Author`s name Dmitry Sudakov

USA running out of shale oil

According to OPEC, the demand for oil will grow in 2015. The world will increase oil production by 50,000 barrels a day in comparison with the previous year. What countries are going to increase their oil output given the fact that China and India were planning to cut the consumption of black gold? 

Vitaly Bushuyev, director general of the Institute of Energy Strategy

"China, India, and other developing countries are not going to reduce the growth of oil consumption. Both Russia's and OPEC's oil will find consumers, because the production of American shale oil has been decreasing. The US may start importing large amounts. For the time being, the USA lives on its shale oil, but it is quite possible that the States may start consuming oil from the outside again - it's cheaper. Therefore, the demand for oil will be growing steadily before 2030 at least, by about one percent per year. Fluctuations are possible, as oil reserves are not stable."