BP says still sees oil at $50-$60/bbl in 2018 as shale output surges – BP expects benchmark oil prices to weaken in the second half of the year as U.S. shale production surges by up to 1.5 million barrels per day – BP crude oil $50 $60 barrel 2018 shale output

BP crude oil $50 $60 barrel 2018 shale output BP crude oil $50 $60 barrel 2018 shale output  BP crude oil $50 $60 barrel 2018 shale output  BP crude oil $50 $60 barrel 2018 shale output  BP crude oil $50 $60 barrel 2018 shale output  BP crude oil $50 $60 barrel 2018 shale output  BP crude oil $50 $60 barrel 2018 shale output  BP crude oil $50 $60 barrel 2018 shale output  

BP says still sees oil at $50-$60/bbl in 2018 as shale output surges

LONDON (Reuters) – BP expects benchmark oil prices to weaken in the second half of the year as U.S. shale production surges by up to 1.5 million barrels per day, Chief Financial Officer Brian Gilvary said on Tuesday.

The London-based oil and gas producer still sees oil prices averaging $50 to $60 per barrel this year despite Brent crude reaching around $75, its highest since late 2014.

“We’re still planning for $50-$60 a barrel, that’s a good place to sit,” Gilvary told Reuters in a phone interview.

“What we’re seeing now is strong demand, OPEC compliance, you’re seeing geopolitics playing to the front end of the market.”

“That will start to get dampened as you see Lower 48 (U.S. states) production ramp up. You will see at least 1 million to 1.5 million barrels per day coming out of the Lower 48 this year.”

Reporting by Ron Bousso; editing by Jason Neely

Related Topics

-Iran and the oil market – How Iran’s nuclear deal and a host of other factors are forging a new crude reality – Iran Crude Oil market

-Oil output cuts succeeded but future cloudy – There is a danger of Opec, non-Opec members exceeding their vision due to current rally in oil prices, energy expert says – Oil output cuts Opec nonOpec

-Who’s to blame for costly oil? Saudis, Russia and Trump himself – Rising oil prices are now the latest target in President Donald Trump’s cross-hairs. The nation’s tweeter-in-chief complained Friday about OPEC fueling – Blame costly oil Saudis Russia Trump

-Oil pulls back from gains; OPEC says glut nearly gone – Oil prices on Thursday hit highs not seen since 2014, built on the ongoing drawdowns in global supply and as Saudi Arabia looks to push prices higher, though U.S. crude gave back gains in the afternoon to finish lower – Crude Oil OPEC glut Saudi Arabia

-Escalating Middle East Tension Could Trigger Oil Prices To Hit $100 Per Barrel – Oil prices could soon soar to $100 per barrel amid growing fear about conflict in the Middle East, according to an oil analyst for CNBC – Oil Prices $100 Barrel

– IEA: OPEC Mission Near Completion as Oil Glut Vanishes – OPEC is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation – IEA OPEC Crude Oil Glut

-Is Russia Cheating On The OPEC Deal? – After three months of steady output, Russia’s crude oil production increased in March to 10.97 million bpd, the highest level since April 2017, as the top two Russian companies boosted their production – Russia Cheating OPEC Deal

-Oil price crosses $70 amid Iran deal tensions – Oil prices rose as investors saw increasing possibility that the US could withdraw from the historic Iran nuclear deal – Crude Oil price dollars 70 Iran tensions

-Is $70 oil the new normal? – The global economy is poised to cope well even if oil prices will remain at around $70 per barrel throughout 2018, energy experts said – Dollars 70 barrel crude oil shale oil

-Will oil prices remain strong for the rest of the year? – The oil inventory trajectory anchors oil prices in the short term, and the cost of bringing on the marginal barrel of US tight oil supply serves as the medium-term anchor for prices – The oil inventory trajectory anchors oil prices in the short term, and the cost of bringing on the marginal barrel of US tight oil supply serves as the medium-term anchor for prices – Crude Oil prices

Please follow and like us: