U.S. Shale Surging, But Oil Holds Steady

19 Apr 2017   Prices

Rising production in the two biggest U.S. shale basins and Saudi Arabia’s newly ambiguous stance on the OPEC deal extension have resulted in oil prices falling early this week. (Click to enlarge) (Click to enlarge) Chart of the Week (Click to enlarge) • China has surpassed the U.S. as the largest oil importer in the world, with imports rising due to growing demand and falling domestic production. • But while OPEC countries have historically been China’s main supplier, the growth of imports is being captured by new suppliers , giving the cartel a run for its money. • 65 percent of the growth of imports came from non-OPEC countries between 2012 and 2016, with top suppliers including Russia (14 percent of China’s total imports), Oman (9 percent) and Brazil (5 percent). Market Movers • Energy Transfer Partners (NYSE: ETP) says that the Dakota Access Pipeline will begin interstate oil […]

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