Friday, June 2, 2017

Life As A Bakken Oilfield Worker -- Spring, 2017 -- Forbes -- June 2, 2017

From Forbes. Remember: we are in the "manufacturing phase" -- and currently "manufacturing" is sluggish.

Already Coming Apart

The new 9-month extension has not even taken effect yet -- it goes into effect July 1, 2017, and already the Russians are talking about "what next":
Russia is unlikely to prolong its supply deal with OPEC beyond the nine-month extension agreed last week, because by then it will have served its purpose, Oleg Vyugin, a Rosneft board member, said on Thursday.
Rosneft, Russia’s largest oil producer, has borne the brunt of output cuts under the extension deal. OPEC Secretary-General Mohammad Barkindo and Russian Energy Minister Alexander Novak said Wednesday that they are looking for ways to formalize a permanent alliance among oil producers to take more control of oil markets.
My hunch is that the OPEC-non-OPEC pact will fall apart well before March, 2018.

The bigger story, of course: just last month, everyone was still saying that US shale could not make up the shortfall. 

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