Conoco Chief Exec. says North America could become self-sufficient in oil and gas by 2025, world shale oil development lowers demand for OPEC crude. Obama reacts to protect OPEC and Venezuela by closing 1.6 million US acres to shale drilling so evil Americans can’t be self sufficient

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Update: 11/12/12, “U.S. to become biggest oil producer – IEA,” CNN, Mark Thompson

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11/8/12, “OPEC acknowledges shale oil supply may be significant,” Reuters, Alex Lawler

“Shale oil will contribute to lower demand for OPEC crude

* OPEC cuts medium, long-term global oil demand estimates

* Assumes oil price will average $100 in medium term

LONDON, Nov 8 (Reuters) – “OPEC acknowledged for the first time on Thursday that technology for extracting oil and gas from shale is changing the global supply picture significantly, and said demand for crude will rise more slowly than it had previously expected.
 
In its annual World Oil Outlook, OPEC cut its forecast of global oil demand to 2016 due to economic weakness and also increased its forecast of supplies from countries outside the 12-nation exporters’ group.

“Given recent significant increases in North American shale oil and shale gas production, it is now clear that these resources might play an increasingly important role in non-OPEC medium- and long-term supply prospects,” the Organization of the Petroleum Exporting Countries said in the report.

OPEC has been slower than some to acknowledge the impact that new technologies such as hydraulic fracturing – known as “fracking” – may have on supply.

Conoco’s Chief Executive Ryan Lance has gone so far as to predict North America could become self-sufficient in oil and gas by 2025.

In OPEC’s new forecast, shale oil will contribute 2 million barrels per day (bpd) to supply by 2020 and 3 million bpd by 2035. For comparison, 2 million bpd is equal to the current output of OPEC member Nigeria, which is Africa’s top exporter.

Fracking involves pumping chemical-laced water and sand into a well to open cracks that release oil and gas. The technology has transformed the production outlook in North America but drawn criticism from environmentalists, although the industry insists it is safe as long as wells are properly built.

OPEC said that in the medium-term shale oil would continue to come from North America only, but other parts of the world might make “modest contributions” in the longer term.

Previous editions of the report saw no significant supply addition from shale oil. As recently as June, oil ministers including Rafael Ramirez of Venezuela played down its prospects as OPEC met in Vienna for its last meeting to set output policy.

However, Thursday’s report shows that the world is expected to need less oil from OPEC members, which pump more than a third of the world’s oil and hold about 80 percent of its conventional crude reserves.

That is partly because of a reduced demand outlook, reflecting immediate concerns about the strength of economic growth particularly in the euro zone and, over the longer term, higher oil prices.”…via Free Republic

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Obama immediately moved to protect his friends in the Middle East and punish Americans:

11/9/12, “Obama Shuts Down 1.6M Acres to Oil Shale Development,” Brietbart

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Update

11/12/12, “U.S. to become biggest oil producer – IEA,” CNN , Mark Thompson

LONDON (CNNMoney) — “The United States will overtake Saudi Arabia to become the world’s biggest oil producer before 2020, and will be energy independent 10 years later, according to a new forecast by the International Energy Agency.

The recent resurgence in oil and gas production, and efforts to make the transport sector more efficient, are radically reshaping the nation’s energy market, reported Paris-based IEA in its World Energy Outlook.”…via Free Republic

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