OPEC to study impact of shale

OPEC conference03 June 2013, News Wires – The Organisation of the Petroleum Exporting Countries, OPEC, is to carry out its own investigation into the impact of global shale resource discoveries and exploitation on long-term prospects for conventional oil and gas.
Meeting in Vienna, Austria, where leaders agreed to maintain the cartel’s current target production rate, OPEC said it was receiving too much conflicting external information on the impact of unconventional oil and gas on the industry.
“It is a new supply, a new liquid, and the ministers would like to know the magnitude of this supply, how long it will last – the sutainability, the cost. So we will follow it up,” the news wire quoted Secretary-General Abdullah al-Badri as saying.
“We’re going to follow it up because there are differences in the information we are receiving. We are not receiving accurate information, we have to do it ourselves.”
The 12-member organisation has set up a committee to look into the issue.
Reuters quoted Nigerian Oil Minister Diezani Alison-Madueke as saying at the same meeting: “It (the shale boom) is a concern, but we also respect the sovereignty and integrity of any country to provide self sustainability in terms of their oil and gas or hydrocarbon needs.”
The Wall Street Journal quoted Saudi Oil Minister Ali Naimi, however, as being comparatively nonplussed by the shale gale, saying: “The market is in an excellent condition, the demand and supply are good, the inventories are good.
“Why are you all excited all of a sudden on shale? You know why, because you (the journalist) like to chit chat…you are an agent of disturbance.
“Leave us alone and leave all these issues. We had enough of shale oil and talks of shale. Please talk about anything else.”

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