U.S. demand for OPEC decreasing “extraordinarily fast”

From Bloomberg Surveillance (podcast):

OPEC Matters Less for U.S.

Jan Stuart, head of energy research at Credit Suisse Securities in┬áLondon, says the U.S. is decreasing its dependence on foreign oil at a rate that is “extraordinarily fast.”

Running Time: 12:30

But, global demand (China, India) for OPEC is increasing and with Saudi Arabia remaining the world’s largest producer we are still powerfully dependent on the Middle East.

Major reasons for the change, in priority order: (1) decreasing U.S. oil demand, (2) increase in Canadian imports, & (3) increase in U.S. domestic oil production.

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