Eagle Ford Minute
by Randy Watson
Saudi Arabia’s oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers. Analysts said the decision by OPEC not to cut output in the face of drastically falling prices was a strategic shift for OPEC.
Several analysts and oil executives have suggested it would take many months to have an impact on U.S. oil production. The OPEC delegate from one of the countries that wanted a cut, said: “OPEC has lost credibility,” and added: “I don’t know how practical it is to try to kick shale out of the market.”
A boom in shale oil production and weaker growth in China and Europe have sent prices down by over a third since June. Read More
Texas has become the largest producer of shale natural gas, according to a recent report from the Energy Information Administration (EIA). New technology is enabling producers to shift focus to resources that are easier to reach and at lower costs, which are reflected in the lower market prices for natural gas. Read More
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