Saudi Gazette - OPEC & shale oil monster

Saudi Gazette - OPEC & shale oil monster:

"Several reports were published in the last few weeks about the potential impact of shale oil on the global oil market and its possible impact on OPEC future export share. Some of these reports were very optimistic in terms of the expected future increase in the global oil production from these unconventional hydrocarbon resources to reach a long-term self-dependency for some of the major oil consumers such as the United States which could have great negative impact on OPEC oil export share. This is the position that was adopted by the International Energy Agency (IEA) reporting that shale oil production boom in North America next year will be one of the largest rises in the rates growth of independent producers’ supply over the past two decades, helping to meet the global demand and leading to a shrinking share of OPEC countries. As a matter of fact, due to this, there were some reports that the Peak Oil Theory is dead."

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