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> Gulf States retain 40 year grip on global oil mark...
Gulf States retain 40 year grip on global oil market
15 Oct 2013
Despite expectations that the US shale revolution would break the Gulf States’ grip on the global oil market, they are producing more oil than ever before.
Having dominated the market for 40 years, Saudi Arabia, the United Arab Emirates, Kuwait and Qatar set aggregate production records in each of the last three months according to estimates from the International Energy Agency.
Much of this can be attributed to the growing Asian market. India imported 44% of its crude from the Gulf in July, up from 36% in 2011 and China relies on the countries for a quarter of its imports compared to 21% in 2007.
America is certainly increasing its position in the global market though. US crude production has increased by 50% since 2008 and predictions show that the country will be able to provide a large proportion of the world’s growing demand over the next five years. Whilst US companies tend to maximise production to increase profits, but the Gulf States invest heavily to maintain spare capacity, especially Saudi Arabia.
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