Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi 'welcomes' US shale oil boom  Join our daily free Newsletter

MENAFN - AFP - 19/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - AFP) Saudi Arabia, an Organisation of Petroleum Exporting Countries kingpin, is unconcerned by the US shale oil boom, Oil Minister Ali al-Naimi said Sunday as he met the US energy secretary in Riyadh."We discussed the increased production of shale oil in the United States and elsewhere. The kingdom welcomes this new source of energy that helps fulfil the growing world demand for energy, and helps stabilise oil markets," state news agency SPA quoted Naimi as saying.In October, oil production in the United States surpassed oil imports for the first time in nearly two decades, helped mainly by production from newly-tapped shale-based reserves.Domestic output hit 7.7 million barrels per day (mbpd) in October, a 24-year high, the Energy Information Agency said in November.Oil imports, long seen as a strategic and economic vulnerability for the US, sank well below that figure to a 17-year low, it said.The onset of hydraulic fracturing, or fracking, has allowed drillers to unlock reserves in hard-to-exploit shale strata and brought on a rise in the production of oil and natural gas.The shift has taken US reliance on imported oil to less than 40 percent of domestic consumption, compared with more than 60 percent at the peak of import dependence in 2005.The EIA forecasts imports will make up only 28 percent of consumption in 2014, the lowest level since 1985.During their meeting on Sunday, Naimi and US Energy Secretary Ernest Moniz discussed the decades-long cooperation between their countries, as well as oil markets, SPA said.Oil contributes the bulk of Saudi Arabia's revenues, which pumps 9.7 mbpd, and has a capacity to produce more than 12 mbpd.


 


AFP




  MENA News Headlines
 Jan 29 2015 - HH the Emir Receives Phone Call from Ban Ki-moonQatar News Agency
(MENAFN - QNA) HH the Emir Sheikh Tamim bin Hamad Al-Thani on Thursday received a phone call from the United Nations Secretary-General, Ban Ki-moon, during which he thanked HH the Emir on the ...

 Jan 29 2015 - Consumer spends on pharma products to increase to Dh5.03b by 2020Khaleej Times
(MENAFN - Khaleej Times) Dubai € Consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE has experienced a strong increase and is forecast to be valued around ...

 Jan 29 2015 - UAE- Time to put cyber security on top priorityKhaleej Times
(MENAFN - Khaleej Times) Kaspersky lab solutions block millions of attacks across the globe, which clearly indicates that cyber criminals are smart, but not smarter than security providers.This was ...

 Jan 29 2015 - Indian business council honours Emirati businessmenKhaleej Times
(MENAFN - Khaleej Times) Dubai - The Indian Business and Professional Council (IBPC) hosted a reception on the occasion of the 66th Republic Day of India at the Oberoi Hotel, Business Bay, on Sunday. ...

 Jan 29 2015 - UAE, Canada discuss ways to boost tradeKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, received a Canadian delegation led by Martin Zablocki, CEO of the Canadian ...

 Jan 29 2015 - Emirates NBD facilitates Stanbic in $85 million loan facilityKhaleej Times
(MENAFN - Khaleej Times) Al Ahli Bank of Kuwait and Standard Chartered Bank joined the transaction as mandated lead arrangers while Al Khalij Commercial Bank and The Commercial Bank of Qatar ...

 Jan 29 2015 - NBAD profit jumps 28% in 2014Khaleej Times
(MENAFN - Khaleej Times) Abu Dhabi - A strong growth in incomes from interest and non-interest based revenues bolstered the National Bank of Abu Dhabi (NBAD) profits to Dh1.372 billion in the quarter ...

 Jan 29 2015 - UAE pharma spend to hit Dh5 billion by 2020Khaleej Times
(MENAFN - Khaleej Times) It is also forecasted to increase at a compound annual growth rate (CAGR) of about 9.78 per cent from 2014 to 2020 as, by then, the value of consumer expenditure on ...

 Jan 29 2015 - Parents happy with children's educationKhaleej Times
(MENAFN - Khaleej Times) Abu Dhabi: A survey by the Abu Dhabi Education Council (Adec) has revealed that parents across the emirate are satisfied with their children's schools. The education ...

 Jan 29 2015 - Customers continue winning at Malabar Gold 1amp Diamonds FestivalArab News
(MENAFN - Arab News) Customers continue to win at Malabar Gold & Diamonds' ongoing gold and diamond festival.The jewelry retailer's 4th edition of Malabar Gold & Diamonds Festival in the GCC ...

more...


 






Google

Electronic & Mobile Payment

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help