DECLINE IN US SHALE, CRUDE OIL OUTPUT MAY BOOST GLOBAL DEMAND

The current drop in the shale and crude oil production by the United States may boost prospects for increased global demand, which has the potential to increase the price at the international market.

The increased production of Shale oil and crude oil by the United States had contributed largely to the country’s zero imports from Nigeria and the attendant supply glut at the global market.

 

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U.S. IMPORT FROM OPEC NATIONS DROPS

The United State’s crude imports from Organisation of Petroleum Exporting Countries (OPEC) member countries dropped has by 200 tbpd or eight per cent and accounted for 32 per cent of total US crude imports.
 
OPEC, which made this disclosure in its monthly report for April, stated that US product imports from OPEC Member Countries dropped as well from a month earlier to stand at 219 tbpd, representing a share of 10 per cent of the total amount of products imported by the US and a decline of 45 per cent from the same month last year.

Read more @ Guardian