Reuters: Fracking revolution goes global

Forget OPEC. By far the most important oil news today is that Saudi Aramco and China's giant Sinopec and CNOOC energy firms are each in talks to buy up to a 30 percent stake in U.S. oil and gas services company Frac Tech International.

Frac Tech's expertise in hydraulic fracturing makes it a major player in the fast-growing part of the oil and gas industry, which is set to radically alter the world's energy supply picture in the next decade.

Frac Tech, which is 30 percent owned by Chesapeake Energy , is also in advanced talks with Aramco, Sinopec and Spain's Repsol-YPF to establish three separate fracking joint ventures in the Middle East, Argentina and China. HERE