Meanwhile, there’s life left in supposedly mature North American petroleum production. Exxon Mobil (XOM) has found plenty of oil in the Gulf of Mexico. Heads up, BOEMRE, you’ll have to speed up those GOM permits if the Administration is to make good on its promise to keep the U.S. out of recession. Maybe the U.S. could join OPEC as the new swing producer if it keeps up the pace of offshore discoveries.
The death of OPEC has been predicted for decades. Those wily producers always manage to surprise the world with their longevity. The only thing that can hurt the bloc is a permanent decline in oil production. That isn’t on the scene just yet.