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Sunday, 5 March 2017

OPEC, Russia head to Texas for an away game in oil price wars

OPEC, Russia head to Texas for an away game in oil price wars:

"Crude oil prices are being pumped by OPEC's production cuts, but they are at risk of being knocked down by a gusher of new U.S. shale drilling.

OPEC and non-OPEC producers, like Russia, agreed in December to take 1.8 million barrels of crude off the world market. As a result, they have kept the price of oil in the $50s per barrel even with a supply glut, most apparent in the United States. At the same time, U.S. drillers, emboldened by the higher oil price, are drilling at the highest rate in more than a year and look on track to go back to record levels by year-end.

All of these principals — the Saudis, other Gulf producers, Russians, Brazilians, Mexicans, big oil and U.S. shale drillers — will meet in Houston starting Monday, Mar. 6, on panels, at dinners and in the hallways of the annual CERAWeek energy conference, sponsored by IHS Markit."



'via Blog this'