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“If I’m OPEC and if I’m Saudi Arabia, I would be concerned.” @nickcunningham1 on why the oil market is still under… https://t.co/v7ElbMBPgX
Moving with the times: @nickcunningham1 on why BP has joined the peak demand crowd https://t.co/8PA7k2eMHF #OOTT #oil
With vast reserves of natural gas at stake, political tensions in the Eastern Mediterranean are starting to rise:… https://t.co/JZQvFF06ey
Hit on low oil prices & low crude production, @nickcunningham1 examines how the oil downturn "double whammy" is roc… https://t.co/Tgy38KAGXY
Hit on low oil prices & low crude production, @nickcunningham1 examines how the oil downturn "double whammy" is roc… https://t.co/n5YBwpJdi6
The recent oil production boom in the United States, while astounding, has created a misleading narrative that the United States is no longer dependent on oil imports. Reports of surging domestic production, calls for relaxation of the crude oil export ban, labels of “Saudi America,” and the recent collapse in oil prices have created a perception that the United States has more oil than it knows what to do with.
This view is misguided. While some forecasts project that the United States could become a self-sufficient oil producer within the next decade, this remains a distant prospect. According to the April 2015 Short Term Energy Outlook, total U.S. crude oil production averaged an estimated 9.3 million barrels per day in March, while total oil demand in the country is over 19 million barrels per day.
This graphic helps illustrate the regional variations in crude oil supply and demand. North America, Europe, and Asia all run significant production deficits, with the Middle East, Africa, Latin America, and Former Soviet Union are global engines of crude oil supply.