OPEC Has Failed to Stop US Shale Revolution Admits Energy Watchdog
‘This cycle is very nasty. It sets the seed for a very high price in the future,’ said Opec’s secretary-general
by Ambrose Evans-Pritchard, Houston
Telegraph.co.uk
The current crash in oil prices is sowing the seeds of a powerful rebound and a potential supply crunch by the end of the decade, but the prize may go to the US shale industry rather Opec, the world’s energy watchdog has predicted.
America’s shale oil producers and Canada’s oil sands will come roaring back from late 2017 onwards once the current brutal purge is over, a cycle it described as the “rise, fall and rise again” of the fracking industry.
“Anybody who believes the US revolution has stalled should think again. We have been very surprised at how resilient it is,” said Neil Atkinson, head of oil markets at the International Energy Agency.
Continue Reading at Telegraph.co.uk…
Source: http://financialsurvivalnetwork.com/2016/02/opec-has-failed-to-stop-us-shale-revolution-admits-energy-watchdog/?utm_source=rss&utm_medium=rss&utm_campaign=opec-has-failed-to-stop-us-shale-revolution-admits-energy-watchdog
