Saudi Gazette - GCC oil exports shift from US to Asia as ‘fracking’ broadens

Saudi Gazette - GCC oil exports shift from US to Asia as ‘fracking’ broadens:

"The negative impact of shale gas on the GCC won’t be significant for at least another 20 years, citing the high cost of shale gas and projected growth in Asia’s oil consumption, Kuwait-based Asiya Investments said in its new report titled “Shale gas impact on the GCC” released Wednesday.

In fact, the report noted that Asia’s oil consumption growth will outpace natural gas consumption during the same period. 

Commenting on the report, Asiya Investments’ economist Dana Al Fakir said: “There is much hype about shale oil and gas these days, and much of it is true, especially in the US. But on the global scene we see no major changes in the dynamics of Gulf oil in the next two decades. Consumption is projected to continue to grow driven by fossil-fuel hungry Asian economies. And the Gulf is successfully shifting their attention to cater to that demand.” "

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