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Schlumberger Points to Structural Problems in Tight Oil
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Schlumberger offered an in-depth analysis of the current price and industry environment at the Howard Weil Energy conference. Schlumberger believes that the industry's problems are structural, and while excacerbated by low prices, would still exist if prices returned to normal.
Paal Kibsgaard had this to offer:
Annual oil demand has increased by around 1 million barrels per day every year since 2011. GDP Growth and oil demand continues to be closely correlated. Based on this, we do not see any reason to question the resilience of global oil demand in the years to come.
In North America, the extraordinary rise in tight-oil activity propelled US crude production to a 41-year high last December. This equates to an average annual growth of one million barrels-per-day, over the past…
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