InfoAnda - Head in the sand, OPEC sees no oil shale threat |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Netflix links online DVD service to Facebook | 26 March 2009
Tech firms set up shop at Google Ventures' Startup Lab | | 15 December 2010
U.N. reports big drop in Colombia cocaine production | International | | 19 June 2009

MI Assistant Attorney General Fired For Harassing Gay Student | 9 November 2010

Forum Views () Forum Replies ()

Read more with google mobile : Head in the sand, OPEC sees no oil shale threat |

Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. Marcus David Cay Johnston Bethany McLean Edward Hadas Hugo Dixon Ian Bremmer Lawrence Summers Susan Glasser The Great Debate Steven Brill Jack & Suzy Welch Frederick Kempe Christopher Papagianis Breakingviews Equities Credit Private Equity M&A Macro & Markets Politics Breakingviews Video Money Money Home Tax Break Lipper Awards 2012 Global Investing MuniLand Unstructured Finance Linda Stern Mark Miller John Wasik James Saft Analyst Research Alerts Watchlist Portfolio Stock Screener Fund Screener Personal Finance Video Money Clip Investing 201 Life Health Sports Arts Faithworld Business Traveler Entertainment Oddly Enough Lifestyle Video Pictures Pictures Home Reuters Photographers Full Focus Video Reuters TV Reuters News Article Comments (0) Full Focus Editor's choice Our best photos from the last 24 hours. See more Images of May Follow Reuters Facebook Twitter RSS YouTube Read Magnitude 4.1 earthquake shakes southern California 2:07am EDT Witnesses in Sandusky trial recall abuse, threats 13 Jun 2012 Witnesses in Sandusky trial recall abuse, threats 13 Jun 2012 Bristol Palin sued for defamation by bar heckler 13 Jun 2012 Foreclosures up for first time in 27 months 2:26am EDT Discussed 112 Obama: U.S. economy ”not doing fine”, action needed 101 China could impound European planes in carbon row 71 Analysis: Obama’s gamble: Asking for more time to fix economy Watched New NASA telescope a black hole hunter with X-ray eyes Wed, Jun 13 2012 A look at the UK’s most beautiful face Thu, May 10 2012 French scientists provide clearer picture for glass-makers Wed, Jun 13 2012 Pictures Reuters Photojournalism Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. The Afghan front On the frontlines of the war in Afghhanistan. Slideshow Child laborers A look at children who work to contribute to their family's income. Slideshow Head in the sand, OPEC sees no oil shale threat Tweet Share this Email Print Related News Brent flat, U.S. crude down; OPEC meeting eyed Wed, Jun 13 2012 World oil reserves up eight percent, supply fears persist Wed, Jun 13 2012 UPDATE 6-Oil seesaws as Greek election, U.S. data eyed Wed, Jun 13 2012 Iran's oil exports plummet as sanctions bite, agency says Wed, Jun 13 2012 Analysis: Sliding oil price rebalances Middle East economy Wed, Jun 13 2012 Analysis & Opinion OPEC can’t afford to give residents cheap oil Iraq rise will upset OPEC power balance Related Topics World » By Andrew Callus VIENNA | Thu Jun 14, 2012 4:03am EDT VIENNA (Reuters) - OPEC oil producers are not worried about the shale revolution. They might need to re-run their numbers. The United States imported 4.5 million barrels a day of OPEC crude last year, 20 percent of the cartel's exports and about half the country's import needs. But thanks to new technologies like hydraulic fracturing now sucking away on North American soil, the continent is already self sufficient in natural gas, and is eyeing an even bigger landmark -- OPEC-free oil supplies. The U.S. was the fastest-growing non-OPEC oil producer in 2011 for the third year in succession, the annual BP statistical review released on Wednesday said. U.S. oil production is up 1 million bpd since 2006 to 7.84 million bpd, consumption is down 1.85 million to 18.84 million. "In 1990, North American reserves and production were falling but thanks to unconventional, proved reserves have risen 68 percent since then," ConocoPhillips CEO Ryan Lance told an audience of OPEC ministers on Wednesday. "North America could become self sufficient in oil as well (as gas) by 2025," he said at a conference before OPEC's policy-setting meeting in Vienna. State oil company Saudi Aramco, the world number-one oil producer, has acknowledged the North American boom in shale, tar sands and other so-called unconventional production, but its prediction in November was far less explosive, at 6.6 million barrels a day - still well short of U.S. needs, and not until 2035. And OPEC ministers gathering to decide output policy caps took a very relaxed view of the threat that shale oil might pose. "Oil from the Middle East will always find a home," said Kuwaiti Oil Minister Hani Hussein. "And we have to wait to see more research to get a better idea about the impact of shale oil development." "No, I'm not worried at all, they are only projections," agreed Rafael Ramirez, his Venezuelan counterpart. He scoffed at the idea that "shale oil will come to the rescue of consumers, allowing them to shake