Geopolitical events have helped rebalance global crude oil fundamentals, but the ability of U.S. onshore oil operators to ramp up quickly could again throw the market into oversupply, according to Morningstar.
Articles from Opec
Oil prices jumped Friday after the Organization of the Petroleum Exporting Countries (OPEC) secured a compromise, albeit modest, agreement that effectively will add about 600,000 b/d to the market, or around 0.5% of global supply.
Natural gas production, which climbed worldwide by 3% in 2017, provided the single largest contribution to primary energy growth, but the showdown between U.S. tight oil producers and the Organization of the Petroleum Exporting Countries (OPEC) continued to bring the drama last year.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, could ramp up more oil to global markets “in the near future” to fill the gap from U.S. sanctions on Iran and the loss of Venezuela output, the Saudi Arabia energy minister said Friday.
Global oil supply outside the cartel that makes up the Organization of the Petroleum Exporting Countries, i.e. OPEC, has recovered since contracting in 2016, but uncertainties remain about where the market may be headed through the rest of this year.
U.S. producers appeared to have won another battle for global oil dominance after the Organization of the Petroleum Exporting Countries (OPEC) on Thursday extended global oil production reductions through at least mid-2018.
Global oil prices were climbing slightly on Thursday after the Organization of the Petroleum Exporting Countries (OPEC) and its Russian-led allies agreed in principle to keep 1.8 million b/d off the market possibly through 2018.
North American shale and tight oil production should reach 7.5 million b/d in 2021, about 75% higher than in 2016, and peak after 2025, the Organization of the Petroleum Exporting Countries (OPEC) said Tuesday.
Saudi Arabia Crown Prince Mohammed bin Salman said the kingdom is ready to support extending an agreement to reduce oil production led by the Organization of Petroleum Exporting Countries (OPEC), which spiraled out of kilter in part because of huge output from North America’s onshore.
The secretary general of the Organization for the Petroleum Exporting Countries (OPEC) is calling on U.S. unconventional producers to help reduce the global oil surplus.