“OPEC will be around after shale oil finishes,” secretary-general Abdullah El-Badri said with a smile Friday as the 12-nation Organization of Petroleum Exporting Countries (OPEC) met in Vienna.
An explosion in hard-to-reach energy trapped in shale, or sedimentary rock, has sparked doubts about OPEC’s standing in the global oil market, analysts say. However, El-Badri played down talk that the…
The International Energy Agency said last month that shale was sparking a “supply shock”, creating a brand new energy supply that was reshaping the industry.
I think he is wrong and I would wager to say that OPEC may become irrelevant by the end of this decade finding it very hard to keep their “oil price” making powers.