Shale Boom Credited With Dropping Crude Oil Prices
In a chat with ET Now, Narendra Taneja, Energy Expert, shares his view on oil prices. Excerpts:
ET Now: How are you looking at the Brent prices for 2014? It is down nearly 7.5% and still sliding.
Narendra Taneja: The Brent may slide even further. The demand is now growing and at the same time the market is very well supplied. Of course, the game changer has been America's Shale oil and Shale gas revolution which is the biggest consumer of hydrocarbon.
The US is no longer as dependent on imports as it used to be and increasingly you would see the US bringing down its dependence on oil imports and gas imports, particularly from the Middle East. So, what has happened is that their oil is now available for other fast growing economies such as India and China, and demand from India and China is not really going up, which means that plenty of oil is available in the market for others to consume it.Click here to read the whole interview.
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