MercoPress. South Atlantic News Agency
OPEC refuses to cut output pushing higher-cost oil producers out of the market
The monthly report from the Organization of the Petroleum Exporting Countries said a weaker outlook for China would contribute to slower global oil demand growth next year. “U.S. oil production has shown signs of slowing,” OPEC said in the report. “This could contribute to a reduction in the imbalance of oil market fundamentals, however, it remains to be seen to what extent this can be achieved in the months to come.” Read full article
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Disclaimer & comment rulesSome 'experts' are suggesting that the operators of North Sea Rigs need to be able to cope with U$D15 per barrel break even.
Sep 16th, 2015 - 01:44 pm - Link - Report abuse 0Not so long ago oil was U$D115 per barrel.
How does any business cope with that except ANCAP in Uruguay who have yet to drop the cost of fuels. That's the answer: make it a monopoly!
Yeh, the rest of the world has moved on a bit but signing up for three years at MADuro's prices really fucked things up and the twat that did that while he was in charge of ANCAP is now our Veep and if the 'mature' President croaks in office he will get to be President!
You really couldn't make this shit up.
Maduro is sweating bullets right now.... pobrecito.
Sep 16th, 2015 - 03:32 pm - Link - Report abuse 0Opec can force prices down, but have lost control of up.
Sep 16th, 2015 - 06:50 pm - Link - Report abuse 0Shale wells can be drilled in a matter of days and have a much shorter lifespan than conventional ones.
Easy to let production run down, very quick and easy to ramp production up again, when required.
Oil prices look set to keep falling.
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