EXXON DOESN'T SEE
REUTERS wrote, the world is developing enough oil resources to avoid a big supply crunch in the next few years, the boss of Exxon Mobil said on Wednesday, adding he saw no major further declines in U.S. oil output either.
"I don't necessarily have the view that we are setting ourselves up for a big crunch within the next 3, 4, 5 years," CEO Rex Tillerson told the Oil & Money conference.
Many oil executives have said the decline in investment over the past two years was so steep that the world would soon face a shortage of supply.
U.S. oil production was one of the hardest hit in recent years but Tillerson said the declines might be coming to an end as there is a large number of uncompleted wells that could be brought onstream to help sustain U.S. output.
He also said that because of abundant global supply it was difficult for him to see a big price spike in the next few years.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.