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

OPEC doesn’t know how it can ‘live together’ with shale oil

Pubdate:2016-02-23 10:14 Source:mcc Click:
HOUSTON (Bloomberg) -- OPEC and U.S. shale may need a relationship counselor.
 
After first ignoring it, later worrying about it and ultimately launching a price war against it, OPEC has now concluded it doesn’t know how to coexist with the U.S. shale oil industry.
 
"Shale oil in the United States, I don’t know how we are going to live together," Abdalla Salem El-Badri, OPEC secretary-general, told a packed room of industry executives from Texas and North Dakota at the annual IHS CERAWeek meeting in Houston.
 
The Organization of Petroleum Exporting Countries, which controls about 40% of global oil production, has never had to deal with an oil supply source that can respond as rapidly to price changes as U.S. shale, El-Badri said. That complicates the cartel’s ability to prop up prices by reducing output.
 
“Any increase in price, shale will come immediately and cover any reduction," he said.
 
Shale Output
 
The International Energy Agency earlier on Monday gave OPEC reason to worry about shale oil, saying that total U.S. crude output, most of it from shale basins, will increase by 1.3 MMbpd from 2015 to 2021 despite low prices. While U.S. production from shale is projected to retreat by 600,000 bpd this year and a further 200,000 in 2017, it will grow again from 2018 onward, the IEA said. 
 
“Anybody who believes that we have seen the last of rising" U.S. shale oil production "should think again,” the IEA said in its medium-term report.
 
John Hess, CEO of one of the largest lease-holders in North Dakota’s Bakken shale region, said shale might not respond as quickly as OPEC fears. There are logistical hurdles involved with returning enough rigs and workers back to the oil patch to start growing production again, in addition to financial hurdles.
 
“The balance sheets of shale producers are in disrepair,” said Hess, whose company recently reported its first annual loss in 13 years. “They’ve got to heal their balance sheets before they will start investing again.
 
OPEC launched a price war against U.S. shale and other high-cost producers, including Canadian oil sands and Brazilian deepwater oilfields, in November 2014 by not reducing output despite a global oversupply. Since then, oil prices have plunged by more than half, hitting a 12-year low of about $26 on Feb. 11.
 
In a rare admission that the policy hasn’t worked out as planned, El-Badri said that OPEC didn’t expect oil prices to drop this much when it decided to keep pumping near flat-out.
 
Strategy Shift
 
OPEC’s strategy began to shift last week, when the oil ministers of Saudi Arabia and Russia agreed to freeze their output at the January level, provided other oil-rich countries joined. El-Badri said the new policy will be evaluated in three to four months before deciding whether to take other steps.
 
“This is the first step to see what we can achieve,” he said. “If this is successful, we will take other steps in the future.” He refused to explain what steps OPEC could take.
 
El-Badri said low oil prices have caused companies to cut too much spending on developing new output, which could plant the seed for “a very high price” in the future.
 
“The concern is no investment now, no supply in the future. It’s as simple as that,” he said. “If there’s no supply coming to the market, prices will go up.”
主站蜘蛛池模板: 天天爽天天爽夜夜爽毛片| 精品人妻久久久久久888| 最新国产精品自在线观看| 国产精品成人久久久久久久| 亚洲欧美卡通另类| 18无码粉嫩小泬无套在线观看| 欧美性猛交xxxx乱大交丰满| 国产精品免费_区二区三区观看| 亚洲国产欧美日韩精品一区二区三区 | 国产精品自在线拍国产手机版| 亚洲狠狠婷婷综合久久蜜芽| 91成人免费观看| 欧美亚洲天堂网| 国产成人免费一区二区三区| 久久婷婷人人澡人人爽人人爱| 麻豆视频免费看| 日本b站一卡二不卡| 哒哒哒免费视频观看在线www| 一级毛片大全免费播放下载| 男生和女生在一起差差的很痛| 天天影院成人免费观看| 亚洲欧美日韩国产vr在线观| 久久精品无码一区二区无码| 麻豆麻豆必出精品入口| 日日躁夜夜躁狠狠躁| 午夜成人无码福利免费视频| wwwxxxx在线观看| 欧美激情一级欧美精品| 国产欧美精品一区二区色综合| 亚洲无码一区二区三区| 亚洲欧美日韩丝袜另类| 日韩午夜小视频| 噜噜噜在线观看播放视频| 久久久亚洲欧洲日产国码aⅴ| 色www视频永久免费男的天堂| 婷婷久久香蕉五月综合| 亚洲精品乱码久久久久久下载 | 顶级欧美熟妇高潮xxxxx| 成人韩免费网站| 亚洲色婷婷综合久久| bt天堂在线最新版在线|