OPEC: N American Shale Output A Major Factor Two years after dismissing North Americas shale-oil boom as marginal, OPEC changed its tune Thursday, acknowledging new extraction technology there could sharply cut the need for the cartels own oil. In its annual World Oil Outlook, the Organization of Petroleum Exporting Countries said new oil supply from Canada and the U.S would reach 4.9 million barrels a day within five years. Thats more than double last years forecast of 1.7 million barrels a day by 2018. As a result, global needs for the groups own crude will be one million barrels a day less by 2018, OPEC said. OPEC, which groups some of the worlds biggest producers, has been slow to recognize the scale of North Americas oil boom. In the same report in 2011, it said shale oil should not be viewed as anything more than a source of marginal additions to global supply. Dow Jones Tomorrows News Today
Posted on: Fri, 08 Nov 2013 05:03:10 +0000
Trending Topics
Recently Viewed Topics
© 2015