!!

Welcome Guest

You are viewing this forum as a guest therefore You are Not Allowed to Post and Reply and You are not allowed to view links. Register or Login

collapse

* Search


* Recent Replies

How To Get Web Traffic From Social Media by [Not Shown, Login to View]
[Oct 15, 2018]


Site contributor click in Google Ads by [Not Shown, Login to View]
[Oct 14, 2018]


my first website online by [Not Shown, Login to View]
[Sep 30, 2018]


Website Showcase - Drop Your Website Link(s) Here by [Not Shown, Login to View]
[Sep 19, 2018]


How to Apply for Payoneer Card and US Payment Service to Receive Amazon & others by [Not Shown, Login to View]
[Sep 19, 2018]


Ads plugins by [Not Shown, Login to View]
[Sep 14, 2018]


European Union laws by [Not Shown, Login to View]
[Sep 14, 2018]


price for a web design project by [Not Shown, Login to View]
[Sep 12, 2018]


WordPress on whogohost by [Not Shown, Login to View]
[Sep 07, 2018]


User ID Pageviews Plugin by [Not Shown, Login to View]
[Sep 07, 2018]


facebook ads by [Not Shown, Login to View]
[Sep 07, 2018]


How to Start Amazon affiliate marketing by [Not Shown, Login to View]
[Sep 07, 2018]


Possibility of Monetizing YouTube using a Nigerian postal address,etc ? by [Not Shown, Login to View]
[Sep 07, 2018]


Can I Build an Ecommerce Site Using Blogger? by [Not Shown, Login to View]
[Sep 04, 2018]


Creating public opinion poll on a website by [Not Shown, Login to View]
[Aug 17, 2018]


Add A Second Admin To Word press Site by [Not Shown, Login to View]
[Aug 17, 2018]


Google page ranking discontinued. by [Not Shown, Login to View]
[Aug 17, 2018]


Amazon registration in becoming an affiliate 2016 by [Not Shown, Login to View]
[Aug 17, 2018]


How to become a money maker agent by [Not Shown, Login to View]
[Aug 10, 2018]


Adding Widget to Feedburner by [Not Shown, Login to View]
[Aug 02, 2018]


Am sorry for my long break,am happy am back by [Not Shown, Login to View]
[Jul 18, 2018]


Another Course Update - Introducing Fast Track M.O.B by [Not Shown, Login to View]
[Jul 17, 2018]


Pop up ads wordpress plugin by [Not Shown, Login to View]
[Jul 14, 2018]


Information on Google Adwords by [Not Shown, Login to View]
[Jul 13, 2018]


Can I embed Images in my Blog Along With Adsense? by [Not Shown, Login to View]
[Jul 13, 2018]


Amount of Disc Space for A News Site by [Not Shown, Login to View]
[Jul 13, 2018]


Which Chamber, 1, 2 or 5? by [Not Shown, Login to View]
[Jul 13, 2018]


Amazon Identity Verification by [Not Shown, Login to View]
[Jul 13, 2018]


Building With WordPress: Can't find some plugins by [Not Shown, Login to View]
[Jul 13, 2018]


New Facebook page for every new business idea you want to promote? by [Not Shown, Login to View]
[Jul 13, 2018]

Author Topic: Impending Shift in Oil Supplies  (Read 840 times)

0 Members and 1 Guest are viewing this topic.

Offline [Not Shown, Login to View]

  • Forum Guide
  • Level 4 (Dedicated)
  • ******
  • Posts: 1056
  • Respect: +270
  • Gender: Male
  • Location: Ibadan, Oyo State of Nigeria
  • 1st Chamber
  • My Rank: 88
Impending Shift in Oil Supplies
« on: May 15, 2013 »
0

U.S shale oil supply shock shifts global power balance

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.

The regional fallout from the 'Arab Spring' is taking a toll oninvestment 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

The IEA still expects production capacity among traditional Opec suppliers in the Middle East to continue to grow over the next five years, but at a slower rate.

Opec capacity, which counts for 35% of today's global oil output, is expected to rise by 1.75 million bpd to 36.75 million bpd in 2018, about 750,000 bpd less than predicted in the IEA's 2012 forecast.

The IEA cites the "growing insecurity in North and Sub-Saharan Africa" in the wake of the Arab Spring uprisings as a key reason for the slowdown.

"The regional fallout from the 'Arab Spring' is taking a toll on investment and capacity growth," the IEA said.

Fracking

The sharp rise in US oil production is largely thanks to shale oil, a product many have hailed as the saviour of the US energy market.

Fracking, the process of blasting water at high pressure into shale rock to release oil (or gas) held within it, has become widespread in the US.

But critics of shale oil point to environmental concerns such as high water use and possible water contamination, the release of methane and, to a lesser extent, earth tremors caused by drilling.

The process has been banned in France, while the UK recently lifted a moratorium on drilling for shale gas.


Knowledge Is Power – Seek For It

 

Related Topics

  Subject / Started by Replies Last post
2 Replies
529 Views
Last post Jul 28, 2013
by [Not Shown, Login to View]
0 Replies
541 Views
Last post Nov 06, 2013
by [Not Shown, Login to View]
0 Replies
469 Views
Last post Dec 27, 2013
by [Not Shown, Login to View]

TinyPortal © 2005-2011
SimplePortal 2.3.5 © 2008-2012, SimplePortal