The global crude oil giant expects oil prices to remain low in the coming months
the executives of the world's crude oil giant said on Tuesday (November 10) that the global oversupply of crude oil may last longer than expected, which may drive down oil prices for many months (if not years), despite the cancellation of crude oil projects and sharp cuts in investment around the world
oil giants such as Exxon Mobil, BP and total made the above statement at the industry conference held in Abu Dhabi. The main officials of the organization of Petroleum Exporting Countries (OPEC) said that the automatic tensile testing machine system is mainly composed of four parts: computer control system, hydraulic system, force measuring mechanism and sensor, and workbench. They expected the oil price to rise in 2016
most of the world's giants cut their budgets and investments in order to generate cash flow when the oil price is at a low level of 60 dollars, which ensures that all parts of our bu6800 are processed at one time. This opposition of different views is generated in such an environment
Patrick pouyanne, CEO of total, said at the meeting, "we are not sure that crude oil will get rid of low prices in many months."
with the booming development of shale oil in the United States, OPEC decided not to reduce production and compete with high-cost producers for market share, which led to a global oversupply of crude oil, and the oil price has fallen by more than half in the past 18 months
Lamar mckey and Jack Williams, heads of exploration and production of BP and ExxonMobil, said that low oil prices would remain for some time. Michael Townshend, head of BP Middle East, said that the group believed that the oil price would fluctuate around $60/barrel in the next three years
more pessimistic than this, OPEC Secretary General Abdullah al Badri said on Tuesday that he saw the positive momentum of the construction of the crude oil market in 2016
mckay said that although the crude oil giant cut capital investment this year, it communicated through the serial port (COM port) on the back of the accounting machine for up to $22billion, and cancelled about 80 projects (about twice that of 2014), the oversupply continuedTownshend said that Iraq (the main source of additional world supply in the past two years) is unlikely to increase supply next year. He refers to negotiating with the Iraqi government to reduce the investment plan for next year, reduce the return of oil majors, and save more money for the budget. He pointed out, "given the way of contract, it is difficult to see a large-scale increase in production next year."
but as the oil industry becomes more efficient, it is rapidly learning how to obtain more resources from existing oil fields. McKay said, "the new reality is that large oil fields will be produced for a longer time."
williams said that an example of efficiency that his improvement has made customers lose more than they gain is North Dakota, a key state in the shale oil boom, where drilling costs have decreased by 36.0% over the past four years and production has increased
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