Fracing and Horizontal Drilling has begun in Russia, as per Bloomberg. Russia is the largest oil producer in the world.
Once Horizontal Drilling and Fracing begins in the Mid East, most noteably Iran's tight high quality crude, there will be another 300 years of cheap oil So much for Peak Oil Theory.
Once Fracing and Horizontal Drilling begins in earnest in Russia and the Mid East where will oil be? A lot lower.
The world is awash in oil, how much longer can they keep the tidal wave in, by attacking oil producing countries like Iraq, Lybia, Iran, and attacking the new oil producers like Sudan, Egypt, Uganda and Syria. It's getting harder and harder to keep the oil in.
Horizontal Drilling and Fracing are just examples of why the Saudi's are not running out of oil. Don't forget the Saudi's haven't drilled a single well in the Neutral Zone between Saudi Arabia and Iraq since the late 1970's. Those wells still have 5,000 to 8,000 psi of pressure after producing for over 30 to 40 years. Is fracing and horizontal drilling even on the Saudi agenda with that kind of production?
Russia on the other hand can now ship oil direct to China in the Russia China pipelines. China can sure use the oil Russia can produce with Horizontal Drilling and Fracing, completely outside OPEC. Once the Chinese ramp up Horizontal and Fracing in Africa, South America, of Indochina then where is the price of oil? They have begun drilling the Mekong Delta, and they will be using horizontal drilling, and fracing.
Why is that news, because the Chinese keep the price of oil up, and fully know oil is being kept in through all the various means. Including Vienna, Austria based OPEC puppet.When the Chinese say goodbye to OPEC where is the price of oil then? Even with a 25% goodbye to OPEC?