“The oil market is “pretty much in balance,” Bob Dudley the chief executive of BP has told CNBC.
Speaking at the World Energy Conference in Istanbul he said the current oil price was giving producers a little more breathing room.
“We look at it on a daily basis and it is pretty much in balance. It is pretty much there, within half a million barrels one way or the other,” Dudley told CNBC.
Dudley added with oil stocks still so high, the wider market sentiment may take time to change.
On the cost of production per barrel, Dudley told CNBC that said BP was looking to re-base targets: “We said $60 next year; we are under $55 now. We can see our way to $53 next year.”
“We are going to work hard make these sustainable, so that we don’t have to rely on swings in prices that are volatile and not healthy for industries and consumers and markets.”
Kenz300 on Mon, 10th Oct 2016 11:18 am
The sooner we transition to all electric vehicles for transportation the better.
Electric cars, trucks, bicycles and mass transit are the future. Fossil fuel ICE cars are the past.
Think teen agers vs your grand father. Cell phones vs land lines.
NO EMISSIONS. Climate change is real.
Save money. No stopping at gas stations. No oil changes, less overall maintenance
Climate change: Netherlands on brink of banning sale of petrol-fuelled cars
http://www.independent.co.uk/environment/climate-change/netherlands-petrol-car-ban-law-bill-to-be-passed-reduce-climate-change-emissions-a7197136.html
Scotland blows away the competition – 106% of electricity needs from wind – joins select club
https://electrek.co/2016/08/14/scotland-electricity-needs-from-wind/
Apneaman on Mon, 10th Oct 2016 2:45 pm
“pretty much in balance,” How much, expressed as percentage is “pretty much”? What is the technical definition of “in balance”? We’re talking econ 101 terms here and we all know that economics is a science, so let’s hear these exact scientific definitions.
the speed of light = 299 792 458 m / s not pretty much 299 792 458 m / s but exactly 299 792 458 m / s.
CO2 = 1 carbon atom + 2 oxygen atoms. Exactly, not pretty much.
Boat on Mon, 10th Oct 2016 7:50 pm
Since the beggining of 2016 over production has gone from 800,000 bpd to 300,000 bpd. No MSM outlet has reported any big jump in demand or cut in production. The recent $3.00 4.00 seems to me speculation. Libya shipped a tanker recently with more scheduled. This is new production. The US keeps adding drilling rigs. Maybe BP has inside knowledge or maybe their full of hot air. The eia will release the next monthly report in 3 days.
Apneaman on Tue, 11th Oct 2016 12:01 pm
DEEPWATER HORIZON OIL DISASTER EXTENDS ITS TOXIC REACH
“Many other Gulf residents are stricken with some of the same odd symptoms—and more. They include migraines, skin rashes, bloody diarrhea, bouts of pneumonia, nausea, seizures, muscle cramps, profound depression and anxiety, severe mental fuzziness and even blackouts.”
http://www.newsweek.com/deepwater-horizon-bp-oil-spill-sickened-gulf-residents-508362