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Fracking Threatens OPEC as U.S. Output at 20-Year High

A surge in oil production has pushed U.S. output to the highest level since 1992, a trend expected to further reduce the nation’s reliance on the Organization of Petroleum Exporting Countries.

The world’s largest crude consumer has cut net petroleum imports from OPEC by 37 percent from the January 2008 record of 6.371 million barrels a day, according to the Energy Information Administration. Rising domestic output combined with increasing Canadian crude will further cut imports from the 12 OPEC countries by the end of 2014, according to a report today from Citigroup Inc.