Shale Oil Production up in US – Fracking is the cause

These are heady days for the US shale oil industry, with production (10 million barrels per day) on par with Russia and Saudi Arabia. Thanks to a late-2016 agreement to cut back production signed by leading global oil producers (including Russia and OPEC nations), world oil prices are up 15-20% from a year ago. Current prices are adequate to support the higher costs of fracking for US shale oil, and the US may surpass Russia this year as the world’s largest oil producer.

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