The United States crude oil imports from OPEC countries are at their lowest level in almost 30 years, the Financial Times said. The US shale revolution is making waves in world energy markets. This thanks largely to a progress in hydraulic fracturing technology — or fracking.
The United States crude oil production has reached almost 9 million barrels a day, the biggest volume since the mid '80s. OPEC has seen its share for US exports decline to 40% to 2.9 million bpd, the lowest since May 1985, according to Financial Times analysis of US Department of Energy data.
The impact of the shale boom on OPEC members is different, with Algeria and Libya being hit the hardest, while Saudi Arabia and Venezuela remaining quite strong.
One of the consequences of the US shale boom is crude prices going into a nosedive, experts say.
