Scottish Oil to hit $60 per barrel

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According to investment bank Cantor Fitzgerald Europe Oil could hit $60 a barrel by the year end if the OPEC pact to curb oil output is extended. The OPEC pact has already been agreed to end 2017 with signs it might be expected to hold up into 2018 and even exceed that figure to £70. These are well above profitability levels. See:

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

According to Energy Voice yesterday:

‘It was hoped that by curbing output across OPEC nations, with the support of other major producers such as Russia, the oil price could be rallied back up to more profitable levels. In recent weeks several countries including Saudi Arabia and Russia have come out in support of extending the cuts in 2018 to support of market rebalancing….it’s also worth noting that the Saudi’s are in the process of listing Aramco, and therefore will require a stable oil price to support their $2trillion valuation of the company, and so it is in their interests to continue with a production cut to do so.’

Add to this the fact that Asian demand is fast outstripping production and Scottish oil is heading there by the tanker-load. See:

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

https://www.energyvoice.com/oilandgas/140105/oil-hit-60-opec-cuts-extended-analyst-claims/

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2 thoughts on “Scottish Oil to hit $60 per barrel

  1. Finnmacollie May 24, 2017 / 10:21 am

    Wur doomed!

    Like

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