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Economists: the end of "OPEC" closer to reality
New York, United States (CNN) - Economists predict the imminent demise of the dominance of the Organization of Petroleum Exporting Countries (OPEC) on global oil markets with the growing North American shale oil production.
He wrote Edward Morse, a specialized expert in commodities research as "Citigroup" in an economic report published on Monday: End of OPEC probably closer to reality now, "he said, adding that the oil shale revolution" has created an existential to Saudi Arabia and OPEC threat. "
And leads the "OPEC" - the organization that was founded in 1960 and has dominated for nearly half a century to preserve the stability of oil markets at prices specified levels - producing countries such as the back of Saudi Arabia, Qatar, Iran and the United Arab Emirates.
In contrast, America recently emerged as the largest producer of black gold in the world, Canada follow suit, which means the loss of "OPEC" for the largest customers, it is not only at this point, but up to crowd out in the control and manipulation of oil prices in line with their own interests.
Morse and previous speculation when oil prices correct description at $ 150 a barrel in 2008, just as the bubble.
The economist warned of a sharp fall in oil prices in the barrel up to $ 20 this year.
The OPEC has decided at its end of November last, to maintain its production ceiling despite a drop in prices, in a move that put pressure on the shale oil producers, high cost, slow down the American production, and contrary to expectations, there is a high possibility constantly shale oil sector growth this year , but slower pace.
He Morse in his report: "non-conventional oil - specifically American oil shale - the geopolitical factor has become the most confusing in the markets since the seventies."
Oil prices have tumbled by 60 percent since June, hitting the low rates had not told her since the Great Depression in 2009.
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New York, United States (CNN) - Economists predict the imminent demise of the dominance of the Organization of Petroleum Exporting Countries (OPEC) on global oil markets with the growing North American shale oil production.
He wrote Edward Morse, a specialized expert in commodities research as "Citigroup" in an economic report published on Monday: End of OPEC probably closer to reality now, "he said, adding that the oil shale revolution" has created an existential to Saudi Arabia and OPEC threat. "
And leads the "OPEC" - the organization that was founded in 1960 and has dominated for nearly half a century to preserve the stability of oil markets at prices specified levels - producing countries such as the back of Saudi Arabia, Qatar, Iran and the United Arab Emirates.
In contrast, America recently emerged as the largest producer of black gold in the world, Canada follow suit, which means the loss of "OPEC" for the largest customers, it is not only at this point, but up to crowd out in the control and manipulation of oil prices in line with their own interests.
Morse and previous speculation when oil prices correct description at $ 150 a barrel in 2008, just as the bubble.
The economist warned of a sharp fall in oil prices in the barrel up to $ 20 this year.
The OPEC has decided at its end of November last, to maintain its production ceiling despite a drop in prices, in a move that put pressure on the shale oil producers, high cost, slow down the American production, and contrary to expectations, there is a high possibility constantly shale oil sector growth this year , but slower pace.
He Morse in his report: "non-conventional oil - specifically American oil shale - the geopolitical factor has become the most confusing in the markets since the seventies."
Oil prices have tumbled by 60 percent since June, hitting the low rates had not told her since the Great Depression in 2009.
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