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International oil prices showed signs of stabilising picks up

International oil prices showed signs of stabilising picks up

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
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International oil prices showed signs of stabilising picks up

  • Categories:Industry News
  • Author:
  • Origin:
  • Time of issue:2020-03-31 14:57
  • Views:
Information

International oil prices recently showed signs of stabilising picks up, but seems unmoved, shale oil businesses in the United States is still in wait-and-see mode. Here, analysts say the United States has a large number of shale oil and gas fields, should have the strength in the global market quickly, with production or production to play a regulatory role, but had many shale oil companies after a period of time before oil prices tumbled, haven't slow lead strength. These companies could not immediately to expand production has three reasons: one is in deep financial distress, 2 it is lack of human resources, three is idle equipment disrepair.

The United States about the about the company's chief executive, said the shale oil and gas producers have to repair their balance sheets, ability to produce shale oil and gas. Market analysts found that there are more than 30 U.S. oil and gas producer plans to cut its capital spending a year in 2016 nearly half. At the same time, hedge funds have been shorting market to hedge against poor performance of shale oil and gas companies, resulting in further lower its debt.

According to analyst estimates, some of the large oilfield services company in the past year have cut 110000 jobs, many of these workers are no longer going to return to the industry. Energy consultancy IHS Energy, according to data from the United States nearly 60% of fracturing equipment has been idle during the decline in oil prices. The agency estimates that some of the equipment are in need two months time to back up and running.

Although it is unclear whether the international oil price will continue the recent rally, but many of the shale oil and gas business, said even if oil prices back up to let them profit level again, also will be careful. These companies clearly learned the lessons of last spring, when oil prices briefly hit $60 a barrel, after some manufacturers quickly drilling new Wells, which ultimately helped oversupply situation, prices fell again. The U.S. energy information administration estimates that the United States in February last year close to 9.7 million barrels per day of peak fell by 600000 barrels a day, a drop of 6%. Some large U.S. shale oil and gas producer, has said plans to cut further 10% this year.

Oasis petroleum company President Taylor Reid said yesterday, when oil prices at $40 a barrel, production can rapidly increase the remaining questions. This is the current international oil prices stabilized. One reason for the U.S. oil production last year remain strong is well drilling and oil well fracturing operation cost lower. Manufacturers rely on the service company to reduce costs, some oil Wells in cheap still make a profit. But many companies say they now has gone to great lengths to on to cut costs. North Dakota, says Lynn holmes mineral resources department director for the bakken oil field (oil shale is one of the main production, USA), New York crude oil futures prices above $60 a barrel, would produce impetus to improve oil production.

Goldman sachs research report says, American shale oil and gas companies have prepared some has been playing well but has not yet been put into production of oil Wells, the oil Wells can be quickly oil, nissan 620000 barrels of oil, for six months. But shale oil companies may be limited by staff turnover, equipment, waste and other issues, it is difficult to resume production. The personage inside course of study points out that compared with the shortage of funds, equipment repair, the influence of brain drain may be more profound. Hays PLC human resources services company, according to a recent survey showed that 72% of the world oil and gas companies who were fired employees are looking for a job in other industries, no longer turn back. At present, the oil and gas production and service enterprises around the world are trying to control redundancy to prevent brain drain. World's largest oilfield services company, bei pavilions in order to reduce the human cost, and is now have about 1700 with two or three years work experience of the engineers were in a state of vacation for a long time, only basic salary and benefits. But other companies apparently unable to do so "generous". Basic energy service companies have been cut since oil prices plunged more than 40%, the company estimates that only one 5 of the laid-off employees may return. The industry insiders worry that here with employees who did not turn back lost is their years of accumulated experience and skills.

The personage inside course of study thinks, the oil and gas companies always slower response to market conditions. International oil prices from highs around $100 a barrel in 2014 fell to $30 a barrel, U.S. crude oil production decline did not keep up with the pace, now the oil price upward same pace, even as oil prices rebounded to $50 a barrel, U.S. crude oil production is recovered slowly.

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