No, I don't think so. For me, it takes more than one or two years to make something like this a trend.
On the other hand, why do we need Iraqi or Iranian oil? Other than to corner the market of course.
Bloomberg notes
If the North American output of oil products become greater than that of the middle east, what then becomes of the middle east? Surly not back to the camel days, but what will they do for money? Fire sale their remaining oil stock?
So far, I haven't heard of countries within OPEC retooling for building up other economic sectors.
On the other hand, why do we need Iraqi or Iranian oil? Other than to corner the market of course.
Bloomberg notes
“The U.S. has become the fastest-growing oil and natural- gas producing area of the world,” Edward L. Morse, Citigroup’s New York-based head of global commodities research, and half a dozen colleagues wrote in the report. Greater output from Canada and a rebound in Mexico point to bigger increases in North American production “than all of OPEC can sustain.”
If the North American output of oil products become greater than that of the middle east, what then becomes of the middle east? Surly not back to the camel days, but what will they do for money? Fire sale their remaining oil stock?
So far, I haven't heard of countries within OPEC retooling for building up other economic sectors.