The global footprint of U.S. shale has created heated competition between the U.S. and OPEC, said speakers at CERAWeek by IHS Markit last month.
Oil and Gas Investor
“There is a new world of rivals: a great-power competition between the U.S., Russia and China. Obstacles and problems come with that,” said Daniel Yergin, IHS Markit vice chairman and host of the conference. (Source: Shutterstock.com)
The theme for this year’s CERAWeek by IHS Markit said it all: “New World of Rivalries.”
Those include the U.S. oil tsunami eroding traditional OPEC market share, U.S. LNG exports competing with other LNG exporters and the U.S.-China trade dispute. Underpinning it all, fossil fuel emissions lead to cleaner renewables and the possibility of government mandates, vs. an industry that has vowed to police itself and contribute to cleaner energy solutions.