HIGH RISKY PRICES
Low oil prices risk causing a lack of investment in conventional oil supply in non-OPEC countries, strengthening OPEC market power and creating additional uncertainty, the IEA's director for energy markets and security, Keisuke Sadamori, said Tuesday.
The shale and tight oil revolution in the US had provided a welcome element of flexibility and elasticity to markets, Sadamori told the Offshore Europe conference in Aberdeen.
However, "if we see quite a substantial decline in upstream investment in conventional sources in non-OPEC countries, then the power to supply the marginal barrel will go back to the hands of the OPEC producers and they are also facing the extremely difficult unstable geopolitical situation," he said.
"Ensuring the security of supply supported by robust upstream and downstream investments will continue to be the priority and that's going to be a huge challenge in the coming decades," he said.
The IEA last month said it expected global markets to be over-supplied well into next year thanks to growing oil inventories, despite revising upwards its projections for global demand.
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REUTERS - State oil company Saudi Aramco last week raised prices for all crude oil grades to Asia in January.
U.S. BLS - Total nonfarm payroll employment increased by 228,000 in November, and the unemployment rate was unchanged at 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in professional and business services, manufacturing, and health care.
Отклонение нефтегазовых доходов федерального бюджета от месячной оценки, соответствующей Федеральному закону о федеральном бюджете на 2017-2019 годы, в декабре 2017 года прогнозируется в размере +204,8 млрд руб.
“Tight oil supplies are the wild card. They have reshaped the global outlook in recent years,” observed Ayed S. Al-Qahtani, who directs the research division at the OPEC Secretariat in Vienna. “US tight oil supplies will be the most important contributor but are expected to reach their peak around 2025.”