From CNBC: The Arabs and Israelis can fight over sand – and no
one will care. U.S. oil and gas
production is evolving so rapidly—and demand is dropping so quickly—that in
just five years the U.S. could no longer need to buy oil from any source but Canada,
according to Citi global head of commodities research.
Citigroup's Edward Morse, in a new report, projects a
dramatic reshaping of the global energy industry, where the U.S., in a matter
of years, becomes an exporter of energy, instead of one of the biggest
importers.
The shift could sharply reduce the price of oil, and therefore
limit the revenues of the producing nations of OPEC, as well as Russia and West
Africa. Those nations face new challenges: not only are the U.S. and Canada
increasing output, but Iraq increasingly is realizing its potential as an oil
producer, adding 600,000 barrels a day of production annually for the next
several years….
Read more at http://www.cnbc.com/id/100450133
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