Rising U.S. Output Seen Curbing Impact of Iraq on Oil
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The U.S. shale boom, which has sent the nation’s output to a 28-year high, is curbing the impact of the Iraq crisis on the oil market, said Nansen Saleri, former head of reservoir management at Saudi Arabian Oil Co.
Prices would have climbed more this month if techniques such as hydraulic fracturing and horizontal drilling hadn’t bolstered U.S. crude output, said Saleri, who is now chief executive officer of Houston-based consultant Quantum Reservoir Impact. West Texas Intermediate oil, the U.S. benchmark, has climbed $5 to $10 on supply anxiety, he said.