1383
Oil Would Hit $150 Without US Shale: EIA
Energy

Oil Would Hit $150 Without US Shale: EIA

Crude oil would cost at least $150 a barrel due to supply disruptions in the Middle East and North Africa were it not for rising production in North Dakota and Texas, US Energy Information Administration (EIA) chief Adam Sieminski said in an interview.
According to Reuters, oil output from the oil-rich Bakken, Permian and Eagle Ford shale formations in those two states, as well as other smaller formations around the nation, has spiked in the past decade to more than 4 million barrels per day.
That new oil has helped the United States weather supply disruptions from Libya, Iraq and other one-time major oil producers in which political and military turmoil has sharply depressed production, Sieminski said ahead of the North Dakota Petroleum Council’s annual meeting.
“If we did not have the growth in North Dakota, in the Eagle Ford and the Permian, oil could be $150 (per barrel),” Sieminski said. “There is a long list of countries with petroleum outages that add up to about 3 million barrels per day.”
While some have questioned whether North Dakota’s oil boom will continue or peter out, as similar oil booms did in the 1950s and 1980s, Sieminski said he expects production to continue and could eventually hit 2 million barrels per day.

Short URL : http://goo.gl/gbkQhs

You can also read ...

China Rejects US Sanctions, Vows to Continue Iran Crude Purchase
As the US and Iran continue to trade barbs over the...
Zanganeh to Attend OPEC, Non-OPEC Committee Meeting
Iran's Oil Minister Bijan Namdar Zanganeh will attend a...
Venezuela Braces for Pricey Gasoline
Gasoline prices in Venezuela will soon catch up with world...
S. Korea Iran Crude Imports Up 15%
South Korea’s imports of Iranian crude rose around 15% in July...
India Vying for US Waiver
India, the second biggest crude customer of Iran, may cut its...
Indonesia Cuts Oil Imports
Indonesia’s PT Pertamina will get an extra 225,000 barrels per...
UK's Quercus Halts Iran Renewable Project
British renewable energy investor Quercus said it will halt...
NPC Not Worried About Exports
The National Petrochemical Company is not concerned about...

Trending

Googleplus