World ‘Awash’ in Oil Amid US Shale Boom
Global markets are “awash” in crude thanks to the surge in US oil output, and the boom looks set to continue, US Energy Secretary Rick Perry said in a Bloomberg TV interview.
US shale production has turned the world “on its head,” and Goldman Sachs Group Inc. is “off a bit” in a report last week saying that the bonanza is fading, Perry said Sunday in Dubai.
Oil and natural gas from American shale fields have made the US one of the world’s largest producers and enabled it to become a net energy exporter. Perry will travel in the coming week to Saudi Arabia to discuss possible sales of US liquefied natural gas and Saudi efforts to develop a nuclear power program. Perry held talks in the United Arab Emirates and visited the country’s largest solar-power facility at a site near the UAE’s commercial hub of Dubai.
The US sent 11 LNG shipments to the UAE over the past three years and is seeking to sell more of the fuel there and to Saudi Arabia, Perry said.
The world needs to be prepared for attacks disrupting the global economy, and the US, Saudi Arabia and other allies are discussing the safety of oil supply routes, he said.
Aerial strikes against Saudi oil facilities on September 14 temporarily knocked out half of the kingdom’s output.
source: Financial Tribune
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