Posted October 7, 2014
As Oil Prices Drop, New Era of Abundance Seen Dawning
Reuters: As oil production swells, demand falters and prices slide, the global oil market appears on the verge of a pivotal shift from an era of scarcity to one of abundance.
Oil prices have fallen as much as 20 percent since June, despite a host of rising supply risks, leading more investors and traders to consider whether 2015 is the year in which the U.S. shale oil boom finally tips the world into surplus.
While the plunge has rekindled speculation that the Organization of the Petroleum Exporting Countries (OPEC) may need to cut output for the first time in six years when it meets next month, some analysts are looking much further ahead.
They say a long-anticipated fundamental shift in the market may now be under way, ending a four-year stretch when $100-plus prices were the norm, and opening a new era in which OPEC restraint once again becomes paramount.
Read more: http://reut.rs/1ux17Ht
More industry news:
U.S. Natural Gas Production Has Helped Stabilize Global Energy Prices, IMF Says: http://on.mktw.net/1s9iFc3
Less Severe Weather Means Lower Expected Household Heating Bills This Winter: http://1.usa.gov/1pLPtCZ
More Efficient Fracking Means More Oil and Natural Gas: http://bit.ly/1rU8N43
Blog: Yes We Can Drill Ourselves to Secure and Affordable Energy: http://bit.ly/1rU6Lky
ABOUT THE AUTHOR
Mary Schaper is a Digital Communications Manager for the American Petroleum Institute. She previously worked on Capitol Hill for the Senate Energy and Natural Resources Committee as Digital Director and for Senator Lisa Murkowski. Before coming to D.C., she spearheaded digital strategy for Murkowski's successful Senate write-in campaign in 2010. Schaper enjoys traveling and taking in the local culture alongside her husband, their son and loyal springer spaniel.