Tuesday, June 16, 2015

Setting Us Up For $200 Oil -- Reuters, June 16, 2015

Over at Bakken.com Reuters is reporting:
Deepwater oil projects and complex gas facilities worth around $200 billion have been canceled or put on hold worldwide in recent months due to the sharp drop in oil prices over the past year.
Further project cuts and delays are likely as the industry braces for an extended period of lower oil prices as a result of a supply glut.
The delays in multi-billion dollar projects that can take up to 10 years to develop, and needed to support rising global demand for energy, could create a shortage in the future.
Meanwhile, the Bakken is producing at 1 million bopd and by the end of 2016 will easily be able to ramp up to 2 million bopd if the price is right, if the demand is there. 

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