Just wait until the "Gitmo" generals Oduma released get back to their day jobs. Iraq is already a Dodge city, soon it will surpass Detroit and DC for shoot outs. But remember Fracking and any drilling is our number one problem, based our Liberal press. Yea, lets see Solar and Wind are less then 3 percent of our energy production, hope they have plenty of air in them bike tires. Bottom-line Iraq's oil production will decline for years.
Plenty of spare production capacity at OPEC at the moment.
The globe is awash in supply of oil, and its the political unrest that has led to speculation of sustained disruptions far into the future which may eventually crimp supply. That is not today's fear, however.
Yes, to your point, demand for UDW will rise. Supply is already rising to meet that demand, and the balance is precarious, and there are many moving parts.
yes we may awash in oil now.. see where our worldwide reserves are in 5 yrs. all fossil fuels are diminishing resources. In the next decade large oil discoveries will be found deep in the earth..thus SDRL as a leader in exploration. More earthquakes due to fracking as we have had recently in Oklahoma will possibly lead to a fracking moratoriam in some states. However if we ever get a republican president all bets are off on stopping fracking..screw the home owner..big oil will reign supreme.Let the homeowners move to the mountains with their new found fracking riches.
I am not so sure as you that the Saudis still have the developed extra capacity that it once
I also do not think that recent political events have much impact on NOC or GOC's large
E&P project development. These huge projects are based on much longer forecasts than
the "uprising de jour" which seem to occur on a regular basis, somewhere on the globe.
No real added demand for UDW projects due to 2014 events.