Time to catch up: Saudi Arabia taking the fast track to shale production | Al Bawaba

Time to catch up: Saudi Arabia taking the fast track to shale production | Al Bawaba:

"Saudi Arabia is pushing to boost its oil production capacity by 1.75 million barrels per day by 2017 and is fast-tracking shale gas exploration, analysts say.

Producers outside the Organization of Petroleum Exporting Countries will increase 2014 output by a near-record 1.7 million barrels a day to 56.4 million, the International Energy Agency said earlier.

OPEC’s 12 members will need to pump an average 29 million barrels a day in 2014, about 100,000 less than the IEA had predicted last month and almost 1 million a day less than the group is currently producing, the agency said.

Analysts said  there are indications that Saudi Arabia  is cranking up production already at a 32-year-high of more than 10 million barrels per day to cover shortfalls in crude exports by trouble-plagued Libya."

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