Bloomberg reported that after a year suffering the economic consequences of the oil price slump, OPEC is finally on the cusp of choking off growth in U.S. crude output.
Bloomberg noted the nation’s production is almost back down to the level pumped in November, when OPEC countries switched its strategy to focus on battering competitors and reclaiming market share.
Bloomberg said, according to International Energy Agency estimates,
as the U.S. wilts, demand for OPEC’s crude will grow in 2015, ending two years of retreat.
For the full Bloomberg report, click here.