ROCKMAN wrote:Sure…the Saudis are curled up in a fetal position fearing our shales. LOL. Why not just stick with facts instead of opinions from some folks.
In 2002 the Saudis took in about $60 billion by selling 7.25 million bopd. In 2011 they took in $260 billion selling 7 million bopd. In 2012 their income jumped another $51 billion to $311 billion according to the EIA. Estimate for 2013 are running as high as $350 billion….5X as much as they made just 11 years ago.
Yep…our shale production is really hurting them. LOL. First, we don’t buy much KSA oil. Second, we may be importing less oil now but the US is still the leading oil importer on the planet. It’s estimated that for 2013 the US will spend $400 billion on imported oil. And this is with the aid of those “huge” gains from the shale we are currently enjoying.
Do any of those facts smell like “energy independence “ to you? Are you overwhelmed with an unbridled sense of optimism? LOL. Folks are free to predict whatever they want. But they can’t change the current facts. And now you have them.
OPEC acknowledged it underestimated the significance of the North American energy boom as it tripled estimates for shale oil produced there and predicted a decline in demand for its own crude through to 2018.
The need for crude from the Organization of Petroleum Exporting Countries, which produces about 40 percent of the world’s oil, will fall by 1.1 million barrels a day to 29.2 million barrels a day between 2013 and 2018, the Vienna-based group said today in its annual World Oil Outlook. Oil production from shale formations in the U.S. and Canada is seen climbing to 4.9 million barrels a day in 2018, compared with an estimate of 1.7 million barrels a day in last year’s report.
“The big picture is obviously surging shale production,” Mike Wittner, head of oil market research at Societe Generale SA, said in a telephone interview from New York before the release of the report.
OPEC’s analysis shows how growing oil output in North Dakota and Texas will prevent the 53-year-old group of 12 oil producers, mostly situated in the Middle East, from capitalizing on the 4.8 million barrel-a-day increase in oil demand it expects over the next five years.
The supply surge has also contributed to a decline this year in the price of oil grades on the U.S. Gulf Coast that influence the price of exports from Saudi Arabia, Kuwait and Iraq. The Gulf crude Mars Blend has fallen 12 percent this year to $93.05 a barrel yesterday, according to data compiled by Bloomberg.
Graeme wrote:OPEC Sees Less Demand for its Oil to 2018 Amid Shale BoomOPEC acknowledged it underestimated the significance of the North American energy boom as it tripled estimates for shale oil produced there and predicted a decline in demand for its own crude through to 2018.
ROCKMAN wrote:Sure…the Saudis are curled up in a fetal position fearing our shales. LOL. Why not just stick with facts instead of opinions from some folks.
ROCKMAN wrote:OPEC, which holds 80 percent of the world's conventional oil reserves, wants prices to be around $100 a barrel, which in nominal terms is almost four times their level a decade ago. Higher prices have helped to make a wider range of supply commercially viable, including fracking, oil extraction from tar sands and conventional oil wells in more remote locations and in harder-to-tap reservoirs like ultra deep waters.
Alfred Tennyson wrote:We are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
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