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RDSA Shell Plc

1,895.20
0.00 (0.00%)
19 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Shell Plc LSE:RDSA London Ordinary Share GB00B03MLX29 'A' ORD EUR0.07
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1,895.20 1,900.20 1,900.80 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Shell Share Discussion Threads

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DateSubjectAuthorDiscuss
29/4/2016
12:51
JP Morgan: Why investors should expect the oil price to rise

James Sutton 29 Apr 2016 | Opinion - Comment now
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JP Morgan: Why investors should expect the oil price to rise

The oil price has started to rise
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James Sutton, client portfolio manager, of the JP Morgan Natural Resources Fund, writes exclusively for What Investment on why private investors should expect the oil price to continue to rise.

The JPM Natural Resources Fund entered 2016 on the back of an unprecedented five straight years of negative returns. During this period, the fund endured a drop of over -70 per cent in value. Year to date, however, the natural resources sector has staged something of a revival, up nearly +20 per cent to the end of the March. This recovery has been in spite of a 15 per cent drop in fund value in the first two weeks of the year! Commodity prices have rebounded and commodity related equities have re-rated as investors have started to question whether the worst is over. Stocks which were relentlessly targeted by short-sellers throughout 2015, such as Glencore and Anglo American, have risen by +65 per cent and +79 per cent respectively, year to date. But does the rally have legs? Are we past the point of maximum pain in the sector?

To answer these questions we have looked back over the last 50 years since inception of the JPM Natural Resources strategy in 1965. What is immediately clear when conducting this analysis is just how cyclical the sector is! This cyclicality emanates not just from the typical expansions and contractions in the global economy, but is compounded by extreme investment cycles which push commodities from undersupply to oversupply and back again. We would argue that it is these investment cycles, rather than fluctuations in demand which have a greater impact on commodity market fundamentals. Indeed, contrary to popular perception, global commodity demand is fairly consistent and resilient; the delta, year to year, is supply. Take the example of iron ore which has fallen from $180/tonne in 2011 to nearly $35/tonne at the end of 2015. During this time, global steel production, for which iron ore is the key input has held steady around 1.6 billion tonnes per annum. The collapse in prices has instead been caused by a huge expansion of iron ore supply, particularly in the Pilbara region of Western Australia.

Read more: Schroders: Why investors should expect the oil price to continue to rise

The same conclusions can be drawn if we look at the oil market. The price per barrel of Brent Crude, the industry benchmark, has fallen from $115 in July 2014 to nearly $25 in January of this year. We haven’t become any less reliant on oil during this period. In fact global demand has expanded at the fastest rate since the 1990s. The major change has occurred on the supply side as OPEC, and in particular Saudi Arabia, has effectively surrendered its role as the swing producer in a bid to see off the North American unconventional oil & gas producers and maintain their market share.

Read more: Why it's 'too soon' to invest in BP and Shell, despite the oil price rise

At the risk of briefly contradicting the arguments laid out above, it is fair to say that the rally we have seen so far this year in commodity prices and the shares of commodity producers has been spurred by an improvement in demand expectations. The recovery in Chinese property sales and construction, along with increased government investment in new infrastructure has squeezed the shorts out of their positions and enticed long-only investors to re-appraise the sector after years on the side lines.

What gives us greater confidence in the sustainability of this rally, however, is not expectations of a dramatic uptick in demand, but ongoing adjustment on the supply side. 5 years of declining commodity prices (2 years in the case of oil) have decimated industry cash flows and removed the incentive to invest in new production capacity. Global mining capex in 2012 and has been falling consistently ever since. Given the lagged effect, this rationing of capital is starting to impact production today and across a number of mined commodities, supply is actually forecasted to contract this year for the first time since 2009.

Across the oil and gas industry, management have taken a knife to capital budgets, with Wood Mackenzie identifying $380 billion of cuts announced so far. These cuts will have a meaningful impact on the industry’s medium and longer-term production levels. In the immediate term, US production is falling. From a peak of 9.7 million barrels per day in April 2015, US production is hovering just above 9 million barrels a day at the time of writing, with most analysts predicting that this will fall to 8 million barrels a day by 2017. Given that the current level of oversupply in the global oil market stands at around 1.9 million barrels a day, this will be a material step in moving markets back into balance. Even without an OPEC production freeze, a route back up to +$60 oil can be foreseen.

