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Shale Boom ‘Curbs Impact’ Of Iraq Unrest On Oil Market

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June 20, 2014

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., according to Bloomberg June 19.

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 CEO of Houston-based consultant Quantum Reservoir Impact. WTI oil, the U.S. benchmark, has climbed $5 to $10 on supply anxiety, ...

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