It will be interesting to see if they try again.
The slump in oil prices, however, was due to "bait and switch" this time -- by President Trump. More on that later but the bottom line: the low gasoline prices that Americans are enjoying right now are 100% due to actions by President Trump.
Making America great again.
OPEC forecast: just released. Look at how fast things are changing. Last month, OPEC forecast non-OPEC growth to be 2.2 million bopd in 2019; this month -- just one month later -- OPEC predicts non-OPEC growth to be 2.3 million bopd in 2019:
With U.S. production alone estimated to have hit 11.6 million bpd earlier this month, it’s no wonder OPEC sees the United States as the biggest driver behind non-OPEC supply growth, which it sees this year at 2.31 million bpd. This is 90,000 bpd more than what OPEC forecast a month earlier, and will be also helped by higher production in Canada, Russia, and Kazakhstan.
Comment: I remember folks writing me several years ago suggesting that by now (2020) the world would be oil-short because no deepwater drilling was being done. This must be driving the "peak-oil"crowd nuts.
Also interesting: OPEC still doesn't know how to model shale production. It is very, very different than what they are used to when modeling conventional oil.
*********************************************
Back to the Bakken
Active rigs:
$57.45😧 | 11/13/2018 | 11/13/2017 | 11/13/2016 | 11/13/2015 | 11/13/2014 |
---|---|---|---|---|---|
Active Rigs | 65 | 54 | 38 | 64 | 188 |
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.