OIL PRICES - 2015
Last week OPEC held a conference to review the outlook on the bleak oil market. The global economic growth is set to make a small change in forecast in the New Year with a slow steady rise of 4%. This rise was accumulated with the apprehension of the recovering global economy and the expectation of a higher demand for oil in 2015. This confidence has arisen due to the fact that many projects are stable and "comfortably above the five-year average, coupled with the on-going rise in non-OECD inventories, are indications of an extremely well-supplied market."
Overall, OPEC has decided to stick to their previous plans made in 2011 and maintain the production level of 30.0 mb/d. There was in no doubt concern over the rapid decline in oil price at the conference, but OPEC suggested that during this period it gave producers time to invest. This eye-opening decline in oil price had pushed the big players to look further into the future of oil and what action should be taken, to meet future demands.
Overall the conference gave a positive outlook on the future of 2015 with a small but steady increase. The OPEC daily basket price stood at US$66.27 a barrel Thursday, 4 December 2014, Brent crude hit a $63.72 a barrel on Monday 1 December 2014, which is a five year low. Cuts against official selling prices from Saudi Arabia are currently resonated across the global market.
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Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.
OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.
REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.
Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.