06-05-2017, 10:57 PM
As oil prices sag despite OPEC’s renewed efforts to shore up world crude markets, Wall Street banks have more bad news for the producer group: the outlook for next year isn’t great either. Oil futures have lost 8% since the Organization of Petroleum Exporting Countries and its allies agreed on May 25 to keep output constrained through the first quarter of 2018 in a bid to clear a global glut. While Goldman Sachs Group Inc. expects their strategy to ultimately succeed, they warn the surplus may re-appear once the curbs end. Morgan Stanley and JPMorgan Chase & Co. say the group will have little choice but to stick with the cuts even longer.
Wall Street has bad news for OPEC: 2018 doesn't look great
BP Trinidad & Tobago (BPTT) today announced that it has made two significant gas discoveries with the Savannah and Macadamia exploration wells, offshore Trinidad. The results of these wells have unlocked approximately 2 Tcf of gas in place to underpin new developments in these areas.
BP announces two significant gas discoveries, offshore Trinidad
The biggest winners in President Donald Trump’s decision to walk away from the Paris climate accord are oil, coal and natural gas producers. And even they aren’t popping Champagne corks. The president, who has called climate change a hoax, cast aside any lingering doubts about his commitment to fossil fuels Thursday when he announced the U.S. would quit the global agreement to cut greenhouse gas emissions.
Trump's Paris adieu is a win for coal and oil
Russia’s most powerful oil boss said the deal between OPEC and its partners to curb output won’t stabilize the crude market over the long term as U.S. shale fills the supply shortfall. “A decrease in production under an agreement between OPEC and non-OPEC could largely be balanced out by an increase in U.S. shale oil production by the middle of 2018,” Rosneft Oil Co. PJSC CEO Igor Sechin said at the St. Petersburg International Economic Forum.
Russia's top oil boss sees risk of shale crippling OPEC deal