RUSSIA AND OPEC ARE PERMIANENTLY FRACKED

The OPEC oil cartel – and Putin’s Russia – are waking up to an unpleasant surprise. Shale output from the Permian Basin in Texas is expanding faster than the world thought humanly possible.
The scale threatens to neutralize output cuts agreed by Saudi Arabia and a Russian-led bloc last November, and ultimately threatens break their strategic lockhold on the global crude market for a generation.
"People just don't seem to realize how big the Permian is. It will eventually pass the Ghawar field in Saudi Arabia, and that is the biggest in the world," said Scott Sheffield, founder of Pioneer Natural Resources and acclaimed 'King of the Permian'.
Fresh science broadly confirms the once-outlandish claims of Mr. Sheffield and the veteran wildcatters. Consultants IHS have tripled their estimate of ultimate recoverable resources in the Permian to 104bn barrels – recoverable now due to astonishingly rapid advances in American fracking technology.