off the yoke of OPEC." But the U.S. government's Energy Information Administration has repeatedly torn up its forecasts as shale and oil sands change the game at pace. So should OPEC fret a little more? "In some ways they should. Not because North America may become self sufficient, but for the reasons why," said Paul Stevens, a senior research fellow at the Chatham House Royal Institute of International Affairs in London. "Given the changes in technology involved, if that is applied elsewhere then the assumption that all future increase in global demand will be filled by OPEC is called into question." Stevens makes an important point. Unconventional oil reserves are spread in a different pattern from traditional ones. Even resource starved world number-one oil importer China has some, and non-OPEC Russia appears to have the biggest of them all. "If I was an OPEC minister I would be concerned," he said. "This could be significant." PRICE STUTTER The recent sharp drop in U.S. oil prices from above $100 a barrel in March to near $80 today could yet slow the march of the unconventional producers and - ironically as OPEC hawks call for production cuts to send it back up - buy members some time. Top exporter Saudi Arabia might even be tempted at some point, as it has done in the past, to use its production muscle to force down prices to retain market share by making higher cost production uneconomic. Operating costs of Canadian tar sands - the most marginal of current unconventional production - is about $60 a barrel. Mosat analysts agree that a fall to that level would start to impact production there and push new projects into the future. The state of the art U.S. Port Arthur refinery extension, run jointly by Saudi Aramco and Shell, is designed to use for Saudi crude is also "a foot in the door for Saudi into the U.S. market for the long run" according to a Middle East-based executive of a major international oil company. He said OPEC, and Middle East producers in particular, will increasingly have to look east for their markets in future. At its 161st meeting, the 52-year old Organization of Petroleum Exporting Countries that has survived the offshore drilling boom and any number of price slumps maintains its confidence. "That's good," said Secretary-General Abdullah al-Badri of the prospect for U.S. oil self-sufficiency. "We want everybody to be self sufficient. But there will be a place for OPEC oil whatever happens." (additional reporting Amena Bakr, Daniel Fineren, editing Richard Mably) World Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Thursday, 14 June 2012
Putin uses tough tactics against protest challenge |
Mexico's Pena Nieto hounded online by youth groups |
South Sudan seeks arbitration over disputed borderlands |
Pakistan route cut-off costs U.S. $100 million a month |
ILO brings Myanmar out of cold ahead Suu Kyi visit |
News Corp's Murdoch backs Monti reforms in Italy |
Calm returns to Tunis after riots but fears remain |
NY police charge U.N. official with sexual abuse |
Apple fails to fend off mobile tracking lawsuit |
Intel CFO eyes more connected living rooms |
Dell to cut $2 billion costs, counts on acquisitions |
Harman sees partner in Apple, not rival: CEO |
Bristol Palin sued for defamation by bar heckler |
Adele album regains No. 1, holds off three debuts |
Thousands in need of food, shelter after Myanmar clashes |
Syrian army systematically killing civilians: Amnesty |
Moderate quake shakes southeast Turkey |
France wants U.N. to be able to enforce Annan plan |
Insight: Germany and Greece: a tale of estrangement |
German police raid homes of radical Salafists |
Suu Kyi kicks off Euro tour set to steal Myanmar spotlight |
Head in the sand, OPEC sees no oil shale threat |
NATO chief calls for Libya to release ICC detainees |
Bahrain court convicts 9 medics for role in uprising |
Nokia to cut 10,000 jobs after weak second quarter |
Accused British hacker charged in U.S. over LulzSec attacks |
Nokia Siemens aims for 35 percent of Brazil 4G network |
Taiwan's HTC boosts patent bank; not worried over disputes |
Taiwan's AU suspends operation at plant after quake |
Gaga sprays first perfume, but where's the blood? |
Judge to weigh CBS bid to block ABC reality show |
Music industry leader Frances Preston dies, age 83 |
Murdoch's UK chief told Cameron we're in this together |
Syrian town deserted, burnt after clashes |
Court lets Mubarak ex-PM stay in election race |
Iran seizes killers of nuclear scientists: report |
Kazakh MPs toughen penalties after spoof anthem shame |
Venezuela says building drones with Iran's help |
Greeks to decide euro membership in nail-biter vote |
Extradition edges closer for WikiLeaks' Assange |
Time Inc to sell magazine subscriptions on Apple Newsstand |
Venture firm Kleiner moves to dismiss discrimination suit |
Foxconn says plant worker jumps from apartment |
Mary J. Blige sings for Justice in Rock of Ages |
Spider-Man swings into Tokyo for Amazing premiere |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01