CEO of top oil trader Vitol, Mr Ian Taylor, told that US oil output could be set for a last spike in 2018 before growth flattens for a number of years as rising costs make a big chunk of production uneconomic. He told “I think the question, a little bit in the longer term is, is this the last big rise in US production? Vitol expected US output to climb by 0.5-0.6 million barrels per day (bpd) next year but the increase would cause cost inflation and make some production loss-making.”
He told “If you look at the economics on most of the big Permian players, not many of them make a lot of money.”
He said “The anticipated slowdown in U.S. output combined with robust growth in global demand for oil should push prices above the current range of $50-60 per barrel. But in the short and medium term, the oil market will remain boringly rangebound with prices possibly coming under downward pressure in the first few months of 2018, when demand would typically weaken. The market is tightening up. But it’s very shallow. There will be moments when we must get closer to $60 and moments I’m sure when we’ll flirt with a number with a 4 in front of it. But it’s a pretty narrow range.”
The United States has turned into a major oil exporter in recent years on the back of a shale revolution, which created a global oil glut and sent prices plunging to below $30 per barrel last year from as high as $110 in 2014. Source : REUTERS Pipe Industry Co., Limited (www.wilsonpipeline.com)
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