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Americas, Asia do what OPEC wouldn’t: cut oil production

stander
stander
in Oil, Gas and Energy News

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Wildfires in Canada. Instability in Venezuela. Stalling U.S. frackers. Drops in oil output are happening so fast that it looks as if the Americas alone could resolve global oversupply.


The 70 percent oil price slide LCOc1 CLc1 between 2014 and early 2016 has been pegged to one problem: production exceeding demand by as much as 2 million barrels per day (bpd).


http://houstonenergyinsider.com/?p=5404


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