With Saudi Arabia reluctant to cut production, crude oil prices over the next decade depend greatly on producers' costs, says a veteran observer of oil markets and the Middle East.
An oil-price rise to $80-90/bbl in the next couple of years requires a production cut unlikely to be made by Saudi Arabia, says Fereidun Fesharaki, chairman of Facts Global Energy (FGE), London. Without a Saudi cut, Fesharaki writes in a March report, "prices can lag at $40-60/bbl for some time to come."
Lower growth in oil production in the US, he adds, will not support prices on its own.
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BP and partners have sanctioned the Azeri Central East (ACE) project, the next stage of development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oilfield complex in the Azerbaijan sector of the Caspian Sea.
ConocoPhillips's gas-focused North Sea assets pumped 72,000 b/d of oil equivalent last year, and the acquisition will help boost Chrysaor's total production this year to over 185,000 boe/d, Chrysaor said in a statement.
Renewable energy sources generated approximately 33 per cent of Great Britain’s electricity over the first quarter of 2019, according to new figures published by energy consultancy EnAppSys, with wind energy accounting for over 60% of renewable generation.
To further explore opportunities for bilateral energy expansion, Turkish Energy and Natural Resources Minister Fatih Dönmez and German Federal Minister for Economic Affairs and Energy Peter Altmaier met in Ankara for the second Turkish-German Energy Forum in October last year to sign a letter of intent to enhance the Turkish-German energy partnership.