Continued Oil Price Reduction Commentary Expected

(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author)

In this week’s preview of what to watch in oil and gas markets, Rigzone’s regular energy prognosticators look at expected U.S. Government moves, OPEC+ reactions and more. Read on below to find out the specifics.

Rigzone: What developments/trends will you be on the lookout for this week?

Mark Le Dain, vice president of strategy with the oil and gas data firm Validere: I expect we will see continued public commentary in the U.S. around reducing the oil price, including everything from more pressure for global releases, as well as even export bans which aren’t practical. This is short term thinking as the current administration is talking down oil price during budgeting season and every dollar that gets moved out of corporate budgets because of this commentary is less real supply this coming year. 

Tom McNulty, Houston-based Principal and Energy Practice Leader with Valuescope, Inc: OPEC+ will be in the news this week. It is not likely that it will accelerate production increases, and it is possible that there will be pressure to lower production increases to respond publicly to the administration’s SPR release. 

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