Bloomberg reports: "last year was the first since 1993 that the value of OPEC’s total crude exports didn’t track the direction of global gross domestic product. The bottom panel shows how the group supplying about 40 percent of the world’s oil fetched lower average prices and also shipped fewer barrels year on year."
Meanwhile, how about US oil production? Take a gander at the latest EIA chart...
The upward slope since 2008 is pretty impressive. And yes, fracking is driving this boom.
We're producing more oil all the time. Next year, U.S. crude oil production is likely to hit its highest level since 1972. U.S. oil production has jumped from 5.0 million barrels per day in 2008 to 7.4 million last year and is expected to average 8.5 million this year and 9.3 million next year, according to the EIA.
As for exports, last year, the U.S. exported 43.8 million barrels of oil, double the rate of 2012, and up nearly tenfold since 2003.
To compound OPEC's problems, Iraq's output is only expected to hold steady next year. I guess things could be worse with the civil war they have going on.
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