Despite US Energy Revolution, US Is Not Immune To OPEC Disruption
Rigzone is reporting:
While the Organization of Petroleum Exporting Countries (OPEC) will
likely be unable to defend its position on both market share and prices
in the wake of growing U.S. tight oil supply, growth in non-OPEC supply
does not mean the United States will be immune from a disruption of
Saudi Arabian oil exports, a policy expert told attendees at a June 12
forum at Rice University.
The U.S. shale boom changed the perception that Saudi Arabian Oil Co.
(Saudi Aramco) would dominate the global oil supply, shifting the
center of the energy world back to America, said Amy Myers Jaffe,
executive director for energy and sustainability at the University of
California at Davis, at the Energy Market Globalization: Investment and
Commodity Price Cycles and the Role of Geopolitics.
Jaffe referenced a Wood Mackenzie study that estimates $80 billion
will be invested in 2015 in North America tight oil plays as new
pipelines and refinery upgrades transform the U.S. energy landscape.
U.S. liquids production also could potentially keep growing, with some
estimates has high as 10 million barrels of oil per day. While Jaffe is
not sure she agrees that production will rise as high as 10 million
bopd, the production trendline is definitely up, with initial estimates
of 3 million bopd looking "very achievable."
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