Thursday, June 22, 2017

Oil competition, US vs OPEC

Thank you for competing with OPEC and Russia, US shale oil capitalism. I hope we can go back to below $40/barrel again.

"The resurgence of U.S. shale is already complicating OPEC’s efforts to draw down global stocks in 2017, as well as threatening its market share in 2018.

OPEC now predicts U.S. oil production will increase by 800,000 bpd in 2017, compared with a projected decline of 150,000 bpd at the time of its December forecast (“Monthly Oil Market Report”, OPEC, June 2017)."

"Thanks largely to the domestic hydraulic fracturing revolution, the U.S. has been the world’s top natural gas producer since 2009, passing Russia, and the top producer of oil and petroleum hydrocarbons since 2014, passing Saudi Arabia."

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