RIYADH: Saudi Aramco said Monday that its dominant role in world oil supply had been altered by large new reserves in North America, sapping the urgency to develop the Kingdom’s own reserves.
The speech by Saudi Aramco’s Chief Executive Khalid Al-Falih was the first from the oil exporter to acknowledge that unconventional oil was set to shift the energy balance of power and cut US dependence on Middle East crude.
“The abundance of resources and the more ‘balanced’ geographical distribution of unconventionals have reduced the much-hyped concerns over ‘energy security’ which once served as the undercurrent driving energy policies and dominated the global energy debate,” Al-Falih said.
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My Comment: The Saudis are recognizing the impact that new technologies will have on the energy balance in the world .... even if the White House tries it's best to delay it.
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