16 Jul '17, 3pm

The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks

The Technical Failure That Could Clear The Oil Glut In A Matter Of Weeks 16 July 2017 by Cyril Widdershoven for Oilprice.com OPEC exports have come under pressure this week from technical threats to oil fields, with Saudi Arabia’s Manifa problems grabbing the headlines. Saudi Aramco CEO Amin Nasser, while addressing the World Petroleum Congress in Istanbul, stated that the outlook for oil supplies is “increasingly worrying ”, due to a loss of $1 trillion ($1,000 billion) in investments last year. The skepticism shown by a majority of financial analysts and oil commentators about the real threat to global oil (and gas) production volumes was countered by the news that the production at Saudi Aramco’s main offshore oil field, Manifa, has been hit by technical problems. News sources reported that the output from Saudi Aramco’s massive Manifa oilfield has been hit by a technic...

Full article: http://www.greencarcongress.com/2017/07/20170716-oil.html

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