Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi 'welcomes' US shale oil boom  Join our daily free Newsletter

MENAFN - AFP - 19/01/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - AFP) Saudi Arabia, an Organisation of Petroleum Exporting Countries kingpin, is unconcerned by the US shale oil boom, Oil Minister Ali al-Naimi said Sunday as he met the US energy secretary in Riyadh."We discussed the increased production of shale oil in the United States and elsewhere. The kingdom welcomes this new source of energy that helps fulfil the growing world demand for energy, and helps stabilise oil markets," state news agency SPA quoted Naimi as saying.In October, oil production in the United States surpassed oil imports for the first time in nearly two decades, helped mainly by production from newly-tapped shale-based reserves.Domestic output hit 7.7 million barrels per day (mbpd) in October, a 24-year high, the Energy Information Agency said in November.Oil imports, long seen as a strategic and economic vulnerability for the US, sank well below that figure to a 17-year low, it said.

The onset of hydraulic fracturing, or fracking, has allowed drillers to unlock reserves in hard-to-exploit shale strata and brought on a rise in the production of oil and natural gas.The shift has taken US reliance on imported oil to less than 40 percent of domestic consumption, compared with more than 60 percent at the peak of import dependence in 2005.The EIA forecasts imports will make up only 28 percent of consumption in 2014, the lowest level since 1985.During their meeting on Sunday, Naimi and US Energy Secretary Ernest Moniz discussed the decades-long cooperation between their countries, as well as oil markets, SPA said.Oil contributes the bulk of Saudi Arabia's revenues, which pumps 9.7 mbpd, and has a capacity to produce more than 12 mbpd.

 


AFP




  MENA News Headlines
 Mar 29 2017 - “Talal Abu-Ghazaleh Professional Training” and AlMotahida Education Group Sign Partnership AgreementMENAFN Press
(MENAFN Editorial)Talal Abu-Ghazaleh Professional Training Group (TAGI-Train) and AlMotahida Education Group (AEG) signed a partnership agreement in the field of digital education in the presence of ...

 Mar 29 2017 - Qatar Airways launches direct flights to TbilisiBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : Qatar Airways now operates four direct flights toTbilisifrom Doha's Hamad International Airport, in addition to the existing seven weekly flights that operate ...

 Mar 29 2017 - Emirates commences daily flights to Fort LauderdaleBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dubai : Emirates launched its 11th destination in the United States with the start of a daily nonstop passenger service between and Fort Lauderdale-Hollywood ...

 Mar 29 2017 - US-Bangla increases its frequencies to MuscatBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : US-Bangla Airlines has increased its flights to Muscat from its present four flights to six a week , with effect from December 18, in response to the growing ...

 Mar 29 2017 - Etihad Airways starts restructuring, job cuts as growth slowsBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : Etihad Airways PJSC will eliminate jobs across several units, highlighting the pressure on carriers in the Persian Gulf to adapt to slowing growth after years of ...

 Mar 29 2017 - US-Bangla flies to fifth int'l destination SingaporeBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : US-Bangla Airlines, the country's leading premium airline, started flights to its fifth international destination Singapore on March 9. The flights leave ...

 Mar 29 2017 - Oman Air takes delivery of first stretched B787-9Bangladesh Monitor
(MENAFN - Bangladesh Monitor) Muscat : Oman Air has taken delivery of its first Boeing B787-9. The stretched version of the widebody aircraft joins four B787-8s in the fleet. The Omani flag carrier ...

 Mar 29 2017 - Dubai Airport outlaws round bags from baggage operationsBangladesh Monitor
(MENAFN - Bangladesh Monitor) Dubai : Airports will soon introduce a new baggage rule to help improve service, reduce the risk of mishandlings and enhance the performance of its check-in and baggage ...

 Mar 29 2017 - MENA to receive 195m international tourists by 2030Bangladesh Monitor
(MENAFN - Bangladesh Monitor) Dhaka : United Nations World Tourism Organi-sation (UNWTO) and ATM Ministerial Forum at the Arabian Travel Market, taking place on April 24 in the Dubai World Trade ...

 Mar 29 2017 - Sylhet becomes flydubai's third destination in BangladeshBangladesh Monitor
(MENAFN - Bangladesh Monitor) Sylhet : A direct flight of Dubai-based flydubai, codeshared with Regent Air-ways, landed in MAG Osmani International Airport on March 15 that made the airport ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help