The Saudis are doing everything they can to keep us close to them. Personally I’d leave them behind in the dust.
https://www.wsj.com/articles/how-american-shale-drillers-flipped-opecs-script-1495618203
How American Shale Drillers Flipped OPEC’s Script
U.S. output has surged since production deal, leaving cartel with little choice but to extend cuts
By Lynn Cook
May 24, 2017 5:30 a.m. ET
OPEC’s back is against the wall and U.S. oil producers put it there.
When the cartel reached a landmark deal in November to curtail production to bolster crude prices, it was betting U.S. shale drillers would be too weak to step in and fill the void. It was wrong.
As it turns out for OPEC, competing against American shale oil really means competing against Wall Street and its financial engineering—a prospect that has bedeviled government-run oil companies from Saudi Arabia to Nigeria.
U.S. oil output has surged since the OPEC deal, and is now on pace to exceed 9.9 million barrels a day in 2018, a record, according to the U.S. Energy Information Administration. Hopes dashed, OPEC now has little choice but to extend the production cuts when the group meets in Vienna on Thursday in an attempt to ease the global oil glut.
snip
But, peak oil?
“they financed a Hollywood flick, Promised Land starring Matt Damon”.
Just one more reason to not care for this guy.
1. USA expanding oil production thanks to fracking and even newer extraction technologies.
2. China looking seriously at importing oil from Russia, where much of its oil resources are still untapped.
3. Iran getting back into good graces with the world community and massively opening up their way-underutilized oil fields with Western technology. Especially with Iran being able to export it out through Bandar Abbas, which means no more long trips through the Persian Gulf for supertankers.
Every excess is its own undoing.
Every excess is its own undoing.
That would be the EPE? This isn't even properly a typo. It is just stupid.