in the Central Valley and is thought to be the most dangerous fault in the nation. Proponents of the fracking boom saying that the expansion of petroleum extraction is good for the economy and security by developing more domestic energy sources and increasing gas and oil exports. (Photo by David McNew / Getty Images)
Rising oil production in the United States limits OPEC's efforts to raise oil prices
In the economy  February 15, 2018Comments on the rise of oil production in the US rock limits OPEC's efforts to raise oil prices closed 18 visits

SNC - As OPEC countries seek to raise oil prices after falling to low levels in January 2016 to less than $ 30 a barrel by agreeing to reduce production by more than one million barrels per day, which succeeded to a certain extent Where these prices have once again risen to the current range of between 60 and 70 dollars, the unprecedented US production of oil shale limit the efforts of OPEC.
In November 2016, the Organization of Petroleum Exporting Countries (OPEC) and 11 other non-OPEC countries, including Russia, agreed to cut production by 1.8 million bpd between January 1 and June 30.
Despite the cost of producing high rock oil, which is estimated at $ 50 per barrel, this encouraged producers in the United States to increase their oil production with the price of oil above $ 60 so that America threatens both Saudi Arabia and Russia, which are leading the world oil production.
"Oil production in the United States increased by 846,000 barrels per day during the last three months, and if production continues to grow, the United States will soon overtake Saudi Arabia and by the end of this year Russia will be the largest crude oil producer in the world," the International Energy Agency said in a report. the world".
"An increase in global oil production, led by the United States, is likely to exceed demand growth this year," the report said.
The increase in oil production in the United States to limit the ambitions and efforts of the Organization of the Petroleum Exporting Countries to keep oil prices high and acceptable in light of increasing supply and low demand for world oil.

    Current date/time is Sat 17 Nov 2018, 1:22 am