From only 5 million barrels per day (mbpd) oil production
in 2010, up to 10.2 mbpd average for January 2018, congratulations America. And
EIA's projection is 10.6 mbpd average for 2018. OPEC (mostly dictatorial
member-governments like Venezuela, Iran, Saudi) and Russia are quivering.
"U.S. producers are making new customers out of some
of the world’s biggest oil-importing nations in Asia and Europe, posing a
serious competitive threat to the only other countries that produce as much
crude: Saudi Arabia and Russia....
U.S. producers now export between 1.5 million and 2
million barrels of crude a day, which could rise to about 4 million by 2022.
The nation’s output is expected to account for more than 80 percent of global
supply growth in the next decade, according to Paris-based International Energy
Agency."
"The Permian Basin of Texas and New Mexico is the engine for U.S. shale production and acquisitions, helping to increase U.S. output to more than 10 million barrels a day in November for the first time in more than four decades. Exxon Mobil Corp. is spending billions to triple output by 2025 from the Permian, where its costs are as low as $15 a barrel."
See here -- two dictatorial governments having a pact to counter US
capitalism in oil. And they will use... US technology? :-)
“The exchange in December highlights how Russia and Saudi
Arabia have over the past 18 months forged an unlikely alliance in energy,
despite being on opposing sides on other issues such as the Syrian conflict.
The traditional rivals, which combined produce a fifth of
the world’s crude, now speak with a united voice on energy-related matters and
frame their relationship in strategic terms.
The trigger for a rapprochement that seemed unthinkable a
few years ago was a common enemy: US shale oil. The collapse in oil prices from
2014, as hydraulic fracturing unlocked a flood of US crude that caught other
producers off guard, set their collaboration in motion.”
And this explains why world oil prices, WTI and Brent, are declining in
recent day (last chart, above). Trump's "energy dominance" policy will somehow soften
the TRAIN de Du30's "expensive oil via higher taxes please" policy?
--------------See also:
Energy 103, The proposed Jamaica coalition in Germany -- before the collapse, November 25, 2017
Energy 104, Ric Barcelona on energy investment and subsidies, December 12, 2017
Energy 105, When both world oil prices and domestic oil taxes are rising, January 14, 2018
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