Unconventional Oil Revolution has Brought Unprecedented Changes
Mailbox: tiantim@peiyangchem.com Tel :+86-022-87890750 The Reference News Website reported that according to the report of Spanish website the Economist on August 1st, the main characters of the oil market have changed qualitatively in a decade. The decrease of the price of the crude oil may be the most striking fact since mid-2014. The rapid development of the American oil industry and some other factors have broken the monopoly of Saudi Arabia and other countries on the oil price, which is one of the reasons why the crude oil price has decreased. The new situation makes the price of the crude oil controlled by the market and the production cost. The American oil production has risen by 80% compared with 2008, while Saudi Arabia has only risen by less than 10%. The oil data plan and the data from US Energy Information Administration show that the daily production of the crude oil ofRiyadhhas increased from 9.1 million barrels to about 10 million barrels. Compara