Crude Oil prices fall as worries over global supply resurface | Crude oil price in Global

Crude Oil prices fall as worries over global supply resurface

Crude oil price in Global

Oil prices drifted lower on Monday, weighed down in part by renewed concerns about global oil supply after a meeting of OPEC producers failed to impress investors.Norwegian crude oil extraction peaked in 2001 at 3.11 Million barrels per day (Mb/d) and in 2016 it was 1.61 Mb/d, growing from 1.57 Mb/d in 2015 and 1,46 Mb/d in 2013 (a growth of 10 percent since 2013).

The Norwegian Petroleum Directorate’s (NPD) recent forecast expects crude oil extracted from the Norwegian Continental Shelf (NCS) to fall to 1.50 Mb/d in 2017.

My forecast includes about 6.78 percent reserve growth (300 Mb) for discoveries in the extraction phase, but does not include the effects from the fields/discoveries being plugged and abandoned as these reach the end of their economic life.click watch this video

oil prices rose as a committee of major producers seemed committed to extending last year’s production cutsHowever, they slipped back again once its communique was published

There may yet be an extension, but the decision has been held over until mid-AprilCrude oil prices rose on Sunday and into Monday’s Asia session on hopes that historic production cuts might be extended, but then slipped back when it became clear that such a move was not likely very soon.

The current ability of individual producers to provide price support :

with cuts currently in place — is limited unless a more collective statement is made,” said analysts at the JBC Energy Research Centre, in a note to clients on MondayA joint committee of producers from within and outside the OPEC, has agreed to review an extension of last year’s agreement to cut production by six months.

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In any case the lack of an immediate extension to the output cut has weighed on oil prices as a new week gets under way in Asia.

International benchmark Brent crude got up to $51.09 as the report was released but has since slipped back to $50.68.

Oil prices drifted lower on Monday, weighed down in part by renewed concerns about global oil supply after a meeting of OPEC producers failed to impress investors.Norwegian crude oil extraction peaked in 2001 at 3.11 Million barrels per day

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