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1.Market Observations, 8.Was Sticky

23 Nov 2018 (AFR) – Texas is shaping as OPEC’s worst nightmare

(23 November 2018, AFR, p36, by Javier Blas)

‘The map lays out OPEC’s nightmare in graphic form. An infestation of dots, thousands of them, represent oil wells in the Permian basin of West Texas and a slice of New Mexico. In less than a decade, US companies have drilled 114,000. Many of them would turn a profit even with crude prices as low as $US30 a barrel. OPEC’s bad dream only deepens next year, when Permian producers expect to iron out distribution snags that will add three pipelines and as much as 2 million barrels of oil a day.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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