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ELK PETROLEUM LIMITED (ASX:ELK) - Oil's plunge, page-1 - HotCopper | ASX Share Prices, Stock Market & Share Trading Forum
ELK
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0.00% 1.4¢ elk petroleum limited

Oil's plunge

  1. longtermlegs
    3,237 Posts.
    clock Created with Sketch.
    09/12/14
    03:45
    Post #: 14429955
    Global oil production is concentrated among a handful of giant producer countries and about a dozen more which produce more than 1 million barrels a day, according to the U.S. Energy Information Administration.
    For 2013, the U.S. averaged 7.45 million barrels per day of crude oil production, third behind Russia and Saudi Arabia.

    However, U.S. production has been surging thanks to fracking technologies that free up oil trapped in shale formations. Total U.S. crude oil production averaged 8.9 million barrels per day in October, according to the EIA and is expected to top 9 million barrels a day in December.

    For 2015, the EIA expects U.S. crude oil production to average 9.4 million barrels a day. That would be the highest annual average crude oil production since before the first OPEC oil embargo in 1973.

    http://www.marketwatch.com/story/a-...ction-says-a-lot-about-oils-plunge-2014-12-08
    ELK Price at posting: 4.7¢ Sentiment: Sell Disclosure: Not Held
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    lightbulb Created with Sketch.  Great analysis
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