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2014 Oil and Gas Reality Check Report: Dominance of OPEC challenged

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2014 Oil and Gas Reality Check Report: Dominance of OPEC challenged

2014 Oil and Gas Reality Check Report: Dominance of OPEC challenged as Canada, Mexico, Brazil and Kazakhstan will re-shape global oil and gas markets

Monitoring Desk: The Organization of the Petroleum Exporting Countries (OPEC) will be no more in position to decide petroleum prices or dominate the industry.

Middle East rules OPEC and Middle East the region that is hot spot of world politics and geopolitical turbulence. Major OPEC members like Saudi Arabia and Qatar are accused of promoting radical Islam all over the world but such countries are “Inevitable Friends” NATO leadership. With decreasing dependence of energy on such countries will reduce their Inevitability in international politics. Russian economy can also get a dent from new emerging realities in global oil and gas market, report indicated.

The production of oil and gas is increasing in United States, Canada, Mexico, Brazil and Kazakhstan and major oil importers are becoming exporters in this decade, indicates latest Oil and Gas Reality Check Report.

According to the 2014 Oil and Gas Reality Check Report, increasing production of oil and gas by United States, Canada, Mexico, Brazil and Kazakhstan will decrease the traditional role of OPEC.

The 2014 Oil and Gas Reality Check report was released on Monday by a UK-based private company– Deloitte Touche Tohmatsu Limited (DTTL.

Reports deals with market fundamentals include macroeconomic conditions, the supply-demand balance, regulatory constructs, cost components, commodity prices, competitive behavior, and the impact of geopolitics, which is now even more pronounced, and the related use of energy as a diplomatic tool.

Report says that the trend from major importer to soon-to-be exporter will result in new sources of supply and increased competition. It has potential to reshape the global geopolitical landscape and create greater inter-dependencies among nations. The U.S. is currently positioned to be a net exporter of natural gas by the end of this decade, based on projections from the U.S. Energy Information Administration, the report said.

 

The full report can be read or download to click this link 

 

 

The Organization of the Petroleum Exporting Countries (OPEC) Members

Country Region Joined OPEC Area (km²) Production(bbl/day)
 Algeria Africa 1969 2,381,740 2,125,000 (16th)
 Angola Africa 2007 1,246,700 1,948,000 (17th)
 Ecuador South America 2007 283,560 485,700 (30th)
 Iran Middle East 1960 1,648,000 4,172,000 (4th)
 Iraq Middle East 1960 437,072 3,200,000 (7th)
 Kuwait Middle East 1960 17,820 2,494,000 (10th)
 Libya Africa 1962 1,759,540 2,210,000 (15th)
 Nigeria Africa 1971 923,768 2,211,000 (14th)
 Qatar Middle East 1961 11,437 1,213,000 (21st)
 Saudi Arabia Middle East 1960 2,149,690 8,800,000 (2nd)
 United Arab Emirates Middle East 1967 83,600 2,798,000 (8th)
 Venezuela South America 1960 912,050 2,472,000 (11th)
Total 11,854,977 km² 33,327,700 bbl/da

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Oil and Gas Reality Check Report 2014

2014 Oil and Gas Reality Check Report

 

Asad Haroon
A netpreneur, blogger and above all; A Human 🙂 Asad tweets from @aghaasadharoon and can also be approached on Google+

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