Special to WorldTribune.com Saudi Arabia’s risky gamble to break the U.S. shale oil (fracking) industry has not only failed, but sent the Saudis and OPEC into a downward spiral that will “be in existential crisis by the end of the decade,” a UK analyst said. “If the oil futures market is correct, Saudi Arabia will […]
Special to WorldTribune.com ABU DHABI — Crude oil prices were expected to fall over the next few years. A Gulf Arab think tank has assessed that the price of crude could fall to $80 per barrel because of the growth of shale energy, expected to reach up to 14 million barrels per day by 2035. […]
Special to WorldTribune.com ABU DHABI — Saudi Arabia has again played down a threat from the emerging shale market in the United States. The Jadwa Investment bank asserted that U.S. shale production marked a greater threat to Saudi Arabia’s petrochemical sector than the kingdom’s crude oil exports. In a report, the Saudi bank predicted a […]
Special to WorldTribune.com WASHINGTON — The United States, enjoying a boom in shale energy, has been preparing to end dependency on crude oil from Saudi Arabia. A leading energy consultancy asserted that the United States has overtaken Saudi Arabia as the world’s largest energy producer. PIRA Energy Group, the consultancy, said U.S. energy output has […]
Special to WorldTribune.com CAIRO — Algeria has been advancing toward shale gas exploration. Officials said the Algerian government reached an advanced stage in a project to explore and develop shale gas. The officials said the Energy Ministry has overseen the exploration of unspecified reservoirs of shale gas. “We are in the advanced stage that would […]
Special to WorldTribune.com ABU DHABI — The Gulf Cooperation Council has been focusing on the developing U.S. shale energy industry. Saudi Arabia and other GCC states were preparing for a major conference that would examine the fallout of the U.S. shale industry for conventional energy producers. Organizers said the World Energy Council forum would seek […]