The last five years have been a torrid time for the JP Morgan Natural Resources fund. Whilst coverage of the sector’s demise has focused almost exclusively on China’s slowing growth, the fall in commodity prices has been driven more by developments on the supply side. A huge expansion in supply has crippled prices and dented industry profitability over the last 3 years, but things are coming full circle as companies are forced to pull back loss-making supply to protect their balance sheets. Continued supply rationalisation, rather than a strong rebound in Chinese demand, underpins our optimism regarding the sustainability of the rally.

waldron
29/4/2016
10:11
Pivoting week coming up next month


04 May 2016
First quarter 2016 results

grupo
28/4/2016
06:09
Crude oil prices take a breather after hitting 2016 highs

* Traders take profits after steep April Brent, WTI rallies

* Record U.S. crude stocks also weigh on market

* Falling U.S. production, weak dollar seen as supports

By Henning Gloystein

SINGAPORE, April 28 Crude futures pulled back from 2016 highs early on Thursday as traders locked in profits after April's sharp rally, but analysts said falling U.S. production and strong investor appetite could push prices higher.

International Brent crude futures were trading at $47.02 per barrel at 0045 GMT, down 16 cents from their last settlement, and U.S. West Texas Intermediate (WTI) futures were down 12 cents at $45.21 a barrel.

The price dip came after both crude benchmarks hit 2016 highs the previous day in what has been one of the steepest price rises in recent years. Both Brent and WTI have rallied more than 70 percent since their respective 2016 lows in January and February.

Analysts said falling output in the United States and a weak dollar were pushing prices up and attracting investors.

"The recent trend of rising crude oil prices received another boost after U.S. output was shown to have fallen again last week," ANZ bank said, following a release by the U.S. Energy Information Administration (EIA) showing that crude oil production fell to 8.94 million barrels per day (bpd) last week, down almost half a million bpd from this time last year.

The output fall outweighed bearish data showing that U.S. crude stocks climbed 2 million barrels last week to an all-time peak of 540.6 million barrels, traders said.

However, the record crude storage figures may have spurred some traders to take take profits in Thursday morning trade by closing long positions, they added.

ANZ said that further bullish momentum could emerge due to ongoing weakness in the dollar, which is down over 5 percent this year against a basket of other leading currencies, as a weaker greenback makes dollar-traded crude cheaper to buy for countries using other currencies at home.

"Investors should take comfort from a relatively market neutral FOMC (U.S. Federal Open Market Committee) statement. With fundamentals continuing to improve, this should see them to add to their already bullish positions in coming days," ANZ said.

The Federal Reserve said on Thursday that it would leave U.S. interest rates unchanged and that it was in no rush to hike rates soon. (Editing by Richard Pullin)

waldron
27/4/2016
19:00
Federal Reserve leaves door open to June interest rate rise

Federal Reserve
The Federal Reserve could raise rates again as early as this June Credit: Alamy

Peter Spence, Economics Correspondent

27 April 2016 • 7:42pm

US interest rates could rise again as soon as this June, the Federal Reserve signalled on Wednesday, as it suggested that risks to the global economy have receded.

The central bank elected to hold its rates at 0.25pc to 0.5pc at its April meeting, but left the door open for an increase in two months' time.
“Labour market conditions have improved further even as growth in economic activity appears to have slowed”
Federal Open Market Committee

Members of the Federal Open Market Committee (FOMC), which decides on US interest rates, said that job market conditions had "improved further even as growth in economic activity appears to have slowed".

Crucially, the FOMC omitted a previous reference to the risks posed by "global economic and financial developments" from its April statement.

The removal of the language, which featured in previous updates, was interpreted by analysts as a signal that the central bank could move on interest rates in the months to come.
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The Fed was also relatively upbeat about the health of the US economy, despite signs of domestic weakness.

US GDP figures, due to be released on Thursday, are expected to show growth slowed from 0.4pc to 0.2pc in the first three months of the year.

US policymakers said that despite this, "households' real income has risen at a solid rate and consumer sentiment remains high".

The FOMC voted to raise interest rates last December, its first increase in nearly a decade. The committee said that it expected the economy to improve at a pace that would "warrant only gradual increases" in interest rates.

