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2015-01-27 20:50:00

OIL PRICE: $200

OIL PRICE: $200

OPEC's secretary-general said oil prices as high as $200 a barrel are possible if producers fail to invest in new supply.

"If you don't invest in oil and gas, you will see more than $200," Abdalla El-Badri said in an interview in London on Monday, without giving a timeframe. West Texas Intermediate, the U.S. crude benchmark, erased a decline of as much as 2.7 percent following his comments.

Crude prices tumbled 46 percent last year as Saudi Arabia and other members of the Organization of Petroleum Exporting Countries said they wouldn't curb output in response to a supply glut caused in part by surging U.S. shale oil production. The International Energy Agency, the Paris-based adviser to 29 nations, said Jan. 21 that a decline in prices may deter investment in all types of energy.

"He is raising a valid concern that falling investments due to the current price collapse may leave us with little oil coming out of the ground in a few years," Ole Sloth Hansen, an analyst at Saxo Bank A/S in Copenhagen, said by e-mail Monday. Prices as high as $200 probably won't happen because "a move back above $100 will bring the shale oil drillers out in force as they can relatively quickly react to rising prices."

West Texas Intermediate for March delivery advanced 11 cents to $45.26 a barrel in electronic trading on the New York Mercantile Exchange at 1:03 p.m. Singapore time. Brent crude climbed 0.3 percent to $48.30.

Price Spike

"I think the sudden oil spike we saw earlier is linked to the El-Badri comments," Giovanni Staunovo, a commodity analyst at UBS Group AG in Zurich, said by e-mail Monday. "Particularly the ones where prices could hit $200 with insufficient investments and the fact that they're open to talks with non-OPEC to balance the market."

There's an oversupply of about 1.5 million barrels a day on the oil market and OPEC is open to a meeting with nations outside the 12-member group to tackle the glut, El-Badri said. The market will be brought back into balance by a reduction in supply, rather than an increase in demand, he said.

Investment in oil production will fall by $100 billion, or 15 percent, this year compared with 2014, Fatih Birol, chief economist at the IEA, said at the World Economic Forum in Davos, Switzerland on Jan. 21. This means oil at $45 a barrel will be a temporary phenomenon, he said.

Drilling Rigs

U.S. crude production rose to 9.19 million barrels a day on Jan. 9, the fastest pace in at least three decades, according to the Energy Information Administration, the Energy Department's statistical arm. The boom was driven by a combination of horizontal drilling and hydraulic fracturing, or fracking, which has unlocked supplies from shale formations including the Eagle Ford and Permian in Texas and the Bakken in North Dakota.

As prices slumped, oil drillers reduced the number of rigs operating in the U.S. to the lowest in two years, according to data from Baker Hughes Inc. (BHI) Companies idled 49 U.S. oil rigs last week, bringing the total to 1,317, in the seventh weekly decline, it said Jan. 23.

"The current price cannot sustain non-OPEC supply where it was going the last year or so," Robert Campbell, head of oil products research at London-based Energy Aspects Ltd., said by phone from New York Monday. "This is not just U.S. shale, this is all sorts of places: North Sea, Russia."

Most projects to develop oil resources in OPEC members will proceed at current prices, although some may be canceled, El-Badri said.

bloomberg.com

Tags: OIL, PRICES, OPEC, SAUDI
OIL PRICE: $200 September, 21, 11:00:00

OIL PRICE: NEAR $79 STILL

OIL PRICE: $200 September, 21, 10:55:00

RUSSIA'S OIL PRODUCTION: 11.3 MBD

OIL PRICE: $200 September, 21, 10:45:00

UNEXPECTED OIL PRICES

OIL PRICE: $200 September, 21, 10:40:00

OIL MARKET UNCERTAINTY

OIL PRICE: $200 September, 21, 10:35:00

OPEC-NON-OPEC DECISIONS

OIL PRICE: $200 September, 21, 10:30:00

U.S. CAPITAL EXPENDITURES UP

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Chronicle:

OIL PRICE: $200
2018, September, 21, 10:25:00

U.S. ENERGY CASH: $119 BLN

U.S. EIA - Energy companies’ free cash flow—the difference between cash from operations and capital expenditure—was $119 billion for the four quarters ending June 30, 2018, the largest four-quarter sum during 2013–18 Companies reduced debt for seven consecutive quarters, contributing to the lowest long-term debt-to-equity ratio since third-quarter 2014

OIL PRICE: $200
2018, September, 21, 10:20:00

WORLD OIL DEMAND: 100.23 MBD

OPEC - Total oil demand for 2018 is now estimated at 98.82 mb/d. In 2019, world oil demand growth is forecast to rise by 1.41 mb/d. Total world oil demand in 2019 is now projected to surpass 100 mb/d for the first time and reach 100.23 mb/d.

OIL PRICE: $200
2018, September, 21, 10:15:00

IRAQ'S OIL: NO RECORD

ARAB NEWS - Oil exports from southern Iraq are heading for a record high this month, two industry sources said, adding to signs that OPEC’s second-largest producer is following through on a deal to raise supply and local unrest is not affecting shipments.

OIL PRICE: $200
2018, September, 21, 10:10:00

NATURAL GAS EXPORT UP

PLATTS - The International Energy Agency expects the US to account for 75% of the global growth in natural gas exports over the next five years, a bullish outlook for LNG developers facing challenges at home getting projects off the ground and abroad with tariffs affecting trade flows.

All Publications »