Baker Institute expert available to discuss outlook for global oil and natural gas markets
Medlock: There will be downward pressure on global oil prices over the coming years
HOUSTON – (Sept. 26, 2013) – The continued growth in production of unconventional oil and natural gas in the U.S. will put downward pressure on global oil prices, according to an energy expert at Rice University’s Baker Institute for Public Policy.
Ken Medlock, fellow in energy and resource economics at the Baker Institute, senior director of the institute’s Center for Energy Studies and adjunct professor and lecturer in Rice’s Economics Department, discussed his perspective on global oil prices at the OPEC technical meeting in Vienna Sept. 25. The meeting was attended by high-level OPEC officials and representatives of member nations.
Medlock also discussed the prospects for U.S. natural gas and crude oil exports, unconventional resource development outside of the U.S., the demand for oil and gas in developing Asia and the role of the value of the U.S. dollar on oil prices.
“Recent trends are indicative of strong supply-side fundamentals in the near term, but hints of slower growth in oil demand over the longer term are also present,” Medlock said. “Taken together, this will put downward pressure on global oil prices over the coming years.”
Still, Medlock cautioned that instability in major oil-exporting regions such as the Middle East and North Africa remains a wild card for oil prices and could cause them to rise.
The Baker Institute has a radio and television studio available for media who want to schedule an interview with Medlock. For more information, contact Jeff Falk, associate director of national media relations at Rice, at email@example.com or 713-348-6775.
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Founded in 1993, the James A. Baker III Institute for Public Policy at Rice University in Houston ranks among the top 20 university-affiliated think tanks globally and top 30 think tanks in the United States. As a premier nonpartisan think tank, the institute conducts research on domestic and foreign policy issues with the goal of bridging the gap between the theory and practice of public policy. The institute’s strong track record of achievement reflects the work of its endowed fellows and Rice University scholars. Learn more about the institute at www.bakerinstitute.org or on the institute’s blog, http://blogs.chron.com/bakerblog.