[Oilprice.com] Across the world’s big energy markets, the energy war rages on. OPEC and U.S. producers have been competing for years, but it’s now clear who’s winning this fight.American production of crude oil rose to an all-time high, surpassing 10 million bpd. In February, the International Energy Agency predicted that U.S. shale output could meet all new global demand, thanks to its "extraordinary growth."
In the battle for global market share, the U.S. is winning, as Saudi exports reach their lowest levels since the 1980s. As Saudi Arabia is forced to maintain costly production cuts, the United States has embraced an energy revolution.
OPEC cuts, led by the cartel’s leader Saudi Arabia, have propped up prices, but there’s no question how U.S. companies have come out on top.
By embracing new technologies, innovations in upstream and downstream, and achieving maximum efficiency, American companies on the shale patch and elsewhere have unlocked American energy potential.
But while shale has been the big story, it’s really just the beginning.
One little company is preparing to take U.S. energy to the next stage: unlocking oil trapped in U.S. oil sands for as little as $22/barrel and using blockchain-based supply-chain management to improve efficiency and cut out the middlemen.