Opec’s gift to oil sands producers: high oil prices
Yadullah Hussain Jul 6, 2012
Canadian oil sands producers battling high development costs are getting help from an unlikely quarter: Saudi Arabia and its OPEC allies.
“OPEC’s pursuit of higher prices has underpinned the growth of non-OPEC producers,” says Julian Lee, senior energy analyst at U.K.-based Centre for Global Energy Studies. “Non-OPEC developers should be extremely grateful for OPEC for keeping the price of oil high and making all the exotic and expensive sources of oil economically viable.”