Why the US is a major ...
2016-09-18 13:53Source:
Why the US is a major obstacle to reaching agreement petroleum jelly yield?
China Petroleum News
Posted: 2016-09-18 09:52
According to Reuters, with the slowdown in demand, and global excess supply becomes more entrenched, Petroleum Exporting Countries (OPEC) and Russia issued a competitor may freeze production implies, affected oil prices in the past two weeks for months the most volatile trend.
OPEC and Russia in two weeks after a gap in Algiers at the International Energy Forum meeting. Pressure on the two sides are facing increasing, they hope the outside world will not only freeze production and may even be cut.
No matter what decision to make these two competitors, oil-producing countries have a production growth over the past five years more than them, and may never join any control supply organization. This is America.
Since 2010, thanks to shale oil production and prosperity, the US daily crude oil production rose by more than any other major oil-producing countries.
America's current oil production increased more than six years ago, about 287 million barrels a day, Saudi Arabia and Iraq while daily crude oil production increased by 1.9 million barrels and 2.47 million respectively, compared with six years ago.
OPEC increased production overall total, about 315 million barrels / day.
"If OPEC decided to cut or freeze the real yield at the Algiers meeting, then oil prices will rise, but who would benefit most quickly from the high oil prices? The answer will be that we will soon return to the United States ... in such a case that the United States will increase towards the previous peak, and thus began to absorb market share once again, "the analyst WoodMackenzie of Ann-LouiseHittle said.
"This is another reason for OPEC production agreement difficult to reach freezing," she said. "The United States is in terms of market share global threat, and not only indirectly through exports constitute a threat, especially in the case of this country can now export crude oil."
In November 2014, OPEC abandoned limit supply to support prices policy. Since then, oil prices tumbled more than 40 percent to around $ 46 a barrel.
Production growth countries such as Saudi Arabia or Iraq has been dropped Libya, Nigeria or Venezuela offset yield, and Iran had just been restored to the level of output to Western sanctions before. Western countries against Iran's nuclear program the country adopted the sanctions measures, and the lifting of sanctions in January 2016.
Russia, as the world's largest oil producer, this will increase by about 55 million barrels per day; although Russian Energy Minister Novak (AlexanderNovak), said production will be frozen "market help" but limited production may be very difficult to implement .
"Taking into account the structure of the US oil industry, as well as to US crude oil production industry sheer number of frozen produce is simply impossible," JBCEnergy senior analyst AlexanderPoegl representation.
"Government does not have the appropriate implementation of the provisions, how to limit production growth it?" Poegl representation. "Is concerned to a certain extent, this is also the reason Russia had used in the past, but in Russia, frozen production may still be easier than some of the United States, Russia and China have a high degree of political relevance of the industry limited number."
China Petroleum News
Posted: 2016-09-18 09:52
According to Reuters, with the slowdown in demand, and global excess supply becomes more entrenched, Petroleum Exporting Countries (OPEC) and Russia issued a competitor may freeze production implies, affected oil prices in the past two weeks for months the most volatile trend.
OPEC and Russia in two weeks after a gap in Algiers at the International Energy Forum meeting. Pressure on the two sides are facing increasing, they hope the outside world will not only freeze production and may even be cut.
No matter what decision to make these two competitors, oil-producing countries have a production growth over the past five years more than them, and may never join any control supply organization. This is America.
Since 2010, thanks to shale oil production and prosperity, the US daily crude oil production rose by more than any other major oil-producing countries.
America's current oil production increased more than six years ago, about 287 million barrels a day, Saudi Arabia and Iraq while daily crude oil production increased by 1.9 million barrels and 2.47 million respectively, compared with six years ago.
OPEC increased production overall total, about 315 million barrels / day.
"If OPEC decided to cut or freeze the real yield at the Algiers meeting, then oil prices will rise, but who would benefit most quickly from the high oil prices? The answer will be that we will soon return to the United States ... in such a case that the United States will increase towards the previous peak, and thus began to absorb market share once again, "the analyst WoodMackenzie of Ann-LouiseHittle said.
"This is another reason for OPEC production agreement difficult to reach freezing," she said. "The United States is in terms of market share global threat, and not only indirectly through exports constitute a threat, especially in the case of this country can now export crude oil."
In November 2014, OPEC abandoned limit supply to support prices policy. Since then, oil prices tumbled more than 40 percent to around $ 46 a barrel.
Production growth countries such as Saudi Arabia or Iraq has been dropped Libya, Nigeria or Venezuela offset yield, and Iran had just been restored to the level of output to Western sanctions before. Western countries against Iran's nuclear program the country adopted the sanctions measures, and the lifting of sanctions in January 2016.
Russia, as the world's largest oil producer, this will increase by about 55 million barrels per day; although Russian Energy Minister Novak (AlexanderNovak), said production will be frozen "market help" but limited production may be very difficult to implement .
"Taking into account the structure of the US oil industry, as well as to US crude oil production industry sheer number of frozen produce is simply impossible," JBCEnergy senior analyst AlexanderPoegl representation.
"Government does not have the appropriate implementation of the provisions, how to limit production growth it?" Poegl representation. "Is concerned to a certain extent, this is also the reason Russia had used in the past, but in Russia, frozen production may still be easier than some of the United States, Russia and China have a high degree of political relevance of the industry limited number."