"The federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run," the FOMC added.

grupo
27/4/2016
06:51
Shell expected to slash jobs in Australia
AAP
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Energy giant Shell is talking with staff about job cuts and efficiency improvements as it assimilates the previously BG Group-owned QGC gas project.

Shell earlier flagged around 2,800 job cuts worldwide following its takeover of BG Group, and said the majority of the losses in Australia were expected to come from corporate head offices.

But it hasn't disclosed exactly how many jobs will go in Australia.

"Shell last week commenced conversations with employees about business efficiency and staffing levels - as a result of combining it with the previously BG-owned QGC - a process that will lead to job reductions," Shell Australia spokesman Paul Zennaro said in a statement on Wednesday.

"A majority of employees impacted by the re-organisation will be from corporate head offices, and where possible they will be provided with redeployment opportunities."

Shell Australia says the aim is to eliminate overlapping roles following the takeover.

"The company said last year that in a difficult commodity price environment the two businesses must be more competitive together than they were separately, and that reducing staff numbers in head office locations was a key part of bringing down costs," Mr Zennaro said.

Mr Zennaro added that Shell maintains ambitious growth plans in Australia with its Prelude floating LNG (FLNG) project off north Western Australia and QGC's Charlie coal seam gas expansion in Queensland.

Shell recently reported a 44 per cent fall in fourth-quarter earnings as the collapse in oil prices took its toll.

The result came days after Shell sealed the STG47 billion ($A95.65 billion) takeover of BG Group.

Oil is trading around $US46 a barrel, having fallen from above $US100 a barrel in September 2014.

ariane
26/4/2016
14:05
As BP proved today, the current set of quarterly results from the oil majors are going to be among the worst in living memory.

That’s not totally surprising, given they have had to deal with a crude oil price that has fallen by 70% since the middle of 2014. Brent crude was an average of £35.20 a barrel in the first quarter, down some 36% on a year earlier. BP and Shell have both announced massive cuts in their workforce, and the latter may have to go even further to justify its takeover of BG if oil prices do not perk up.

In fact, they have done just that recently, with Brent hovering between $40 and $45 a barrel so far this month. That is not high enough to make the oil majors vastly profitable but it is sufficient for them to achieve a reasonable margin, and most watchers think the likeliest direction for the oil price is still up rather than down.

That is something the respective boards of directors will have to hang on to when they come to making that all important decision on dividends. Shell will certainly want to maintain its payout in the wake of the BG deal to reward loyal shareholders.

BP has struck a more cautious note, suggesting that — while it too would like to maintain its dividend, as it has today — it may not do so for ever if the oil price remains low. It’s a gamble but buying big oil shares now could prove a very smart move in the long term.

waldron
26/4/2016
07:59
CHEERS

HEADER CHANGED

grupo guitarlumber
26/4/2016
06:27
perhaps header needs changing

04 May 2016
First quarter 2016 results
28 Jul 2016
Second quarter 2016 results
27 Oct 2016
Third quarter 2016 results

la forge
25/4/2016
18:55
28 Apr 2016
First quarter 2016 results

la forge
25/4/2016
16:04
LON:RDSB
Royal Dutch Shell unveils plans to close three UK offices and axe 1,600 staff

By Dan Cancian
April 25, 2016 16:29 BST

shell garage
Shell is set to close three offices in the UK.iStock

Oil giant Royal Dutch Shell has unveiled plans to close three of it's offices in the UK, a move which will affect approximately 1,600 employees, it was reported on 25 April.

The first of the three offices set to be shut is BG's headquarters in Reading, which will close by the end of 2016. The 800 employees at the Reading-based site will be offered the chance to move to Shell's headquarters in central London.
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The Anglo-Dutch company, which acquired sector peer BG in February for £35bn (€45bn, $50.6bn), will also close BG's offices based at Albyn Place in Aberdeen this year and move BG's 300-strong force into its offices in the city.

The FTSE 100-listed company also said its Brabazon House office in Manchester, which houses 500 people, will be closed by the end of 2017.

Meanwhile, Shell added it has begun a voluntary redundancy programme as it seeks to cut 10,300 jobs across the two merged companies, in a bid to cut costs and fight the decline in oil prices that saw crude oil plunged to multi-year lows earlier this year.

