The Organization of Petroleum Exporting Countries(OPEC) has cut its forecast of demand for crude oil from Nigeria and other member nations next year by 300,000 barrels per day (bpd), owing to the surging supply from non-OPEC producers, particularly the United States (US). According to the Bank of America Corporation, Saudi Arabia and Russia have both been overtaken by the US who has become the world’s biggest producer of oil as extraction of energy from shale rock is strengthening the nation’s economy.