Thanks to U.S. shale oil, demand for OPEC crude will remain largely unchanged over the next five...


Thanks to U.S. shale oil, demand for OPEC crude will remain largely unchanged over the next five years the IEA says in its semi-annual report. "Output growth from North America dominates the medium-term growth profile," the agency notes. By 2018, U.S. output should reach 11.9M barrels per day, 20% of the projected total of 59.3M barrels per day of non-OPEC supply.

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Comments (3)
  • User 353732
    , contributor
    Comments (5158) | Send Message
     
    What is happening in North America may also occur in Australia and Argentina with a lag of about 5 years and in several other parts of the world with a lag of maybe 10 years.
    Low permeability oil and gas(of which shale is a part) resources are widely found in the world.
    14 May 2013, 05:22 AM Reply Like
  • GaltMachine
    , contributor
    Comments (2068) | Send Message
     
    I blame Bush.
    14 May 2013, 08:22 AM Reply Like
  • asammar6
    , contributor
    Comments (6) | Send Message
     
    All of this oil, a market flood, and yet, prices simply will not come down. There is nothing like oversupply and lack of demand to drive oil prices and gasoline up.
    14 May 2013, 12:19 PM Reply Like
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