Quotes: US 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.


 






  MENA News Headlines


 
Click to Apply






Google

 
 

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
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help