Posted on: September 22nd, 2014 by Administrator No Comments

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya, together with the ongoing surge in US production, notes Douglas-Westwood in the latest ‘DW Monday’.

In the short-term, supply could start to be taken out of the market quite quickly if lower price levels are sustained –we have earlier noted that returns for most E&P companies have been eroded by rapidly-rising costs.

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