News Oil 

Global spare oil capacity in U.S. hands after Saudi outage

“Saudi Arabia, the Organization of the Petroleum Exporting Countries’ de-facto leader and largest producer, has been long seen as the custodian of the world’s spare oil capacity” writes Midwest Communications Inc for Analysts have repeatedly underestimated U.S. output growth gains with the country now producing around 15% of global supply.Meanwhile, U.S. crude oil production is expected to rise to new records.However, large U.S. crude output gains and slowing global demand because of a weaker global economy have contributed to a rise in oil stocks worldwide.

Related posts