- Title: Storage tanks bloated, oil's worst H1 in 20 yrs?
- Date: 23rd June 2017
- Summary: LONDON, ENGLAND, UK (JUNE 23, 2017) (REUTERS) (SOUNDBITE) (English) CHARLES STANLEY DIRECTOR OF PRIVATE CLIENT RESEARCH, JEREMY BATSTONE-CARR, SAYING: "It's interesting because of course it's always been thought that the oil price needs to rise and stay above about 50 dollars per barrel to make U.S. shale producers profitable. But of course given advances in technology it is now thought that maybe those producers can be profitable at a lower oil price. And we have also of course got some near term supply disruptions as a result of the hurricane season in the Caribbean. And yet that doesn't seem to be making a huge amount of difference either, implying that there are far fewer offshore rigs now than perhaps there were maybe five six seven years ago. So yeah, I think that it's entirely right to question OPEC's capacity to be able to drive the oil price going forward. "
- Embargoed: 7th July 2017 11:20
- Keywords: Oil Shell BP Jeremy Batstone-Carr Charles Stanley petrol OPEC
- Location: LONDON, ENGLAND, UK / UNKNOWN LOCATIONS
- City: LONDON, ENGLAND, UK / UNKNOWN LOCATIONS
- Country: Various
- Topics: Commodities Markets,Economic Events
- Reuters ID: LVA0046MI0WWD
- Aspect Ratio: 16:9
- Story Text:Oil prices edged up on Friday (June 23), recovering some of their steep losses made this week, but crude remained on course for its worst first-half decline in almost two decades as production cuts have failed to sufficiently reduce oversupply.
Oil prices have fallen about 20 percent this year despite an effort led by the Organization of the Petroleum Exporting Countries (OPEC) to cut production by 1.8 million barrels per day.
That puts the market on course for its biggest first-half percentage fall since the late 1990s, when rising output and the Asian financial crisis led to sharp price falls.
Thanks to shale drillers, U.S. oil production has risen by over 10 percent in the last year to 9.35 million bpd, close to the level of top exporter Saudi Arabia.
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