Technological breakthroughs with subsea pipe cutting tools which have allowed the US to begin produce crude from tight shales and deepwater formations could bring welcome new supplies to global markets, he said.
Saudi Arabia is encouraged by the dramatically improved US crude oil production outlook because it could help stabilize global markets. Petroleum and Mineral Resources Minister Ali I. al-Naimi said.
The biggest question may be whether the US decides to export the crude it produces, he told the Center for Strategic and International Studies on Apr. 30. “Our No. 1 interest is a well-balanced oil market that promotes a strong global economy,” Naimi said.
“In the blink of an eye, the scarcity scare-mongers have been replaced by the apostles of plenty – only this time, they’re backed by scientific evidence,” Naimi said.
The US will continue to need imported crude, he added. “This talk of ending US reliance on imports is naïve and simplistic,” he said. “Talk of US energy independence disregards inter-linked markets. Just as I didn’t accept the peak oil argument years ago, I reject the US energy independence idea now.”
– Petroleum and Mineral Resources Minister Ali I. al-Naimi
Technology has been a huge driver of the recent increase in production of oil in the United States. It will be interesting to see how new technologies in subsea pipe cutting tools, field machining, and refinery maintenance continue to push the energy industry upward and outward. As we have seen in production, these new technologies create efficiencies that drive the industry forward. The future always holds great promise and Mactech is always attempting to create technology that will create great efficiencies for future projects.
Read more from the source: ogj.com