Opec’s Days Are Numbered, Evercore’s Altman Writes in the FT
Discoveries of unconventional oil and gas reserves in the western hemisphere will not only reduce price and supply volatility, but will also bring the end of the Organization of Petroleum Exporting Countries, Roger Altman wrote in the Financial Times.
Technology has revolutionized energy supply with the result that the U.S. now has a 100-year supply of natural gas, and oil production is projected to rise sharply, meaning that within 20 years, production could match consumption in the western world for the first time since 1952, Altman, chairman of Evercore Partners (EVR) and a former U.S. deputy Treasury secretary wrote.
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