Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

US shale oil supply shock shifts global power balance
BBC ^ | 14 May 2013 Last updated at 10:00 ET | STAFF

Posted on 05/14/2013 8:25:13 AM PDT by Red Badger

A steeper-than-expected rise in US shale oil reserves is about to change the global balance of power between new and existing producers, a report says.

Over the next five years, the US will account for a third of new oil supplies, according to the International Energy Agency (IEA).

The US will change from the world's leading importer of oil to a net exporter.

Demand for oil from Middle-East oil producers is set to slow as a result.

"North America has set off a supply shock that is sending ripples throughout the world," said IEA executive director Maria van der Hoeven.

The surge in US production will reshape the whole industry, according to the IEA, which made the prediction in its closely-watched bi-annual report examining trends in oil supply and demand over the next five years.

The IEA said it expected the US to overtake Russia as the world's biggest gas producer by 2015 and to become "all but self-sufficient" in its energy needs by about 2035.

The rise in US production means the world's reliance on oil from traditional oil producing countries in the Middle East, which make up Opec (the Organization of the Petroleum Exporting Countries), would end soon, according to the report.

Slower growth

US production is set to grow by 3.9 million barrels of oil per day (bpd) from 2012 to 2018, accounting for some two-thirds of the predicted growth in traditional non-Opec production, according to the IEA. Continue reading the main story “Start Quote

The regional fallout from the 'Arab Spring' is taking a toll on investment and capacity growth”

IEA

Meanwhile, global oil demand is set to increase by 8% which would be met mainly by non-Opec supplies, the report said

(Excerpt) Read more at bbc.co.uk ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; Government
KEYWORDS: energy; gas; iea; oil; opec; petroleum; shale
Navigation: use the links below to view more comments.
first previous 1-2021-4041-53 last
To: CottShop

Venezuela’s Gas Prices Remain Low, but the Political Costs May Be Rising
http://www.nytimes.com/2007/10/30/world/americas/30venezuela.html?_r=0

Saudi Arabia Must Review Its Oil Subsidies, Former Adviser Says
http://www.bloomberg.com/news/2012-12-27/saudi-arabia-must-review-its-oil-subsidies-former-adviser-says.html


41 posted on 05/14/2013 9:47:40 AM PDT by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 39 | View Replies]

To: thackney

[[we set our own prices there is your false assumption. The producers will not spend money in this country to sell at below market rates.]]

that is precisely my point- IF we go indepedent, we will NEVER sell oil below what it costs (which is why I was not sure how michelle backman coudl make that claim)


42 posted on 05/14/2013 9:52:44 AM PDT by CottShop (Scientific belief does not constitute scientific evidence, nor does it convey scientific knowledge)
[ Post Reply | Private Reply | To 40 | View Replies]

To: CottShop
IF we go indepedent, we will NEVER sell oil below what it costs

In this we agree. I didn't get that from your statements above.

Cheers!

43 posted on 05/14/2013 9:55:10 AM PDT by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 42 | View Replies]

To: Red Badger

I hope this is just the tip of the iceberg, not only for America, but for the rest of the non Muslim, free world.


44 posted on 05/14/2013 10:01:49 AM PDT by pallis
[ Post Reply | Private Reply | To 1 | View Replies]

To: pallis

The power to tax is the power to destroy........John Marshall


45 posted on 05/14/2013 10:16:37 AM PDT by Red Badger (Want to be surprised? Google your own name......Want to have fun? Google your friend's names........)
[ Post Reply | Private Reply | To 44 | View Replies]

To: Red Badger
And the looney Gaia infected Al gore worshipping Earth-before-humans environazis want to stop it!
46 posted on 05/14/2013 10:25:16 AM PDT by PATRIOT1876 (The only crimes that are 100% preventable are crimes committed by illegal aliens)
[ Post Reply | Private Reply | To 1 | View Replies]

To: thackney

THANK YOU, THANK YOU!

Exactly what I was looking for and more!


47 posted on 05/14/2013 12:48:37 PM PDT by DUMBGRUNT (The best is the enemy of the good!)
[ Post Reply | Private Reply | To 36 | View Replies]

To: Red Badger

Hedge fund guru David Tepper was on CNBC this morning and relayed a story about another hedge fund friend who was talking to the Chinese. The Chinese said, “America is so lucky with all this shale oil and gas.” The hedgie replied, “You know why? Because God blesses America you athiest.”

I LOL’d on that comment.


48 posted on 05/14/2013 12:52:35 PM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: thackney

Coffee shop chatter this morning reporting extensive drilling activity in Union Parish lately. Lots of oilfield types in the restaurants, Wal-Mart, etc.

Union Parish is north and east of us, and borders Arkansas. This is the “Brown Dense” formation that made the news a couple of years ago.

http://www.swn.com/operations/pages/browndense.aspx


49 posted on 05/14/2013 12:55:35 PM PDT by abb
[ Post Reply | Private Reply | To 4 | View Replies]

To: abb

50 posted on 05/14/2013 12:56:46 PM PDT by abb
[ Post Reply | Private Reply | To 49 | View Replies]

To: abb

There was no drilling activity last week in Union Parish.

http://gis.bakerhughesdirect.com/RigCounts/default2.aspx


51 posted on 05/14/2013 1:06:16 PM PDT by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 49 | View Replies]

To: thackney

Not last week, but fairly recently, according to SW Energy. Also several locations in Lincoln Parish about to get started, I am told.


52 posted on 05/14/2013 1:13:21 PM PDT by abb
[ Post Reply | Private Reply | To 51 | View Replies]

To: abb

GoHaynesvilleShale.com usually lists the week’s completions and permits.

They are taken from the Shreveport Times but gives other sources of “rumor and gossip” as well.

For Example:
http://www.gohaynesvilleshale.com/forum/topics/oil-gas-news-may-11-2013-shreveporttimes-com

It is good to here of continued interest in the area. I’m waiting for the James Lime to move forward into exploration in our area. There has been success in that both east and west of us.


53 posted on 05/14/2013 1:22:50 PM PDT by thackney (life is fragile, handle with prayer)
[ Post Reply | Private Reply | To 52 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-53 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson