Thursday, February 28, 2019

On IPWeek 2019 & BP Boss' US shale take

A fascinating few days of debates and deliberations at the Energy Institute's International Petroleum Week 2019 came to a close in London earlier today.

For yet another year, the Oilholic was delighted to have spoken and moderated at the event as part of the Gulf Intelligence Middle East Energy Summit. Industry 4.0, investment climate, US shale and OPEC were all under the radar. Delegates were fairly evenly split on the direction of the oil price; but yours truly maintains that the phase of range-bound crude prices is here to stay. 

From where this blogger sits, it is appearing hard for Brent to escape the $65-75 per barrel range, and for the WTI to escape the $55-65 range this year. 

There were interesting soundbites aplenty, but BP Boss Bob Dudley's quip that US shale is a price responsive "brainless" market stood out among them all. Here's the Oilholic's full report and analysis on it for Forbes. That's all for the moment folks! Next stop - Houston, Texas for IHS CERAWeek 2019. Keep reading, keep it crude!

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© Gaurav Sharma 2019. Photo: Gaurav Sharma at IPWeek 2019; with Chris Midgley, Global Director of Analytics for S&P Global Platts © Gulf Intelligence. 

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