June 2015 SEE Monthly Update -
Bakken Producers, US vs. OPEC vs. Russia, Epstein book
Crude oil prices. Vertical axis is $/barrel for West Texas Intermediate (WTI) oil at Cushing
The U.S. has surpassed Russia in total oil and gas production to become the world leader; however, the Organization of Petroleum Exporting Countries (OPEC) is producing oil at a high level of 31 million barrels per day (BPD), with both Saudi Arabia and Iraq overshooting their OPEC targets. On the other hand, the Energy Information Administration (EIA) predicts U.S. shale oil production will begin to decline. Whether demand will increase is still a question, but these two opposing supply factors have kept oil prices in the range of $60-$65 per barrel ($/bbl).
Oil exploration and production in North Dakota has declined as it has elsewhere in the U.S. The volatility and high vapor pressure of Bakken oil is still a concern. However as one article notes, North Dakota's economy has gone "from white hot to red hot." The pause is allowing housing and infrastructure like a regional water treatment plant expansion and a new truck reliever route to catch up. More detail on specific Bakken/Three Forks companies is featured in this month's subscriber newsletter.
Finally, for a philosopher's insight into hydrocarbon use and the moral framework that supports it, read Alex Epstein's The Moral Case for Fossil Fuels.
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Copyright 2015, Starks Energy Economics, LLC. This information is confidential and is intended only for the individual named. This information may not be disclosed, copied or disseminated, in whole or in part, without the prior written permission of Starks Energy Economics, LLC. This communication is based on information which Starks Energy Economics, LLC believes is reliable. However, Starks Energy Economics, LLC does not represent or warrant its accuracy. This communication should not be considered as an offer or solicitation to buy or sell any securities.
I, Laura Starks, do hereby certify that, to the best of my knowledge, the views and opinions in this research report accurately reflect my personal views about the companies and their securities as of the date of this report. These viewpoints and opinions may be subject to change without notice and Starks Energy Economics, LLC will not be responsible for any consequences associated with reliance on any statement or opinion contained in this communication. No Starks Energy Economics, LLC consultant or analyst has nor will receive direct or indirect compensation in return for expressing specific recommendations or viewpoints in this report.
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