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
 Nov 26 2014 - Arab, Jordanian officials discuss educational issuesKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Head of Kuwait Cultural Office in Amman Dr. Mohammad Al-Dhefeeri organized Tuesday a meeting with Minister of Higher Education Ameen Mahmoud and presidents of ...

 Nov 26 2014 - Qatar's awards USD3.8b in contracts for portMENAFN
(MENAFN) Qatar's Transportation Ministry said that it has awarded contracts for its new container port with an estimated worth of USD3.8 billion, with nearly 53 percent of these contracts being won ...

 Nov 26 2014 - Second air raid on Libya's Mitiga airportKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Jetfighter of the retired major general Khalifa Haftar's forces launched Tuesday its second air raid in 24 hours on the opposition-held Mitiga air base in ...

 Nov 26 2014 - Kuwait, Florence seek improved bilateral cooperation relationsKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's Ambassador to Italy Sheikh Ali Khaled Al-Jaber Al-Sabah met Tuesday with Mayor of Florence Dario Nardella.During the meeting, the two sides discussed ...

 Nov 26 2014 - Libya's latest violence worries BanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The recent escalation of violence in Libya including the air strikes in Tripoli and the Nafousa Mountains in the west, as well as in Benghazi and its environs in ...

 Nov 26 2014 - Syrian economy down 40 percent since 2011Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Syria's economy contracted some 40 percent since 2011, as this conflict affected every Syrian, it was announced here.Not only the economy, but unemployment now ...

 Nov 26 2014 - Kuwaiti students "part of Jordanian society" - Jordanian MinisterKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The large number of Kuwaiti students seeking higher education in Jordan reflected the strong relations between our two brotherly nations, said Jordanian Minister ...

 Nov 26 2014 - Blast injures two Bahraini policemen Tuesday nightKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Two Bahraini policemen were slightly injured Tuesday night as a terrorist attack took place in Diraz area, northern the capital who were rushed to hospital to ...

 Nov 26 2014 - Kuwait- Plummeting oil prices to dominate OPEC's meeting ThursdayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The 166th OPEC ministerial meeting, due Thursday here, is widely seen by international observers and analysts as one of the most anticipated meetings in years due ...

 Nov 26 2014 - Kuwait calls for disarmament of all WMDKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Kuwaiti delegation will be participating in the 19th session of the Conference of the States Parties of the Organisation for the Prevention of Chemical Weapons ...

more...


 






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

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