हिंदी समाचार पढ़े
Expand
O.P. Jindal Global University
 
Home / Corporate Law News / 1st time in 75 yrs, US becomes net oil exporter, OPEC’s power diminishes

1st time in 75 yrs, US becomes net oil exporter, OPEC’s power diminishes

December 09, 2018:

Oil prices fell recently, hit by rising supplies in the United States.

USA vs OPEC
USA vs OPEC

America turned into a net oil exporter last week, breaking almost 75 years of continued dependence on foreign oil & marking a pivotal — even if likely brief — moment toward what US President Donald Trump has branded as “energy independence”.

The shift to net exports is the dramatic result of an unprecedented boom in American oil production, with thousands of wells pumping from the Permian region of Texas & New Mexico to the Bakken in North Dakota to the Marcellus in Pennsylvania.

While the country has been heading in that direction for years, this week’s dramatic shift came as data showed a sharp drop in imports & a jump in exports to a record high.

Given the volatility in weekly data, the US will likely remain a small net importer most of the time.

Oil prices fell recently, hit by rising supplies in the United States & expectations that producer group OPEC could relax voluntary output cuts.

Benchmark Brent crude oil was down 35 cents at $75.53 a barrel by 0730 GMT.

US light crude was 40 cents lower at $65.96.

The Organization of the Petroleum Exporting Countries & some non-OPEC producers, including Russia, started withholding output in 2017 to reduce a global supply overhang & prices have risen by around 60 per cent over the last year.
Source Link

Facebook Comments

 
Related tags :
 
Demonitisation Diaries 2 Demonitisation Diaries 2  pic by sify TOI

TOI

Hindu Hindu

Hindu

TOI Auto Driver thrashed for no fault Auto Driver thrashed for no fault,                  source oneindia

TOI

Pakistan Democracy Pakistan Democracy State of Affairs Women Safety: State of Affairs             pic by mangal Hindu Hindu Hindu Hindu TOI [caption id="attachment_97467" align="alignleft" width="621"]Humour with Latest Laws Humour with Latest Laws[/caption] Acheche DIn Acheche Din     pic by sify Lawyers Bearing the Burden Literally Lawyers Bearing the Burden Literally pic by OMG Humour @ Latest Laws Achhey Din Humour @ Latest Laws: Achhey Din

Hindu Hindu

Hindu

TOI

150425_-_farmers_a_2384764f

Hindu

State of JudiciaryState of Judiciary by Sandeep Adhwaryu of TOI Painting India Saffron Painting India Saffron Job Hazards Hindu

Hindu

IBN IBN

TOI

Pic by Hindu Women Empowerment and Sports Women Empowerment and Sports TOI Hindu Delivery Boy Delivery Boy                    by Satish UIDAI Leaks UIDAI Leaks Tax Reforms    by Hindu Tax Reforms by Hindu

TOI

America First Walk Your own Talk Hindu Alligator vs Litigator Alligator vs Litigator If India takes One Step, we will take Two by Satish If India takes One Step, we will take Two ...................by Satish TOI NPA Hurts Public Sector Banks NPA Hurts Public Sector Banks Four Pillars of Democracy Four Pillars of Democracy             by Satish

TOI

pinterest

Belts are for Dogs Belts are for Dogs ALL_1_Theme_01A_24_2383617g

Hindu

Hindu

Hindu

Hindu

Cartoon Missing the Point Missing the Point pic by english blog Netas in Election mode Netas in Election mode Let Justice Be Let Justice Be Soaring of Oil Prices pic by indiaone

TOI

Hindu

Donald Trump’s immigration ban Donald Trump’s immigration ban

...as an eminent lawyer you ought to know that your action tantamount to, under Section B, sub-section G.VIX, read along with I.P.C. (A) XI (B), notwithstanding...                                        TOI

Demonitisation Diaries Demonitisation Diaries                                                       by sify Time to straighten up Time to straighten up                pic by TOI

TOI

Demonitisation Diaries 1 Demonitisation Diaries 1                                  pic by sify  

TOI

TOI

Hindu

State of Two Nations State of Two Nations               pic by sandeep

Hindu Hindu

Hindu
Download our App
ios icon
android icon
 
 
 

Check Also

Petrol Consumption

Oil consumption jumps for third month ahead of General Elections

March 19, 2019: Domestic car sales rather declined in February as sentiment remained subdued across urban &  rural markets. Oil consumption in India continued to gather strength in February as increased demand for transportation & cooking fuel ahead of federal ...

Leave a Reply

Your email address will not be published. Required fields are marked *