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Oil prices fell to multi-month lows at the end of the week, as a confluence of factors all point in a bearish direction. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) The most vital industry information will soon be right at your fingertips Join the world’s largest community dedicated entirely to energy professionals and enthusiasts Friday, November 9, 2018 U.S. oil production surges . The EIA reported that U.S. oil production skyrocketed to 11.6 million barrels per day (mb/d) for the week ending on November 2. Despite fears that shale output would plateau because of pipeline constraints, the shale industry is firing on all cylinders. The figures also help explain the recent downturn in prices. Russia could benefit from OPEC+ cut. Russia’s oil production is at a post-Soviet record high, but a cut in output may actually work to the benefit of Russian producers. “Producing less at $80 per barrel is better than producing at current levels and at $70 per barrel,” Alexander Losev, chief executive officer of Sputnik Asset Management, told Bloomberg . “A certain output decline will also help the companies to reduce operating […]
