By 2018 the global demand in oil of the Organization of Petroleum Exporting Countries (OPEC) will decrease by 1 million barrels a day, because of growth of deliveries from Canada and US, reads the OPEC report.
“In the coming five years the additional volume of oil deliveries from Canada and US will reach 4.9 million barrels a day. This is twice higher, than the showing forecasted last year – the growth of deliveries by 1.7 million barrels a day by 2018,” reads the report.
Owing to application of the hydraulic seam fracture and other technological innovations, which have caused revolution in the industry, it is possible to extract oil from the hard to reach formations. This year shale oil production in US and Canada will increase by almost one third – up to 3.3 million barrels a day.
OPEC keeps insisting that success of the shale revolution in the US will, possibly, not play such an important role in the long term, because the world demand in oil will grow as well. OPEC claims that success of the energy companies’ in use of shale oil could hardly be repeated outside of North America and high rate of depletion will lead to production decline since 2018.—0----
Economics
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Elon Musk, co-chair of the U.S. Department of Government Efficiency (DOGE), has outlined a strategy to bring inflation in the United States down to zero by 2026 through aggressive cuts in federal spending. Musk’s plan, which aims to reduce approximately $4 billion in projected daily expenditures, is designed to shrink the federal deficit to $1 trillion by 2026. While the deficit would still be substantial, Musk argues that accelerated economic growth could offset inflationary pressures, ultimately stabilizing the economy.
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The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas The State Oil Company of Azerbaijan (SOCAR) has signed an agreement with Union Energy to acquire a 10% equity stake in the Tamar gas field, one of the largest offshore gas projects in the Mediterranean, SOCAR said in a statement on Wednesday.projects in the Mediterranean, SOCAR said in a statement on Wednesday.
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On January 30, Azerbaijani President Ilham Aliyev has signed a decree approving the State Program for the Improvement of Transport Infrastructure in Baku and Surrounding Areas for 2025-2030, aiming to modernize the capital’s urban mobility and reduce congestion, the presidential press service said on Tuesday.
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Goldman Sachs has revised its oil price forecasts, raising its projections for Brent and Azeri Light crude by $2 per barrel for both 2025 and 2026, setting the estimate at $78 per barrel. The adjustment reflects expectations of tighter supply conditions driven by geopolitical risks, including U.S. sanctions affecting Russian oil production and potential future restrictions on Iranian crude exports.
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