Tag Archives: oil stocks

Oil Production Vital Statistics July 2016

Global total liquids bounced by +600,000 bpd in June as Canada partially recovered from the Fort McMurray wild fire and Saudi Arabia flexed its muscles raising production by 200,000 bpd compared with May.

Not surprisingly the oil price has wilted to the vicinity of $43 / bbl. But Bull and Bear forces are beginning to equilibrate. Continue reading

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“The bottom of the market may still be ahead”

The title of this post, “The bottom of the market may still be ahead”, is the last line of the July IEA OMR summary. Those companies and investors hoping for an early end to this low price crisis may be disappointed. Global supply was up again in June by 550,000 bpd. Demand growth looks set to slow. Inventories are at record levels. And not surprisingly prices have once again yielded to the gravity of glut and have fallen below $60 / bbl. To add insult to injury US oil rig count has risen these last two weeks and UK North Sea oil production looks set to rise in the years ahead. Continue reading

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