US closed a record number of oil rigs – the fall of oil prices made it uneconomic. And this is the expected effect, which is probably sought custody. However, warn market participants as soon as prices go up, the American oil return to the world market.
The fall in oil prices began to be felt in the American mining sector. Closing speed of oil rigs in the United States set a record – six weeks rolled 209 units, the company Baker Hughes Inc. This is the highest rate ever recorded, ongoing since 1987.
In the last week the number of rigs fell by 55, reaching to the middle of January 1366. Of these, 48 – installation horizontal drilling, designed to work with hard to recover reserves.
More all closed towers fell on one of the three largest shale – Permian Basin (Texas), where for a week, “adopted” 15 towers (work 487). Another field is the “big three” – Eagle Ford (Texas) reduced the number of plants by 12 to 185. The third giant – Bakken formation (North Dakota) lost 6 towers, leaving 165. In North Dakota, which is called the American Saudi Arabia on shale oil company specializes Continental Resources. She reported that reduce the number of platforms with 50 remaining at the end of 2014 to 31. The company is forced to cut costs by 41% – from $ 4.6 billion to $ 2.7 billion, the analyst said Moody’s Analytics Chris Lafakis.
The price of oil has fallen over the last six months more than doubled (from $ 110 per barrel to $ 50), making production in many fields the US simply unprofitable.
Companies react not only to stop the towers. The world’s largest oilfield services company, American Schlumberger, announced that it plans to cut 9 thousand. Employees (about 7% of the staff) because of falling oil prices.
Some experts see this as a victory of the country – Petroleum Exporting Countries (OPEC, which accounts for 40% of world production) in the fight against American shale oil. In November, the cartel did not reduce oil production quotas, pushing quotes to decrease in the area of $ 50 per barrel. “OPEC’s strategy works, and by mid-year, when the growth of production in the US offshore fields to a complete stop, it will become obvious” – quoted by Bloomberg President of the consulting company WTRG Economics James Williams.
«We see that the drop in oil prices beginning of the rebalancing (the world oil market. -” Times “), which is eager to OPEC”, – noted in the review, analysts HSBC.
According to some experts and market participants, oil prices will continue to decline. After the closure of the towers until the impact on US production volume. For the week of 2 to 9 January, production increased by another 60 thousand. Barrels per day, amounting to 9.19 million barrels per day, according to the Energy Information Agency (EIA) US. OPEC predicts that in 2015, oil production in the US will grow compared to 2014 year 950 thousand. Barrels per day, total production is forecast, 13.81 million barrels per day.
«may fall up to $ 25,” – said, for example, the head of “Lukoil” Alekperov.
However, he explained that it would be a short-term decline amid allegations who recently made by representatives of the OPEC countries, including Saudi Arabia. The fact that the oil minister of Saudi Arabia, Ali al-Naimi said that even the price of $ 20 per barrel will not make them change their minds. According to the British Times , traders preparing for the drop in oil prices to $ 20 a barrel: the total volume of contracts for US crude oil WTI (delivery in June 2015) at a price of $ 20 per barrel on the Nymex exchange since the beginning year from the level close to zero, rose to 13 million barrels.
However, as experts admit, the strategy of the Gulf sheikhs not completely clear. “The market, of course, be balanced. The question is, what will happen next – said at the Gaidar Forum in RANHiGS Vice President for External Relations of the Russian divisions British Petroleum Russia Vladimir Drebentsov.
– The situation with shale oil does not allow these games, squeezing out of the market due to low prices ».
He explained that even drilling new wells in the US shale takes three to four weeks. “If the price of oil drops below operating costs, oil companies will stop drilling,” – says Drebentsov. In this case, the market may form a small oil shortage and prices start to rise.
«As soon as prices begin to rise, the US shale oil returns to the market within one month – warns Drebentsov.
– why no action to stabilize the market, OPEC does not promise. The only thing that OPEC can be hoped is that for a longer period of reduced production in other countries ».
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