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 ...
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
[[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)
In this we agree. I didn't get that from your statements above.
Cheers!
I hope this is just the tip of the iceberg, not only for America, but for the rest of the non Muslim, free world.
The power to tax is the power to destroy........John Marshall
THANK YOU, THANK YOU!
Exactly what I was looking for and more!
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.
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
There was no drilling activity last week in Union Parish.
http://gis.bakerhughesdirect.com/RigCounts/default2.aspx
Not last week, but fairly recently, according to SW Energy. Also several locations in Lincoln Parish about to get started, I am told.
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.
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