Posted on 01/30/2018 4:39:34 PM PST by nickcarraway
“I was not disputing the amazing revolution of shale . . .[but] in the overall global supply demand picture it’s not going to wreck the train,” al-Falih said, charging that the IEA is overstating the role of shale in a global market. “We should not be scared,” he added. “That’s the core job of the IEA, not to take it out of context.”
Al-Falih has clearly become annoyed at all the pestering from reporters and market analysts about the prospect of U.S. shale spoiling OPEC’s plans this year. He put on a brave face and dismissed questions about OPEC losing market share as U.S. drillers continue to ramp up.
His testy response won’t kill rumors about discord growing from within OPEC. At a panel event at the World Economic Forum in Davos, Switzerland, al-Falih said that the IEA is overhyping the impact of U.S. shale.
The comments come a week after the IEA published its January Oil Market Report, in which it said that “explosive” shale growth, combined with production gains in Canada and Brazil, would “far outweigh” any declines from Venezuela and Mexico. The conclusion was the basis for the IEA predicting non-OPEC supply growth of 1.7 million barrels per day (mb/d) in 2018, a figure that exceeds demand growth of 1.3 mb/d. In other words, the IEA says the oil market will once again be oversupplied, largely because of U.S. shale.
(Excerpt) Read more at oilprice.com ...
I see this as a ‘shale Mary’ pass, that will fail.
” the oil market will once again be oversupplied, largely because of U.S. shale”
With oil at $69+ the boys in the Permian Basin are hard at work again. Texas has now well surpassed North Dakota as the place to be. And you better believe that this bothers the Saudis. Their salad days are coming to an end, and the recent arrest of scores of Saudi princes and plutocrats (thieves all) was an indication of that.
The coming growth in the global economy will soak up lots of oil
What would happen if the US put a $50/bbl export tariff on oil?
US exports would cease the next day, but the price of oil for every other nation on the planet would double overnight.
How great would it be for the United States to be competing with other countries if their energy costs are twice ours?
So much winning. I am getting tired of all the winning.
President Trump warned us this would happen...
If oil prices fall, they can always beat another $100 billion out of corrupt princes and businessmen.
Venezuela has the largest proven reserves in the world. Imagine if their production were not falling, because they are a basket case.
“In other words, the IEA says the oil market will once again be oversupplied, largely because of U.S. shale”
Yay!
Now that’s what I call Peak Oil!
Bwhahahahahahahahahahahaahahhaaahhahaha
They may have just made an agreement with China to let them buy oil from them in Yuan. That could be the start of a huge problem for us.
Sure he’s not scared but what about the Saudi princes sitting in jail? I’m sure that has nothing to do with fear over the oil markets.
The same hype that has cost them billions? OK then.
His testy response won’t kill rumors about discord growing from within OPEC. At a panel event at the World Economic Forum in Davos, Switzerland, al-Falih said that the IEA is overhyping the impact of U.S. shale. The comments come a week after the IEA published its January Oil Market Report, in which it said that “explosive” shale growth, combined with production gains in Canada and Brazil, would “far outweigh” any declines from Venezuela and Mexico. The conclusion was the basis for the IEA predicting non-OPEC supply growth of 1.7 million barrels per day (mb/d) in 2018
fracking only works in the US.
why is that?
there must be other countries with older oil fields,
that would benefit from fracking
Well, I am tired of US Military being used so that Saudis can run a pipeline through Syria in order to supply oil to Europe.
Anyone thinking that Russia was going to sit back and allow Syria to go the way of Libya, just has no grip on reality-that would be the Obama & HRC war mongers.
America Rocks! (One we stake the Marxists for good that is)
Once. Sheesh!
No problem. I knew what you meant, and I drop letters all the time.
Yes it does...
Russia intervened in Syria for two reasons, and it had nothing to do with ISIS, or Christians. They did it because Iran told them to, and to maintain a warm weather port in the Mediterranean.
Fracking has been around since before Eisenhower was President. Directional Horizontal Drilling is relatively new in comparison. Microwave conversion of kerogen to oil in the Green River shale may be the next big oil-patch bonanza.
https://oilprice.com/Energy/Energy-General/Can-Microwave-Technology-Compete-With-Fracking.html
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