OPEC deal reality: a whole lot of ifs…
In a webcast that Drilling Info hosted this week the group looked at the possible outcomes of oil supply, demand and pricing in the foreseeable future. Drilling Info analysts concluded that if OPEC cuts successfully, prices can go as high as $67 per barrel in 2017, which would grow production in the U.S. from now until Dec. 2017 by 642 MBOPD.
Source: Drilling Info
The company warned, however, that it is unlikely that OPEC will be able to enforce the promised quotas, as production is still growing according to estimates. Non-OPEC countries are likely to be a bust. Only four out of 14 countries invited to tomorrow’s Vienna talks are actually participating. Russian production achieved a record in November. For OPEC marketshare is still an issue, the group warned.
Source: Drilling Info
