Texas oil production drops
Crude oil production in Texas dropped year on year in March, according to the Railroad Commission of Texas’ (RRC) latest figures. The preliminary reported total volume of crude oil production in Texas was 107 million barrels during the month, which marked a significant drop from the reported total production volume of 128 million barrels registered during the same period last year. Click here to read more from Rigzone.
Oil prices climb on prediction of swift demand rebalance
Oil rose above $34/bbl, following a prediction from Russia that the market may rebalance as early as next month due to historic output cuts from global producers. Russia, a key member of the OPEC+ alliance that has pledged to trim supply by almost 10 million barrels a day, expects the market to balance in June or July. Energy Minister Alexander Novak said global output curbs have so far exceeded those agreed by the coalition. Click here to read more from World Oil.
Morgan Stanley sees tighter oil market, raises Brent forecast
Morgan Stanley on Tuesday raised its year-end Brent price forecast to $40 per barrel, citing a faster-than-expected balance in global oil demand and supply as countries ease coronavirus restrictions and major producers cut supply. Click here to read more from Reuters.
$30 oil isn’t good enough for U.S. shale
Shale drillers were collectively unprofitable even when oil prices were twice today’s levels and are drowning in red ink with WTI at $30 per barrel. Click here to read more from Oilprice.com.