Demand for oil will strengthen this year, according to OPEC, as the cartel said its strategy of pumping oil into the market to squeeze out US producers was taking effect.
The Organisation of the Petroleum Exporting Countries, which pumps a third of the world’s oil, believes demand will average 29.27m barrels per day (bpd) in 2015, representing an increase of 80,000 bpd from its previous prediction.
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As the fracking revolution eases demand for the kingdom’s oil and gas, a billionaire prince warns his nation to find new income.
Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.
His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil. Continue reading