Saudi Gazette - Fracking changes market landscape:
"Late last year, when the energy guru Fatih Birol, while presenting the IEA World Energy Outlook 2012 asserted that the energy world was undergoing a major transformation – he also presented a timeframe for the revolution to materialize. Peaking in 2020, US crude production would overtake Saudi Arabia by 2017, he then projected.
He added that over the next few years, traditional gas producers too would lose their market influence. “They would be losing market share in the coming years.” Citing figures, he pointed out that over the next three years, the US was destined to outpace the largest gas producer – Russia - too.
The forecasts are coming true – albeit – much earlier than projected. Making projections, looking into the energy crystal ball, is a hazardous profession. Interestingly, Fatih has adopted this as a profession.
The US is now destined to end 2013 as the world’s largest producer of petroleum and natural gas, surpassing Russia and Saudi Arabia, the US Energy Information Administration (EIA) is now saying. And this happens despite Russia’s considerable untapped unconventional gas reserves, as the energy giant struggles to maintain output. "
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