06 Mar '17, 5pm

Where do you think the price of #oilandgas will go?

This year and next, according to Markwell, supply and demand are roughly in balance, so IHS forecasts Brent crude will average in the range of US$57-US$58 in 2017 and US$57 in 2018. In part, this is because current OPEC actions – production cuts – trigger reactions, including increased drilling from North American tight oil producers, a move that will limit upward price pressure in the near term. Looking further out, into the early 2020s, the IHS baseline forecast sees prices reaching US$70 “and upwards”. However, “we do not see a rebound to the US$100-plus level for the foreseeable future,” Markwell says. At the time of the oil price collapse, exploration and production players were being challenged by record high costs. Since then, costs in some oil fields – particularly offshore and North American shale – have been cut in half. The cost reductions between 2014 and today...

Full article: https://www.siemens.com/customer-magazine/en/home/energy/...

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