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U.S. Oil Production Booms

Supply shock sidelines OPEC.

Put that in your pipe and smoke it! The International Energy Agency is predicting that growing U.S. oil production will meet the majority of new oil demand globally over the next five years. This means that even if the global economy grows faster than expected, OPEC will still be constrained by the threat of even lower prices in attempting to increase output. By 2015, the report predicted, the U.S. will overtake Russia as the largest non-OPEC oil producer.

Read it at Reuters

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