2014 Oil and Gas Reality Check Report Dominance of OPEC challenged

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

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