Marginal oil gaining market share, setting higher floor price
Marginal oil, with its greater risks and higher cost of production, will exert more influence on oil prices as it moves to becoming 10% of global supply by 2035. Gillian Carr reports
With conventional oil production in decline outside of the Organization of Petroleum Exporting Countries (Opec) and often subject to significant political risks within Opec, supply from unconventional – or marginal – barrels is set to become a far greater component of the global energy supply mix in the future.
Currently unconventional oil is only 3% of global supply, but production is expected to double by 2020 when it will constitute about 6.5% of total supply and then 10% of total supply by
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