KUWAIT, Feb 2 (KUNA) -- Sheikh Fahad Al-Dawood Al-Sabah, a Kuwaiti expert
in oil strategies, on Saturday estimated the reserves of the unconventional
shale oil in the United States at two trillion barrels.
"This is the largest such reserve in the world at least so far," he said in
statements to KUNA, citing recent data by the International Energy Agency
(IEA) and the US Energy Institute (USEI).
"This amount of shale oil is eight times more than the conventional oil
reserves in the Kingdom of Saudi Arabia, 18 times that of Iraq and 21 times
that of Kuwait," Sheikh Fahad noted.
The US has made a breakthrough in the exploitation of the shale oil in the
recent years which constitute a strategic turning point in the global oil
market in the two decades ahead.
"The US oil production saw a momentum leap in 2012, increasing by seven
million barrels a day compared to the previous years," he stated, expecting
the output to hit a new record high of 900,000 bpd next year.
Asked about the impact of the surge in the US oil production on the Gulf
countries, Sheikh Fahad said the impact will be definitely negative in the
long run since the oil-rich Gulf countries on exports to the US market as one
of the world's largest energy consumers.
"But the impact is unlikely to be seen in the short as the US imports at
present between eight million and nine million bpd so it cannot do without the
Gulf oil," he opined.
The Gulf countries have the world's largest reserves of conventional crude
oil estimated at 486.8 billion barrels or 35.7 percent of the world's total
and 70 percent of the OPEC reserves, he revealed.
He called on the Gulf countries to stop overreliance on oil revenues and
rely instead on real investment in such areas as industry and investment
through partnership with leading global corporations.
In its annual World Energy Outlook last November, the IAE noted that the
United States could see a surge in oil production and overtake Saudi Arabia as
the world's leading oil producer within a decade but that lead will likely be
temporary, and it still won't allow the United States to stop importing oil.
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