World is less dependent on OPEC's oil supply - ANZ
The global market is less dependent on OPEC’s oil production than it was a decade ago, courtesy of increasing US shale production since 2015, according to ANZ analysts.
That is evidenced through the fact that oil prices quickly lost gains seen following the US airstrikes on Iran's militia earlier this month.
The US shale oil revolution has alleviated dependence on OPEC supply. That said, the group is still important, contributing 30% to global supply.
Total US oil production has more than doubled to around 13mb/d since 2010, making the country a leading producer.
Recent unrest in Libya has seen the country’s National Oil Corporation declaring force majeure, production of about 700kb/d could be held up. Iraq is another producer vulnerable to production risk.