| Oil cartel Opec acknowledged the growing importance of unconventional 'shale’ oil reserves for the first time on Thursday - as it cut its oil demand forecasts on fears over eurozone growth.
In its annual world oil outlook report, Opec - whose 12 members include Saudi Arabia, Iran, Iraq and Venezuela - said: “Shale oil represents a large change to the supply picture.” While in previous reports “no significant shale oil contribution to liquids supply was envisaged,” this year “a rise in the importance of shale oil is expected”, Opec said...............................................Full Article: Source
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