The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

‘Too low’ crude prices seen rising to $80 in 2018 by Statoil

Pubdate:2015-10-30 08:49 Source:mcc Click:
SERENE CHEONG
 
SINGAPORE (Bloomberg) -- Crude prices that have almost halved in the past year are unsustainable at current levels as cuts to investments and postponement of projects will lead to a decline in supply growth, according to Norway’s biggest oil company.
 
“We think that the price level now is too low,” Eirik Waerness, chief economist and vice-president at Statoil ASA, said in an interview in Singapore on Thursday. “Some people will stop exploring for oil. With oil prices around $50, you get a stimulus for demand growth. That will tighten the market.” Crude is expected to climb to $80/bbl in 2018 and increase gradually after that as existing supplies get used up, he said.
 
Oil slumped more than 44% in the past year as U.S. stockpiles expanded at a time when OPEC producers bolstered output to retain market share, exacerbating a global supply glut that the International Energy Agency estimates will remain until at least the middle of 2016. Producers hurt by the collapse in prices have had to fire workers, cancel projects and sell oil fields to conserve cash. Statoil on Wednesday announced cuts to planned investments in 2015 by $1 billion to $16.5 billion.
 
“The question is how much of the current change in the industry will lead to long-term cost reductions,” said Waerness. When “demand becomes larger than supply, and we will start drawing down storages. The market will suddenly realize that there’s very little spare capacity out there.”
 
West Texas Intermediate for December delivery fell 21 cents to $45.73/bbl on the New York Mercantile Exchange at 1:40 p.m. Singapore time. Prices, which were last above $80 in October 2014, have decreased 14% this year.
 
Cost cuts
 
Statoil also delayed the start of production at its Aasta Hansteen and Mariner fields to the second half of 2018 from 2017, the Stavanger-based company said Wednesday in its quarterly earnings report, joining competitors including BP Plc seeking to protect shareholder payouts.
 
U.S. crude inventories increased for a fifth week through Oct. 23 in the longest run since April, while refinery operating rates rose for a second week, Energy Information Administration data showed Wednesday. While supplies are more than 100 MMbbl above the five-year seasonal average, the oil glut is now being sustained by production outside the U.S., according to Goldman Sachs Group Inc.
 
The Organization of Petroleum Exporting Countries, which supplies 40% of the world’s crude, continues to pump above its collective target. Saudi Arabia, the world’s largest oil exporter, is storing record amounts of crude in its quest to maintain market share as it cut shipments. The United Arab Emirates is committed to its role as a responsible oil supplier and is not panicking about the price, Energy Minister Suhail Al Mazrouei said Wednesday.
 
“The underlying trend is that it’s going to come up, but it’s going to take a while,” Waerness said, referring to prices. “One of the reasons why it takes a while is because the storage is too high, and therefore the price mechanism doesn’t really work.”
主站蜘蛛池模板: 夜夜爽一区二区三区精品| 精品一区二区视频在线观看 | 日本三级视频网站| 国产成人久久精品区一区二区| 亚洲一区中文字幕在线观看| 4ayy私人影院| 欧美人与动性行为网站免费| 国产精品亚洲一区在线播放| 亚洲午夜无码久久久久小说| 777xxxxx欧美| 最新国产精品精品视频| 国产性天天综合网| 久久久这里有精品999| 色综合小说天天综合网| 成人综合激情另类小说| 北条麻妃在线视频观看| javaparser日本高清| 波多野结衣被强女教师系列| 欧美成人精品第一区首页| 国产精品电影在线| 亚洲av无码欧洲av无码网站| 91香蕉视频直播| 日本不卡1卡2卡三卡四卡最新| 国产va免费精品观看精品| 一级女人18片毛片免费视频| 狠狠色噜噜狠狠狠888米奇视频| 国色天香精品一卡2卡3卡| 亚洲国产精品久久久久秋霞小| 欧美成人三级一区二区在线观看| 永久免费无内鬼放心开车| 国产精品极品美女免费观看| 亚洲а∨天堂久久精品| 麻豆成人精品国产免费| 无套内射无矿码免费看黄| 国产乱理伦片a级在线观看| 中文字幕视频一区| 男人的天堂av网站| 国产精品国产三级国产a| 久久机热这里只有精品无需| 麻豆安全免费网址入口| 成人性生交大片免费视频|