Of the planned job cuts, 7,500 positions will go within Shell, with the remaining 2,800 to be axed from BG's operations.

"This [voluntary redundancy programme] is in the context of the reality of a lower for longer oil price environment, and is not exclusively related to the Shell-BG combination," the company said in a statement.

"A similar proposal was communicated to Shell staff in the Netherlands earlier this month."

Shell said the programme will be offered to employees unwilling to relocate. However, only employees across its upstream – exploration and production – and technology businesses will be able to be included in the scheme, which will not be offered to workers in Shell's fuel sales operations.

waldron
24/4/2016
13:06
Oil Prices: Is a "V-Shaped" Recovery on the Horizon?
Oil-field service company Core Labs offers a very bullish take on the oil market.

Anadarko

Image source: Anadarko Petroleum.

The price of crude oil has been battered for more than a year due to a vastly oversupplied oil market. However, that market is showing signs of improving and could be poised for a big second-half rebound. That's the bullish take recently offered by Core Labs (NYSE: CLB), which detailed its outlook for the oil market when it reported its first-quarter results. Here's why Core Labs is confident that the worst is almost over the for oil market.

The improving fundamental picture
In its market outlook Core Labs noted:

The Company continues to anticipate a "V-shaped" worldwide commodity recovery in 2016, with upticks expected to start in the third quarter. Global demand for hydrocarbon-based energy continues to improve, while worldwide crude oil supply peaked in the second half of 2015 beginning a decline that Core believes will continue through all of 2016 and 2017.

Core Labs notes that not only is demand for oil improving, but supplies clearly have peaked and are now in decline. In terms of demand, the International Energy Agency (IEA) noted in its most recent oil market report that global oil demand grew by a pace of 1.8 million barrels per day last year and its expected to grow by a pace of 1.2 million barrels per day in 2016. While the rate of growth is slowing, demand is still growing.

Meanwhile, supplies have clearly peaked and have started to decline with the IEA reporting a 300,000-barrel decline in March as the steep drop in investments by oil companies takes hold. Oil companies have cut deeply into their capex budgets with Anadarko Petroleum (NYSE: APC), for example, cutting its investment spending by 50% over last year's level. That deep spending cut will have a noticeable impact on Anadarko Petroleum's oil production, which is expected to fall from an average of 312,000 barrels per day in 2015 to as low as 308,000 barrels per day in 2016.

Look out below!
Core Labs then drilled down a little bit, focusing on the production declines in the U.S.:

The Company has observed that U.S. onshore oil production peaked in March 2015 and has fallen since then by over 600,000 barrels of oil per day ("BOPD"), some of which was offset by new additions to production in the Gulf of Mexico ("GOM") as a result of eight deepwater legacy-field developments coming on-line in 2015. This new production, from deepwater fields that includes Anadarko's Lucius and Heidelberg and Shell's (NYSE: RDS-A) (NYSE: RDS-B) Stones, offset significant declines in existing GOM fields.

We can see just how steeply oil production in the U.S. has already slumped in the following chart:

US Crude Oil Field Production Chart

US Crude Oil Field Production data by YCharts.

Even steeper production declines are on the way, with Core Labs suggesting that,

At current U.S. activity levels, Core predicts 2016 U.S. onshore oil production will fall approximately 1,100,000 BOPD, somewhat offset by GOM gains of approximately 200,000 BOPD, yielding a U.S. net decline of 900,000 BOPD and net decline curve rate of 10.1%. Based on currently available worldwide crude oil production data, coupled with internal Core Lab data, Core has increased its estimate of the net worldwide annual crude oil production decline rate to 3.3%, as supported by recent IEA reports that worldwide crude oil production fell 300,000 BOPD in March from February 2016 levels. March was the third consecutive month of global oil production decreases.

Driving this steep U.S. production decline are shale-focused producers with Continental Resources (NYSE: CLR), for example, expecting its average daily production to decline by 10%, while its exit-to-exit production rate will decline by nearly 18%. That's a significant shift for Continental Resources, which grew its production 27% last year. Its decline is so steep because unlike Anadarko Petroleum or Shell, it won't be seeing the benefit from legacy investments made in longer-cycle offshore projects in the Gulf of Mexico coming online this year. Instead, horizontal wells, like the ones Continental Resources develops, rapidly decline, thus requiring the company to continually invest in new wells just to keep up. Given where the oil price is right now, it can no longer afford keep up, let alone grow.
Petroleum Prices In

Image source: Anadarko Petroleum.

