Technology revolution will reveal a more effective, less costly option for the energy sector, but to the detriment of humans.
Drillers have been predicting an upturn for more than a year only to disappoint but debt ratings firm Moody’s Investors Services said last month that it believed 2018 could mark the low point for industry earnings.
Brent and WTI have backed off recent highs. Brent fell $2.42/bbl last week to average $82.54/bbl.
Crude oil futures rose on Oct. 15 as geopolitical tensions over the disappearance of a prominent Saudi journalist stoked supply worries, though concerns over the long-term demand outlook dragged on prices.
The IEA said in its monthly report that the world’s spare oil production capacity was down to 2% of global demand with further falls likely.
Oil edged further above $80/bbl on Oct. 12 as a rally in equities lent support, though prices pared most of their gain after a closely watched forecaster deemed supply adequate and the outlook for demand weakening.
Plus, Exxon Mobil donates to a PAC promoting U.S. carbon tax, offshore drillers Ensco and Rowan agree to merge and Chevron exits Norway.
OPEC cut its forecast of global demand growth for oil next year for a third straight month on Oct. 11, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets.
BP launched a broadside against those calling for investors to sell out of oil and gas companies and warned this approach threatened energy security and the global economy.
IPC will acquire BlackPearl for roughly C$622.5 million and combine its assets with IPC’s existing assets in Canada as well as in France, Malaysia and the Netherlands.