Once more, an oil major reports evidence that the Third Wave of prosperity for Scottish oil is well underway after only one year of losses (2016) in forty years of subsidising the UK Treasury. Premier was extracting 82 600 barrels per day in the four months ending 30th April 2017 and expects to sell at $50 per barrel. From what I’ve read and reported earlier, this is a pretty conservative figure with other pundits confidently going for between 60 and 70. See:
‘Data and analytics firm’, McKinsey predicted that oil prices will rebalance at $60 to $70 per barrel.’
McKinsey know what they’re talking about, I’d suggest. Premier will revisit their estimates in July and expects to triple output this year. I hope our Scottish mainstream media is paying attention.
And, we can expect shortages in only a few months to guarantee these higher prices for Scotland’s oil:
‘The global supply deficit is predicted to be as wide as 2 billion barrels per day by July.’