As U.S. crude oil production ascends to new highs each week, eclipsing global heavyweight Saudi Arabia, there’s been more talk about American oil independence, even dominance. Monthly data, however, show that the Saudis export about three-quarters of their production, compared with a high of 17 percent for the U.S. In long-term period this will affect the economy of Saudi Arabia in particular, and the whole OPEC negative. One of the biggest net importers of OIL at the moment are USA, but as it seems like, the Americans are literally piling up their stockpiles in order to be oil-independent in the future.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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