The 5 Most Popular Energy Stories Of 2017
The year in which WTI went from barely above $50 to over $60 a barrel and Brent hit OPEC’s much sought after $65 was full of the usual mix of price forecasts, warnings, and unpredictable events that left readers wondering what will happen next…
Here are five of Oilprice.com’s most popular stories from 2017 as we look back on an eventful year.
The Oil War Is Only Just Getting Started
Now in its second year, the OPEC/Russia oil production cut pact was the number-one headline maker of 2017. After the initial praise—and price spike—doubts began to emerge that the deal might not work as there was a strong likelihood that some members may cheat. Very soon, other doubts overshadowed these: U.S. shale production was growing, and it was growing fast.
Despite OPEC publicly dismissing shale production growth as hype, by the end of the year it was crystal clear that if there was anything threatening the success of the pact, it was U.S. shale. This threat still looms, even though the U.S. shale industry has been warned that it would be wise to slow down the pace of its rig count growth. Ultimately though, it will be the three years of record-low exploration investment that tightens markets rather than this battle.
This may come as a surprise to readers, as the Permian occupied the spotlight for most of the year, but the June drilling productivity report by the EIA revealed that the Powder River Basin could challenge the Permian’s star status. Shale dominated headlines in 2017, so anything about shale, be it problems or achievements, was top news.
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