The
Organisation of Petroleum Exporting Countries (OPEC) has cut its forecast of
demand for crude oil from the 12-member oil cartel next year by 300,000 barrels
per day (bpd), against the backdrop of surging supply from non-OPEC producers,
particularly the United States (US).
The
US overtook Saudi Arabia and Russia to become the world’s biggest producer of
oil as extraction of energy from shale rock strengthens the nation’s economy,
Bank of America Corporation said in a report last week.
With efforts towards lifting the almost
40-year-old ban on crude oil exports in the US gaining traction, Nigeria and
other oil-exporting West African countries stand to
