OPEC still thinks it has significance in "rebalancing" the world's oil market. U.S. energy producers, on the other hand, keep on producing, regardless.
Citigroup announced last week that exports of crude and finished oil products from the United States would overtake Saudi Arabia’s by next year.
OPEC is no doubt rejoicing in its accomplishment of raising the price of crude oil by restricting output, but that rejoicing is likely to be short-lived.
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U.S. crude oil production will soon overtake that of Saudi Arabia, thanks to George Mitchell finding how to extract oil and gas from shale.
Despite OPEC's efforts to raise oil prices by cutting production, crude-oil prices are expected to remain under $60 a barrel for at least the next year.
It would be hard to think of a group that is more vilified as exploitative than oil men. Yet everything that Tom Hill of KimRay does shatters that perception.
Saudi Arabia's surprise announcement of a cut in its oil prices to its customers is likely to set off an international oil price war.