OPEC Producers Unmoved By U.S. Shale Threat In Asia

4 Oct 2017   Asia, OPEC, USA

Middle Eastern oil producers are confident that strong demand for their product from Asia will keep their coffers full even as U.S. shale boomers venture into the biggest regional oil market, S&P Platts reports , citing comments from the APPEC conference that took place last week in Singapore. OPEC’s Secretary General, Mohammed Barkindo, said at the conference that the Asia-Pacific region continues to be a key market for the cartel—and not just key, but the “primary outlet for OPEC and Middle Eastern export barrels.” He added that by 2040, oil exports from the Middle East to Asia will rise to 22 million bpd from 14.5 million bpd last year. OPEC’s number-two, Iraq, already has concrete plans to increase the portion of its oil that it sends to Asia from the current 50 percent to as much as 80 percent, according to Dheyaa Jafar Hajam al-Musawi, councilor for energy affairs […]

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