EQT Corp Chief Executive Officer Toby Rice, Hess Corp CEO John Hess and Chesapeake Energy CEO Domenic Dell'Osso, among others, attended a dinner with OPEC Secretary General Mohammad Barkindo at a restaurant adjacent to the CERAWeek conference site.
The limited growth in OPEC+ output, the US oil industry’s limited capacity for expansion, the demand-led economic recovery and vaccination are likely to keep oil prices sticky
The only feature that matched shale’s disruptive rise in the past 15 years was the industry’s knack for destroying investors’ money as billions of dollars were spent with little return
The Organisation of the Petroleum Exporting Countries (OPEC) and Russia-led allies agreed to trim output by 1.2 million barrels per day (bpd) beginning in January 2019.
OPEC projected that global demand for oil would rise to 98.6 million barrels per day in 2018, from 97.01 million bpd last year.
US West Texas Intermediate crude oil futures were moving around $53 a barrel and Brent crude futures at around $56 a barrel on Thursday morning in Asia, up from sub-$50-a-barrel levels before the OPEC production cuts were announced.
Calling this an act driven by geo-politics and not by economics, Oppenheimer senior analyst Fadel Gheit says it is not the US shale but Saudi Arabia, which is 'playing a game and using oil as a weapon' to austere supply in Asia from Iran and Russia.
Saudi oil minister Ali bin Ibrahim Al-Naimi said Tuesday that there is more to unite energy industry participants than to divide them, but lack of consensus led OPEC to embark on a policy that has sent prices spiraling.
Oil prices are heading toward USD 100 a barrel again, just over three years after they first touched triple digits on the first trading day of 2008.