Oil Economy Focus Rapid Review
The Brazilian surge, combined with more oil from shale fields from Texas to North Dakota, is set to create a headache for OPEC. In the worst-case scenario, it may force Saudi Arabia and Russia to roll their production cuts over into the second half of the year, testing the strength of the Riyadh-Moscow oil relationship. “Apart from U.S. shale, there is nothing around the world like Brazil in terms of supply” of crude oil, former Petrobras geologist and oil consultant Pedro Zalan said from Rio de Janeiro. “Reserves are huge and pre-salt productivity is enormous.”
LINK TO THE SOURCE ARTICLE: Brazil: US shale is not the only driver of increased volumes