The formula for a "V-Shaped" recovery
While that's bad news in the short term, it should help the oil market heal more quickly. In fact, as Core Labs points out:

The increase in the net worldwide decline rate is predicated on sharper decline curve rates for tight-oil reservoirs and the significant decline in maintenance capital expenditures for the existing crude oil production base. This, coupled with the continuing decline in global production and the continuing increase in global energy consumption, should create a tight crude oil supply market for the second half of 2016, and that should lead to increased crude prices and industry activity levels worldwide.

In other words, supplies are coming down quicker than anticipated, while demand growth remains in tact. That should lead to a much tighter oil market later this year, fueling a much improved oil price. This would give companies like Continental Resources the cash needed to start drilling more wells to begin offsetting production declines, thus improving industry activity levels.

Investor takeaway
If everything plays out the way Core Labs expects, the oil market could be on the upswing as early as next quarter. That being said, the oil market has a tendency to not always follow expectations, especially if something unexpected enters the mix like even more oil production from OPEC or a global recession leading to weaker-than-expected demand. Bottom line: Don't take the forecast to the bank just yet, but don't dismiss it entirely, either.

the grumpy old men
24/4/2016
09:26
Tucked away behind the Ferrari garages on Circuit Gilles Villeneuve, a pair of scientists from Shell might hold the key to the team’s success during the 2014 Canadian Grand Prix.

Sitting in what resembles the clean room you would see in a research facility, the scientists are constantly testing samples of fuel and oil from the cars of Fernando Alonso and Kimi Raikkonen.

Alan Wardle and Dan Jamieson are a little-known part of the work that goes on behind the scenes at every Formula One race by Shell, which brings this mobile lab to each race.

In it, the scientists make sure whatever fuel and lubricants going into the Ferrari engines are in peak condition.

“My job is to make sure that the fuel stays legal,” Wardle said of the product that arrived in Montreal two weeks ago for the race following testing and approval from Ferrari engineers in Maranello, Italy.

“Not just legal, but also in its optimal condition so that the blended fuel which we know is giving the best performance to that Ferrari engine is in exactly the same condition so it is going to give the best performance over the course of the race weekend.”

Wardle says that at any time during the weekend, the FIA can take a fuel sample and analyze it to make sure it is legal.

“With all the precautions we put in place, I know if the FIA were to come and check that fuel I am not panicking at all,” Wardle said. “We do our own fuel analysis every time the fuel is moved.”

That includes from the transfer out of the drums into a conditioning rig, where it is circulated and chilled to 10 degrees below ambient temperature, and when it is pumped into the car.

“If we see any contamination, we will get the mechanics to flush the system through,” he said.

Contamination can come from virtually anything, Wardle said. Even grease from a mechanics glove while working on the engine could make the fuel illegal.

Shell’s fuel development is a never-ending process, with the company already on its third approved formula in only seven races this F1 season.

“Basically, we want to give Ferrari more power and more performance throughout the season,” Wardle said. “We will have step changes in fuel. So what is in the car in Australia will be totally different from what is in the car in Brazil.”

The analysis done by Jamieson is on oils and lubricants at the track to monitor the health of the engine.

“The analysis allows us to look inside the engine,” he said. “You have your moving parts and you get wear. We are here to measure that wear. The added value that we can give (Ferrari) is we know whether that wear is normal or abnormal.”

Jamieson keeps track of the history of each engine, which should be able to last 4,500 kilometres, a new wrinkle for 2014 since each team is limited to five engines for the season. Using more than that results in penalties.

“It was a massive problem and challenge for the developers to make sure (the engines) had the same power but be able to last 4,500 kilometres,” Jamieson said, noting that last season engines had to last only 2,500 km before being changed.

Ian Albiston, the F1 trackside and logistics manager for Shell, says the fuel development program for the 2014 season began in 2011, and the company developed 45 different fuels before the first race in Melbourne. Since then, Shell has come up with another 35 mixtures.

