PIRA notes changes in crude oil markets

12/09/2013
The oil-production surge from unconventional resources in North America is creating a surplus in the Atlantic Basin and reshaping oil and gas trade, notes PIRA Energy Group, New York. Although refinery runs peaked in 2005-07 and have declined recently in the Atlantic Basin—including the Americas, Europe, and Africa—the group expects them to slowly resume growth as increases in the US and South America more than offset declines in Europe. But production, mainly from low-permeability reservoirs and the Canadian oil sands, will rise faster than refinery runs. "As a result, a sizeable crude surplus will develop within the region, and crude will be forced to seek markets elsewhere, primar...
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