America's Oil Boom Is Forcing OPEC To Cut Production And Prices

CNN: America's oil boom will break more records this year. OPEC is stuck in retreat

New York (CNN Business)The epic American oil boom is just getting started. OPEC, on the other hand, is stuck on the sidelines.

US oil production is on track to spike to a record 13.4 million barrels per day by the end of 2019, according to a recent report by energy research firm Rystad Energy. Texas alone is expected to soon top 5 million barrels per day in oil production — more than any OPEC member other than Saudi Arabia.

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Update #1: Platts: OPEC Oil Production Slumps With Saudis Cutting Deeper -- OilPrice.com
Update #2: Oil Drops Below $54 as Global Recession, Supply Concerns Mount -- Bloomberg

WNU Editor: Russia's oil minister sees a further collapse in oil prices .... Russian Energy Minister: Oil Could Still Drop To $30 (OilPrice.com). These price drops are occurring with sanctions on Iran, Venezuelan oil production at a 20 year low, and Libya in the grip of a civil war.



from War News Updates http://bit.ly/2ZmbbGv