| How Top Crude Oil Producers Impact the Crude Oil Market | |
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Why History Suggests that Crude Oil May Be Low for Next 2 Decades (Continued from Prior Part) Russia and crude oil market
The world’s largest producer of crude oil is Russia. It is also among the largest crude oil exporters. The Russian Energy Ministry reported that Russia produced 10.7 MMbpd (million barrels per day) of crude oil in November 2015. For more information, read Russian Crude Oil Production Is through the Roof. Crude oil is at its highest production level since the post-Soviet era. The record production from Russia will continue to weigh on the global oil market.
Saudi Arabia
The second-largest crude oil producer is Saudi Arabia. The OPEC kingpin produced more than ten MMbpd of crude oil in November 2015. The record production will continue to put pressure on the crude oil market.
US and Canada
The consensus of slowing production from the US and Canada could benefit crude oil prices. However, it would be profitable to many companies if oil prices stayed above $50 per barrel. Thus, companies like Devon Energy (DVN), Continental Resources (CLR), and Whiting Petroleum (WLL) would scale up production as prices gain. However, lower drilling costs and better planning is driving the crude oil market at the moment.
Iraq and Iran will continue to scale up production in 2016 in order to capture more market share and offset lower oil prices by producing more. The volatility in the market affects ETFs and stocks like Petrobras (PBR), PetroChina Company (PTR), and Gazprom (OGZPY). ETFs such as the First Trust Energy AlphaDEX ETF (FXN) and the iShares US Oil Equipment & Services ETF (IEZ) are also affected by the ups and downs in oil prices.
The consensus of record production will continue to pressure the global oil market. In the next article, we will analyze the demand side.
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Whiting Petroleum Corporation
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CODE : WLL |
ISIN : US9663871021 |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Whiting Petroleum est une société de production minière de pétrole basée aux Etats-Unis D'Amerique. Whiting Petroleum est cotée aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 6,2 milliards US$ (6,1 milliards €). La valeur de son action a atteint son plus haut niveau récent le 22 août 2008 à 99,26 US$, et son plus bas niveau récent le 03 avril 2020 à 0,25 US$. Whiting Petroleum possède 90 927 193 actions en circulation. |