The cost to produce a barrel of oil varies throughout the world and impacts the determination of global benchmark prices. If only a portion of global supply is economic at current commodity prices, global demand will be what influences the price floor. Once inventories are drawn down, supply/demand economics will drive up the price of oil to ensure supply can meet demand. Be sure to check out the periodical below for an in depth analysis of the economic price to produce a barrel of oil around the world, and why global demand will be the driver for oil prices to set a $55-60/bbl floor for the foreseeable future.
In this episode your host Tavis speaks on renewed OPEC cuts, Cristobal, China bolstering its economy, and happy futures. Music: https://www.bensound.com/royalty-free-music
California | March 2020 Field Overview Current Brent crude prices are $33.31/bbl. California, with both onshore and offshore oil production, has been supplying the U.S. with petroleum products since the
With the world increasingly oversupplied due to a global pandemic and overproduction flooding the market, crude is being forced into storage in hopes of a future when prices begin to stabilize. The only problem – storage is reaching capacity.
California | February 2020 Field Overview Current Brent crude prices are $35.82/bbl. California, with both onshore and offshore oil production, has been supplying the U.S. with petroleum products since the
In this episode your hosts Tavis and Sy talk about the misplaced results of the OPEC+ meetings and how Russia is likely taking this opportunity to harm the US. As