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Page added on May 30, 2013
Iraq Minister: Shale to Have Minimal Effect on Oil Demand
Rising U.S. shale oil production will have only minimal effect on demand for crude oil from the Organization of the Petroleum Exporting Countries, meaning most members of the group want to leave their output ceiling unchanged at 30 million barrels a day, said Iraqi Oil Minister Abdul Kareem Luaiby Thursday.
OPEC members will discuss the selection criteria for choosing a new Secretary General at its meeting Friday and Iraq’s candidate for the job, Thamer Ghadban, is still standing, Mr. Luaiby told reporters at a briefing in Vienna.
Iraq will continue to increase its oil production to 3.525 million barrels a day by the end of this year, compared with 3.125 million barrels a day currently, Mr. Luaiby said.
As part of talks aimed at lowering Iraq’s long-term oil output target, but prolonging the period of highest production, the Iraqi government has agreed with Italian oil company Eni SpA to reduce the output target for the Zubair oil field to 850,000 barrels a day, from 1 million barrels a day previously, he said.
2 Comments on "Iraq Minister: Shale to Have Minimal Effect on Oil Demand"
Juan Pueblo on Thu, 30th May 2013 9:17 pm
Keeping its production target where it is would be the best course of action for OPEC at this time. Brent is over $100 and demand will increase in the hot weather ahead.
BillT on Fri, 31st May 2013 4:34 am
The more we frak, the less pressure the Saudi’s have on their remaining oil. They know it will not last long nor will ever be a significant competition. After all, the stuff we frak is harder to refine than the sweet light crude they still pump. Fraking costs $60/bbl and their light sweet crude is still flowing for about $10/bbl.