Title : Is OPEC Being Replaced By Another Oil Cartel?
link : Is OPEC Being Replaced By Another Oil Cartel?
Is OPEC Being Replaced By Another Oil Cartel?
A pump jack operates at a well site leased by Devon Energy Production Co. near Guthrie, Oklahoma. Nick Oxford, Reuters
Oil Price: U.S. Supermajors Could Form A New Oil Cartel
The ambitious shale growth plans of the U.S. supermajors could in the future allow them to control so much of U.S. shale oil production that they could also control the price of the U.S. light tight oil going to foreign markets in an ‘OPEC of their own kind,’ Investing.com quoted John Kilduff, founding partner at Again Capital, as saying.
If the U.S. supermajors, such as Exxon and Chevron, end up controlling a lot of the U.S. shale production with their plans to significantly boost Permian production, and if smaller shale players bleed cash and decide to sell acreage and operations to Big Oil, then supermajors could be the ones determining the price of light crude oil, according to Kilduff.
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WNU Editor: Is the age of the "Seven Sisters" coming back, where it is the oil companies dictating oil and energy prices rather than OPEC .... IMHO it is too early to say. But technology advances in the energy industry have definitely revolutionized how this industry operates, and it has broken the OPEC cartel. Market forces are now coming into play, and the majors are well positioned to take advantage of it.
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