American shale revolution ends Saudi Arabia’s reign as oil king

Monday 13 October 2014 at 6:58 pm.

Higher output in the United States has reduced Opec’s ability to control prices Eddie Seal/Bloomberg via Getty Images. The United States is set to be crowned the world’s largest producer of liquid petroleum this week, knocking Saudi Arabia off the top spot for the first time in two decades. The shale oil and gas boom in America has led to output increasing from about 8 million barrels a day in 2011 to approaching 12 million barrels.

 

Higher output in the United States has reduced Opec’s ability to control prices
Eddie Seal/Bloomberg via Getty Images
 

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