The annual BP report says that US shale oil extraction will outrun extraction in Russia and Saudi Arabia this year, forcing OPEC to reduce daily extraction by 6 million barrels to keep the prices high before 2015. Saudi Arabia will try to keep the price at $100 per barrel, but it will fall to $80 at the end of the decade, ITAR-TASS reports.
BP Chief Economist Christof Ruhl expects OPEC to start reduction of oil extraction.
BP analysts say that Russia and Saudi Arabia will become world’s biggest oil extractors again in 2030. But the US will no longer be importing oil by that moment.
The US is predicted to be extracting over 6 million barrels of shale oil daily before 2020.
