OPEC losing control of oil prices due to US fracking
09:10, 5 December 2013
NEW YORK. December 5. KAZINFORM - Until recently, there were concerns the world would run out of oil and gas - but the development of hydraulic fracking has diminished those fears, BBC informs.
The US is producing more oil that it imports and this is seriously denting oil-producing countries' export earnings. For many years, the OPEC cartel was able to manipulate prices through their grip on supply - however, many forecasts now suggest that in Europe the price of Brent crude may soon fall below $100 a barrel.