US companies producing shale oil have limited impact on the global oil market.
Report informs citing the Financial Times, General Manager of BP Bob Dudley said.
Dudley said that optimistic ideas about prospects for shale oil production have been replaced by more pragmatic assessment. The technology of extraction and the features of various geological forms give rise to this.
In next 10 years, demand for oil will continue to grow, and in general, the need for hydrocarbons in the world economy will last for many years.
“There are cracks appearing in the model of the Permian being one single, perfect oilfield”, Dudley stated.
“I don’t think US shale will be the perfect swing producer now,” he said. “For a while, I was worried. But I think it is going to be less solid.”
He added: “For at least 10 years, and probably longer, oil demand will go up because of prosperity and population growth. And then, when it starts to go down, it’s going to be a gradual decline. So there will be, until well into the second half of the century, a need for oil”.
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