Oleg Zabluda's blog
Sunday, July 22, 2018
 
How The Fracking Revolution Broke OPEC's Hold On Oil Prices
How The Fracking Revolution Broke OPEC's Hold On Oil Prices
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global oil consumption rose to a new record high in 2018 [...] Over the past decade, global oil consumption has increased by 11.1 million barrels per day [...] Asia Pacific region was the source of 77% of the world's demand growth over that time.
[...]
A decade ago, in the summer of 2008, the price of West Texas Intermediate (WTI) crude was racing toward $150 a barrel. Over the previous three years, and despite strong demand growth, the world had only increased oil production by 1.2 million BPD, and it essentially all came from OPEC.

While it is still true that OPEC still produced 42.6% of the world's oil in 2017, the majority of new oil production since 2008 has come from the U.S.

Of the 10.3 million BPD of new oil production since 2008, the U.S. supplied 6.2 million BPD (60%). The world's two other major oil-producing countries, Saudi Arabia and Russia, saw their production increase by 1.7 million BPD and 1.2 million BPD respectively since 2008. OPEC overall increased its production by 3.6 million BPD since 2008
[...]
Also notable is that Canada and Mexico are major oil producers [...] Overall, North America supplied 20 million BPD of the world's oil in 2017 (22%). This was ahead of every other region of the world except for the Middle East, which produced 31.6 million BPD, or 34.1% of the world's total.

According to the BP Statistical Review, the U.S. now leads both Saudi Arabia and Russia in crude oil production.
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https://www.forbes.com/sites/rrapier/2018/07/22/how-the-fracking-revolution-broke-opecs-hold-on-oil-prices/#261dd92d48ef
https://www.forbes.com/sites/rrapier/2018/07/22/how-the-fracking-revolution-broke-opecs-hold-on-oil-prices/

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