While the result from Vienna is ostensibly a success, there are obvious cracks in OPEC’s cohesion, as well as in its strategy to tighten up the market.
U.S. Sets Record for Oil Production Growth in 2018; U.S. Expected to Drive Global Supply Growth Through 2024
Both BP and the IEA expect U.S. production to drive global supply growth in the coming years, but uncertainty about shale's production trajectory was marked out as a potential concern.
Making a profit in the shale patch has been an uphill battle to begin with for many companies, but the latest crash in crude prices makes that task much more difficult. Bankruptcies could begin to rise if oil prices fail to rebound.
The future appears bright for the nation’s new petroleum engineer graduates—except there are fewer of them entering the workforce than at any time in the last four years
Given the oil industry’s capital-intensive nature, and the difficulty of smaller producers to profit from operations, investors are hopeful that the long-anticipated wave of consolidations will be sparked by the Chevron-Anadarko deal.
For the United States to realize its foreign policy ambitions, domestic oil demand must be reduced.
U.S. shale is expected to account for nearly three-quarters of global supply growth over the next five years—even as it faces both short- and long-term questions about its viability.
Oil's bullish trend may only prove to be fleeting, with the possibility of another downturn later in the year.
The dramatic slimming down over the past half-decade by the oil and gas industry has led to a steep drop off in spending, exploration and final investment decisions on new projects—raising the possibility of a supply crunch in the early 2020s.
Despite a range of uncertainties looming over the oil market this year, there is a growing sense that OPEC+ might be able to succeed in balancing the market after all.