OPEC comments on Shale Boom's Impact
OPEC finally acknowledges Shale Boom's true impact ---
LONDON/VIENNA, Nov 7 (Reuters) - "OPEC could lose almost 8 percent of its oil market share in the next five years as the shale energy boom and other competing sources boost rival supply, offering the exporter group little benefit from rising world demand.
The Organization of the Petroleum Exporting Countries has been slower than some to acknowledge the impact that hydraulic fracturing, or fracking, is having on supply. Earlier this year, it decided to carry out its own research into shale oil." http://www.reuters.com/article/2013/11/07/opec-outlook-idUSL5N0IS4I...
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Permalink Reply by Jim Litwinowicz on -
Interesting read. But its seems that all they talk about is tight oil production from shale. The only time it mentions gas is one line stating that Saudi Arabia plans to do some shale drilling gas to use for domestic power production. They fail to understand how US nat gas is so plentiful that it should displace oil. If we finally get smart enough to convert our road tractors to nat gas we will reduce our oil imports dramatically. That would get their attention.
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