Date: 20/03/2017 10:11
Information / Baghdad ..
The newspaper "The Times" British, Monday confirmed that the recent OPEC decisions have led to a major boom in the extraction of shale oil in the United States industry.
The newspaper said in a report, that one of the great promises that US President Trump has pledged to meet during his election campaign, to achieve "a revolution in the field of energy" will produce a wealth of shale oil investment in the United States, and "it was doubtful that are expected to achieve the Kingdom Saudi Arabia it to him. "
The report said that since the decision of the Organization of oil producing countries, "OPEC" led by Saudi Arabia reducing production ceiling last November, saw the US shale oil extraction industry boom to levels not reached it since 2014.
The report cites Norbert Rucker, head of the market research at Julius Bear Foundation, as saying that "shale oil boom during the coming year and a half or two years, likely to return to the previous high levels of production."
The report points out that the first boom in shale oil production in the United States in the period between 2012 to 2014, after benefiting from high oil prices, which amounted to about $ 100, but the price of oil dropped below fifty dollars, and to less than $ 25 per year next.
The report shows that this decline was planned in OPEC countries pumped when the 13 member more oil to achieve abundance in the oil markets caused a reduction of the sale price of oil and thus shale oil becomes economically feasible without the high cost of production.
But after a sharp decline in oil prices on the economies of large OPEC countries and the effects of these countries they returned to the agreement with 11 other oil-producing country, including Russia, to reduce the production ceiling for the first time in eight years.
The price of oil has risen to about $ 50 in spite of concerns that some OPEC members may not deliver on his promises to reduce production.
The report says that he believes that the United States has the world's largest reserves of shale oil, could be up to 80 billion barrels, according to the latest US Energy Information Administration estimates. Finished / 25