May 15, 2015

Official confirms anti-shale campaign: "Saudi Arabia wants to extend the age of oil" -- as long as they're the ones producing it

Rebel Staff quotes "an unnamed Saudi official" as confirming what many industry analysts had guessed at the end of last year:

That "Saudi Arabia might be trying to flush out the new competition that had cropped up in recent years, like American-based shale gas producers."

The official is quoted as saying:

"There is no doubt about it, the price fall of the last several months has deterred investors away from expensive oil including US shale, deep offshore and heavy oils."


"Saudi Arabia wants to extend the age of oil (…) we want oil to continue to be used as a major source of energy and we want to be the major producer of that energy.”

Fortune says the Saudi strategy -- to maintain its production in the face of the oil price collapse -- was successful to the extent that "the recovery in the price of oil since February has caused the U.S. to cut its production" to levels unseen since 2010.

However, as prices rebound, so too will the Russian economy, which will in turn create a shift in alliances.

On Wednesday, Russia's deputy energy minister said that given the current price of oil, they are less likely to "collaborate" with OPEC.

Fortune concludes that China's demand for oil and the West's technological advances in shale extraction both mean that, as one senior analyst told the magazine, "Shale will never die. It's here to stay."

READ Ezra Levant's bestselling books debunking environmentalist propaganda against the energy industry:

Groundswell: The Case for Fracking
Ethical Oil: The Case for Canada's Oil Sands

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commented 2015-05-18 15:36:27 -0400
They have lots of politicians coerced/bribed and fund Canadian foundations/corporations that they really do control ALL aspects of our society.
commented 2015-05-15 11:19:52 -0400
Does this quote make the MSM, I don’t know because I ignore the Lame Stream Media, Don’t have time for the fluff pieces. As CNN says if you want the real stories go to twitter!