Oh and btw, check out February’s latest Assay of Bakken oil. It’s now API 43 degrees. That’s very close to condensate.
IOW, it’s not oil. It’s “liquids”. Nearly no diesel or kerosene (jet fuel) in its constituent refinery yield.
You can find this info at Statoil’s assay page.
So Owen, How do you see the market developing?
Is American shale just a temporary bump in the road?
Do you expect OPEC to reassert its market control and prices to rise? If so, when?
Other folks have estimated the total amount of shale oil to be very large. Will it effectively cap prices in the “shale band” of $45-$65?