Middle East regains oil dominance after scuttling fracking, biofuels through pricing strategy

July 17, 2016 |

In New York, the Wall Street Journal is reporting that “The Middle East is back as the world’s dominant oil-producing region, churning out its biggest chunk of global output since the 1970s and giving OPEC an edge in its fight for market share.” Last month alone, US oil output dropped 176 million gallons, while Middle Eastern flows totaled 31.5 million barrels per day. The Journal noted that US production figures included “very light types of oil called condensates often produced from shale.”

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