27 Nov '14, 6pm

OPEC Decision Likely to Crash U.S. Fracking Industry via @ecowatch

OPEC Decision Likely to Crash U.S. Fracking Industry via @ecowatch

At its meeting today in Vienna, Austria, the 12 member countries of the Organization of Petroleum Exporting Countries (OPEC) voted to keep their output target unchanged despite a 30 percent slump in the oil price since June, due primarily to the explosive growth in fracking in the U.S. as well as decreasing global demand. While Venezuela made a case for an output reduction, Saudi Arabia, the world’s leading oil producer and exporter, pressured to keep it the same.

Full article: http://ecowatch.com/2014/11/27/opec-crash-fracking-industry/

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