Posted on 05/28/2013 11:00:19 AM PDT by Ernest_at_the_Beach
LONDON (MarketWatch) Rising American output of shale oil is rewriting global trade patterns and deepening fault lines within the Organization of the Petroleum Exporting Countries, limiting its ability to mount a collective response. A crucial OPEC meeting in Vienna on Friday will mark the first stage of a debate on shales oils impact.
The meeting is unlikely to lead to a change in production levels, several OPEC delegates said but inaction would set the stage for a future showdown. We are heading toward some problems, a delegate from a Persian Gulf OPEC member said.
Oil output from the U.S. and Canada is set to rise about 21% from this year to 2018, according to data from the International Energy Agency, largely a result of growing production from fracking and other technologies that access once-inaccessible reserves.
African OPEC members such as Algeria and Nigeria which produce oil of similar grade to shale oil are suffering the worst effects from the North American oil boom; Nigeria oil minister Diezani Alison-Madueke deemed U.S. shale oil a grave concern.
(Excerpt) Read more at marketwatch.com ...
The 1 million barrels Marathon borrowed last year has been replaced, but the previous 2011 sale of oil (30 million) has not.
U.S. Ending Stocks of Crude Oil in SPR
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCSSTUS1&f=M
STRATEGIC PETROLEUM RESERVE
http://energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve
Mirrors their words exactly. It looks like an economy that is booming in certain markets and among crony markets (rhymes with phony) being goosed by the government.
The feedback I get from clients and suppliers along with other businesses is their orders are up and down. Some have seen their best year in a decade, while others their worst.
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