Prices for Scottish oil hold up as the glut begins to shrink

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Prices for Scottish oil hold up as the glut begins to shrink

US crude stockpiles fell for a fifth week in the row this week. I take this as evidence of the inevitable consequence of rising demand especially from Asia outstripping new discoveries of supply of cheaper oils explained by Oil expert and geological consultant Art Berman:

Why Scotland’s oil is going to be worth a fortune in the years to come

Regardless of Berman’s mid to long-term predictions, experts quoted in Energy Voice yesterday seem confident of prices holding up in the short term:

‘There is a general belief that OPEC will leave its quota system in place. If that is the case, then global inventories should fall about 1 million barrels a day in the second half of the year.’

Currently millions in taxes are flowing into the UK Treasury as North Sea oil is tankered in huge quantities to China and other parts of East Asia. See:

Scottish oil in new and much increased demand from Asia ‘like never before!’

 

Luckily there are vast new discoveries west of Shetland so we can hopefully get most of the remainder as taxes into a Scottish Treasury before too long:

Estimates of Scotland’s oil reserves West of Shetland now massively increased to around 8 billion barrels! ‘A super-resource now on the cards.’

 

https://www.energyvoice.com/marketinfo/138863/oil-steady-us-stockpiles-dropping/

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