By November 28, 2018 0 Comments Read More →

As Others See It: It looks like fracking is turning OPEC into the walking dead

The river of oil now hitting the market from U.S. fracking has stunned global energy markets. The United States already has leapfrogged both Russia and Saudi Arabia to become the No. 1 producer. The question now is, will U.S. oil lead to the demise of the 28-nation Organization of Petroleum Exporting Countries that has done so much to control the production and price of oil for decades?

For the first time since World War II, the U.S. is on the verge of being a net oil exporter — something that, just five years ago, would have been considered impossible.

This, of course, has caught OPEC by surprise. Even just a few years ago, the consensus was that fracking and its related technologies would add a decent amount of oil to the market, but nothing like what’s happening today…

 

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