Peak oil is a lie.. just like Man made global warming.. Oil supply: The cartel’s challenge ft/cms/s/0/bc23bc7a-581a-11e3-82fc-00144feabdc0.html#ixzz2mGtmgJLi Talk of an oil supply revolution begins in the US. America is producing more crude than it is importing for the first time since the 1990s. Within a few years it is expected to be the world’s largest oil producer. The country may also be weaning itself off its addiction to oil. This year consumption of petroleum products is running 10 per cent below its 2005 peak, while cheap and abundant shale gas is finding its way into train and truck engines, making inroads into oil’s monopoly as a transport fuel. So far this has had little impact on oil prices, as civil war in Libya and sanctions against Iran have offset US production growth. Brent has averaged around $108.50 a barrel this year and Saudi Arabia has had to produce at record levels of more than 10m barrels per day. Output from other Gulf states, Kuwait and the United Arab Emirates, is also close to, or at, record levels. US imports from the Middle East have held up remarkably well, too, as sophisticated Texan refineries continue to rely on the region’s heavier crudes. But the US transformation has not gone unnoticed in the Gulf, particularly in Riyadh. “The US is saying it will be the largest producer in the world, that it will become energy independent and that the world will depend less on imported oil. All of these messages are disturbing,” says Mohammad Al Sabban, a senior adviser to the Saudi oil minister from 1986 until last year.
Posted on: Mon, 02 Dec 2013 00:10:57 +0000
Trending Topics
Recently Viewed Topics
© 2015