Welcome to the podcast! Today, we’re diving into the oil market, focusing on key events and trends from September 2013. We’ll explore oil production, price fluctuations, and the impact of geopolitical conflicts during that time. So, let’s get started! Oil Production in 2013 First up, let’s talk about oil production. In 2013, global oil production was quite robust, largely thanks to the U.S. shale boom. The United States was producing around 7.5 million barrels per day, a significant increase driven by advancements in hydraulic fracturing and horizontal drilling in shale plays like Bakken and Eagle Ford. Meanwhile, OPEC was maintaining stable production levels. Countries like Saudi Arabia were working to offset disruptions in Libya and the sanctions on Iran. Overall, global supply was around 90 million barrels per day, with non-OPEC sources, especially the U.S., contributing to a growing supply glut. Now, let’s not forget about Libya. The country’s oil production was severely impacted b...
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