By: Economic & Finance Report
Opec has indicated that the demand for oil will rise the latter year of 2015. This is indication by Opec is noted because they stated that they are winning the war on oil prices. Opec has been targeting the United States in oil prices as US oil shale producers have been succeeding driving the prices of oil downward. Opec believes this will eventually change in the coming months, as many shale producers are deteriorating and going out of business, because of limited production.
The shale production in the US has levied Saudi Arabia from becoming the U.S. partner to eventually becoming the United States main competitor. In 2015 the majority of oil growth seems to be coming from Asia, countries such as China, Indonesia, Malaysia, Philippines and Thailand seem to be leading the way in oil demand…-SB