Report: U.S. shale oil to stabilize world oil prices

02/18/2014 | San Antonio Express-News

U.S. shale oil production is expected to keep stabilizing global oil prices, according to a Fitch Ratings report. Domestic oil production has increased by 3 million barrels per day since 2008, which is about 3% of the total global consumption, allowing for such an impact and keeping intact the spare capacity of the Organization of the Petroleum Exporting Countries. "This is the benefit of energy interdependence -- the linkage of U.S. and world oil markets through reduced imports of crude and increased exports of products," the report said.

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