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Wednesday, 19 June 08:50 (GMT -05:00)



Stock and commodities markets

OPEC Nations Don’t Want $60/b


The OPEC doesn't seem to be interested in oil prices above $60/b. At least this is what the Iranian Minister of Oil said the other day. By the way, Iran is the OPEC’s third-biggest producer of crude oil.
 

According to Bloomberg, the OPEC is afraid that prices above 60 dollars per barrel will favor international shale oil producers, especially American ones.

 

However, Masterforex-V Academy experts say that shale oil companies are not the only thing the OPEC should be afraid of. They should watch out for conventional oil producers form the USA as well. This is a major threat for both the OPEC and the oil nations participating in the OPEC+ deal.
 
Today, the Bureau of Ocean Energy Management published the draft bill aimed at canceling the veto on offshore oil production. They are planning to quintuple the amount of offshore oil rigs over the next 3-4 years. The areas supposedly store 90 billion barrels of crude oil and 319 trillion cubic feet of natural gas.
The entire U.S. offshore area both in the Atlantic and Pacific Oceans, as well as in the Mexican Bay, have been closed for oil production since 1988. The tenders are expected to start in 2019.
 
The BOEM's plan is said to be based on Donald Trump’s decree signed in April 2017. The decree is aimed at strengthening the USA’s role in the global energy market while keeping energy sources relatively cheap. So, the plan is designed to turn the United States into the world’s strongest energy superpower. At this point, the USA is producing almost as much oil as Russia and Saudi Arabia, the world’s leaders in terms of crude oil production. In 2017, it the USA produced 9,2 million barrels a day while this year they are going to produce 10 million barrels a day.

 

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