Chris Nelder 🤘 on Nostr: Chief commodities analyst at SEB bank says oil’s price is “a totally artificial ...
Chief commodities analyst at SEB bank says oil’s price is “a totally artificial price controlled by Opec.” I’m old enough to remember when the narrative was that US shale production (fracking) had changed all that and made the US the world’s swing producer. But that was always going to be a short-term position. A gazillion unconventional, high-cost wells with high decline rates were never going to compete long term with giant conventional fields like Ghawar.
https://finance.yahoo.com/news/markets-brace-oil-hit-100-112003857.htmlPublished at
2024-04-14 04:55:02Event JSON
{
"id": "282e49972a9b32d89224a0d2b0093b69ad7b82fa75af87c9ab01f3a3c2591270",
"pubkey": "e19a36426b2e467612805a36194dce0edc04d927cf606526cf4323779317e241",
"created_at": 1713070502,
"kind": 1,
"tags": [
[
"proxy",
"https://mastodon.energy/users/chrisnelder/statuses/112267788448864863",
"activitypub"
]
],
"content": "Chief commodities analyst at SEB bank says oil’s price is “a totally artificial price controlled by Opec.” I’m old enough to remember when the narrative was that US shale production (fracking) had changed all that and made the US the world’s swing producer. But that was always going to be a short-term position. A gazillion unconventional, high-cost wells with high decline rates were never going to compete long term with giant conventional fields like Ghawar. https://finance.yahoo.com/news/markets-brace-oil-hit-100-112003857.html",
"sig": "7ca8ebea062ff4aa7c6f6707d2e9690b202b42f7fea4f33f6ad602ea7bd576da41493a2283fed61a4a3aa4f073a04d3e1f541d95483efcbe5098a99771622dff"
}
