US Energy Information Administration announced the inventory build ais 2.5 million barrels. West Texas Intermediate traded around USD 36.70 per barrel in early Asian trade and Brent opened at USD 36.60 per barrel, holding onto 3% losses from yesterday.
Goldman Sachs says prices would have to drop as low as USD 20 per barrel for the market to rebalance. American bank Morgan Stanley also predicts growing global supplies and a slowdown in demand, saying a rebalancing in 2016 “continues to suffer serious setbacks.”
Global crude production exceeds demand by 500,0000 to 2 million bpd, driving a glut that puts downward pressures on prices. <a href=’https://theenergyyear.com/companies-institutions/opec/’>OPEC decided in an early December meeting that it would not cut production.
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Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
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