Saudi Arabia is encouraged by the dramatically improved US crude oil production outlook because it could help stabilize global markets, Petroleum and Mineral Resources Minister said.
The biggest question may be whether the US decides to export the crude it produces, he told the Center for Strategic and International Studies this week. “Our No. 1 interest is a well-balanced oil market that promotes a strong global economy,” he said.
Technological breakthroughs which have allowed the US to begin produce crude from tight shales and deepwater formations could bring welcome new supplies to global markets
In the blink of an eye, the scarcity scare-mongers have been replaced by the apostles of plenty – only this time, they’re backed by scientific evidence.
My thoughts: I expect global demand for fossil fuels to remain strong and the US will be the leader in oil production soon.