Tag: US Shale
Column: OPEC’s focus on oil stocks risks prices overshooting
Oil stocks overhang compared to 5-yr average has narrowed significantly By John Kemp LONDON – The Organization of the Petroleum Exporting Countries (OPEC) is sticking doggedly to its plan to cut commercial oil inventories down to the five-year average to rebalance the oil market. But in doing so, the organization risks tightening the market too […]
BHP Billiton chair: $20 billion investment in US shale a mistake
BHP Billiton bought into US shale play at peak of fracking boom In a Reuters report on Thursday, BHP Billiton’s Chairman Jac Nasser said, in hindsight, the energy giant’s $20 billion investment in the US shale industry was a mistake. “If you had to turn the clock back, and if we knew what we knew […]
Opinion: OPEC should let oil prices rebalance the market
OPEC should make it clear the supply cut pact will not be extended By John Kemp The 1980s film “WarGames” contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. Released in 1983, the movie blended new concerns about home computers and hacking with older concerns […]
Opinion: Oil traders hunt for shale pain threshold
Most shale producers need $45-$50/barrel oil to break even By John Kemp LONDON, June 21 (Reuters) – Crude prices are likely to remain under pressure until there are signs the number of rigs drilling for oil in the United States is stabilising or reversing lower. U.S. exploration and production firms have hired 530 extra drilling […]
New projects, shale boom trigger oil oversupply by 2018-19: Goldman Sachs
Shale boom could boost output by one million b/d New crude production projects and a revived US shale boom could boost oil output by one million b/d, adding to the supply glut in the coming few years, according to a research note released on Tuesday by Goldman Sachs. In the note, the US investment bank said “2017-19 […]
Saudi Arabia wants oil prices to rise to around $60 in 2017 – sources
$60 oil prices would encourage investment in new fields, but not jump in US shale output By Rania El Gamal and Alex Lawler DUBAI/LONDON, Feb. 28 (Reuters) – Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said. This is the […]
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