Medical and Hospital News  
OIL AND GAS
Oil price ceiling may be approaching
by Daniel J. Graeber
Houston (UPI) Feb 2, 2017


disclaimer: image is for illustration purposes only

A ceiling may be fast approaching for crude oil prices as U.S. supply pressures re-emerge in response to rising production, analysis find.

The price for Brent crude oil, the global standard, topped $56 per barrel this week in a market upswing as traders express confidence about a return to an era of balance. Higher production from some members of the Organization of Petroleum Exporting Countries and from U.S. shale tipped the scales since the middle of the decade and eventually pushed crude oil prices to historic lows last year.

OPEC in November agreed to a managed decline and crude oil prices responded by building back roughly $20 per barrel from historic lows. That's had the unintended consequence of sparking North American recovery as economics improve in areas that were already more resilient to the downturn than expected.

This week, the U.S. Energy Information Administration reported total November crude oil production at 8.9 million barrels per day, an increase of 100,000 bpd from the previous month.

Anthony Starkey, the manager of energy analysis for S&P Global Platts, said in an emailed report that most of the recent gains in U.S. oil production came from offshore and Alaska.

"We have yet to really see the improvement in shale output," he said.

A separate report from consultant group Wood Mackenzie this year uncovered a "dramatic" increase in efficiency as drillers in the Lower 48 get their work done in some cases 30 percent quicker than before the downturn. Meanwhile, U.S. President Donald Trump has favored policies early in his term that support the domestic oil and gas industry.

Starkey said that should eventually manifest itself in higher volumes from U.S. shale. Though OPEC has complied so far with its production agreement, he said the steady increase in U.S. oil production could undermine the intent of the arrangement.

"The window of opportunity for a significant move higher in oil prices in the near term continues to narrow, but is not completely closed as of yet," he said.


Comment on this article using your Disqus, Facebook, Google or Twitter login.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
More corruption concerns emerge for U.S. energy sector
Washington (UPI) Feb 2, 2017
Further concerns about possible corruption in the U.S. energy sector emerged after the Republican-led House moved to axe disclosure rules. The Republican-led House of Representatives voted along party lines to repeal a section of the Dodd-Frank Act that required energy companies like Chevron, Exxon Mobil and others to disclose taxes and fees paid to governments. Financial Service ... read more


OIL AND GAS
Anguish and miracles: avalanche dramas captivate Italy

Haitians face deportation as 2010 quake reprieve expires

Archaeologists shed new light on collapse of Mayan civilization

Italy avalanche toll at 15 as helicopter crash adds to pain

OIL AND GAS
IAI debuts GPS anti-jamming system

New project to boost Sat Nav positioning accuracy anywhere in world

Russia to Construct Glonass Satellite Navigation Station in Nicaragua

Clocks 'failed' onboard Europe's navigation satellites: ESA

OIL AND GAS
Girls less likely to associate 'brilliance' with their own gender

Scientists find link between brain shape and personality

Study: Pueblo architects understand advanced geometry

Humans, not climate change, wiped out Australian megafauna

OIL AND GAS
Scientists identify earliest protein necessary for cell division

How insects decide to grow up

Insects and umami receptors

In African 'fairy circles,' a template for nature's many patterns

OIL AND GAS
Fears over bird flu in China after 9 deaths this year

Why Lyme disease is common in the north, rare in the south

China roast duck vendor dies of H7N9 bird flu: Xinhua

Study: Retroviruses are nearly 500 million years old

OIL AND GAS
Hong Kong leadership favourite testifies in corruption trial

Trump to ruffle feathers in Year of the Rooster

2016 baby bump after China relaxes one-child rule

China sentences former senior official to life term for graft

OIL AND GAS
OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.