Albiston says FIA rules stipulate that the fuel used in the F1 cars must be 99 per cent similar to the ones used in road cars.

“There’s no surprises in there. These are not rocket fuels like they were 20, 25 years ago,” he said. “They are very akin to road-going fuels and that is the advantage for us, because (the consumer) will benefit from what we do here.”

Albiston says with the V8 engines last season — and even the V10s before them — pretty much everything was known about the characteristics of the engines. That wasn’t the case with the V6s.

“If it has been a straight V6, we would have probably known 90 per cent of the combustion characteristics before we started,” Albiston said. “But by the time you stick a turbocharger on it, and energy recovery systems, it’s a whole new set of parameters.”

What quickly became apparent during development was that the V6 engine liked octane and a fuel with a high calorific value — or energy in the fuel.

“The complication in that is that it is very difficult to get both (in one fuel),” Albiston said. “We can throw octane boost into the fuel, but a typical octane boost has a low calorific value — so you lose energy within the fuel.

“So you might gain a few horsepower through the combustion part of the engine, but then you won’t be able to recover as much through the heat recovery system on the energy side. So what you are really looking for is a high octane fuel with a very high calorific value.

“That way, you can gain horsepower from the internal combustion engine, but you can also run the engine hotter because there is more energy in the fuel.”

Albiston says Shell has a team of 55 people working on fuel development for the F1 program in Hamburg, Germany. The team puts about 21,000 man hours in the program each year.

“We take it very seriously,” Albiston said. “Ferrari pushes hard, but we push them equally hard as well.”

Albiston says the longer life of the engines posed a challenge with oil because one must be developed that protects the engine without robbing it of power.

“You can make a very thick oil that we know will protect the engine,” he said. “But if you do that, you are robbing horsepower because you would have too much friction with the engine.”

The goal is to develop an oil with the smallest amount of friction that will protect the engine for 4,500 km.

“If an engine goes bang at 4,501 km, that is a perfect design process,” Albiston said.

kmio@montrealgazette.com

grupo guitarlumber
23/4/2016
07:21
Natural Gas Rises as Traders Expect Glut to Ease
Investors bet producers’ spending cuts and warm weather forecasts will spur a recovery
By Timothy Puko
Updated April 22, 2016 5:15 p.m. ET

Natural gas rose to match a nearly-three-month high Friday--its fifth winning week in the past seven--as investors continued to bet the market would burn off a storage glut.

source WALL STREET JOURNAL

ariane
22/4/2016
20:11
Apr 22, 2016 @ 03:59 PM 9 views
Higher Oil Prices: Be Careful What You Wish For

Brad McMillan ,

Contributor

I help Main Street investors understand and act on current news.

Follow on Forbes (3)

Opinions expressed by Forbes Contributors are their own.

With Chinese growth seeming to pick up and Europe responding to central bank stimulus, some of the major global risks we’ve been worried about over the past six months haven’t turned out so bad.

But, as they say, the bus you’re watching isn’t the one that hits you. If the situations we were worried about are getting better, we need to consider what else might rattle the U.S. economy. I would argue that oil is the most likely candidate.

Prices normalize, but these conditions won’t last forever

The basic narrative, which I agree with, is that prices are slowly normalizing to the marginal cost of production, around $40–$60 per barrel, and are likely to stay in that range. This argument, however, depends on a number of things continuing to go right.

Right now, world oil production appears to exceed demand, but not by that much, perhaps in the 1- to 2-percent range, per the International Energy Agency. That excess, however, includes Saudi Arabia pumping as fast as it can, other suppliers doing the same, and U.S. production declining but still strong. It wouldn’t take much for the excess supply to disappear as demand continues to increase and if suppliers cut back even a bit.

The current favorable conditions are therefore very likely to disappear over time, and in the event of a supply disruption, that could happen much faster. At that point, all of our worries about cheap oil would look kind of absurd.

And let’s not overlook the benefits of low oil prices

A large part of the current recovery here in the U.S. (and much more so in Europe and China) is due to cheap oil. Lower prices have allowed consumers to spend and save more, have pushed up business profit margins (outside the energy sector), and have generally improved every economy on the planet. You used to hear a great deal about the damage high oil prices cause; nowadays, you don’t hear as much about the benefits of cheap oil.

ariane
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