Scottish oil expected to hit $68 per barrel, up 146% on 2016’s low with production costs falling below $15 per barrel and ‘peak oil’ still to come

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According to a report in the Insider online business magazine, Brent crude prices are expected to hit $68 per barrel. Prices have been above $60 per barrel for several months now and the BP Chief Executive anticipates current production costs of $15 per barrel to fall even lower:

North Sea oil companies making $40 profit on every barrel and costs are still falling!

In January 2016, the price of Brent crude had fallen to as low as $27.67 per barrel.

 

http://www.insider.co.uk/news/oil-price-rises-back-above-11680289

I gather higher prices are still not on our MSM radar? Several informed experts have predicted even higher prices and perhaps a return to $100 per barrel:

Will Scotland’s oil hit $100 (or more?) a barrel again after 2020?

Investors already betting on $100 per barrel oil in 2018? Indyref2 should be a very different story

Further, there is now strong evidence that peak oil will not pass for another 30 years giving Scotland adequate time to build up a fund comparable to that of Norway.

Is Peak Oil still 20 or 30 years in the future and so, would an independent Scotland be rich?

Total begins to make massive profits from Scotland’s oilfields west of Shetland

 

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