The
Wall Street Journal (1/17, Williams, Subscription Publication) reports
Wednesday BP issued its annual energy forecast, and said rising North
American shale oil production will pressure OPEC to cut its crude
production, leaving the largest buffer in global oil supplies in more
than 10 years. The Journal says BP's forecast underscores the map
re-drawing effects of the current North American shale boom. The
forecast, which discussed the global energy industry through 2030, also
said that by that time there wouldn't be a significant shale boom
outside of North America, as investment conditions for unconventional
gas and oil in Asia and Europe will remain less favorable. BP chief
economist Christof Ruehl said the US might surpass Saudi Arabia as the
world's biggest hydocarbon liquids producer this year, highlighting the
rapid progress of growth in the shale oil and gas fields. The report also predicted by 2030 the US will be importing only 1% of its yearly energy needs, versus 30% in 2005.
BP
Projection: US Will Be Energy Self-Sufficient By 2030. US News &
World Report (1/17, Handley) reports in a press release Wednesday BP CEO
Bob Dudley said, "The outlook shows the degree to which once-accepted
wisdom has been turned on its head. The US will not be increasingly
dependent on energy imports, with energy set to reinvigorate its
economy.
US To Take Lead In Oil Production,
Says BP. The UK's Financial Times (1/17, Chazan, Subscription
Publication) reports BP chief economist Christof Ruhl said other nations
will be slow in following the US shale boom, and North America will be
the dominant producer of shale products over the next 20 years. He
argued other possible shale giants like China lack the combination of
factors that have led to the North American shale boom, including
favorable fiscal policies and a booming oilfield services sector to
support exploration, extraction, and production of shale gas and oil.
Still, global shale gas production levels will triple by 2030 and shale
oil will grow six times its current global production level.
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