So the USA has overtaken Russia as the world’s largest producer of oil and gas. US shale production has increased sevenfold in the last few years despite lower global demand this year. “We are truly witnessing a changing of the guard of global energy suppliers. The implications of the shale revolution are profound,” said Spencer […]
Oil prices drop again as Opec continues production
Oil prices have been dropped for some time now thanks to a decrease in global demand coupled with increased US shale production. Some of Opec’s members however are not happy with the current state of affairs and have implored the cartel to cut production so prices can rise. Even the Kuwaiti oil minister conceded that […]
Oil prices tumble as fracking in the US rises
A huge turnaround this year for the oil industry as fracking has upended the biggest world players. America has now replaced Saudi Arabia as the world’s biggest producer and is fast pushing the North Sea operators out of the market. Increased shale oil production in the US and a decrease in global demand have caused […]
OPEC’s oil price games take a twist
The oil price, albeit from its on-going historically low base, has risen dramatically in recent weeks, up 10% on the last week alone. Now the International Energy Agency (IEA) has raised its regular forecast for demand this year and suggests that the oil price trend looks set to continue an upward trajectory. The IEA points […]