No Signs of Rise in Oil Prices Soon
Oil is no longer viewed from the same angle as it used to be some fifteen years back. With soaring oil production in the U. S with fracking techniques and prices moving at the lowest rates in three years, oil isn't exactly what it used to be, surely at least not for America. Here are some interesting facts about oil.
America is producing oil at a record rate and the domestic production had reached almost 270 million barrels in September. This is the highest rate of production since 1986. In a massive jump in two years the oil production in the U. S had jumped from 5.6 million barrels per day in 2011 to 7.4 million barrels per day in 2013. That was a huge 32% leap in just two years.
The erratic oil prices have now reached a level that is at its four years all time low. This downward spiral has been seen since June. The reason for this fall is very simply as there is more supply than the demand. With OPEC keeping the oil gushing, the production in the U. S. has also increased to its topmost level since 1986. There is no sign of a bounce back in the horizon any time soon as European economies struggle and the economy in Asia slows down.
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