Trisha Curtis and Ethan Bellamy dissect the OPEC Plus meeting the first week of January and the surprise 1 mbd cut by the Saudis, and Trisha explains her more nuanced views on how the Russians and the Saudis are viewing near term demand and oil prices. WTI is $52 and Brent is $55.
Ethan and Trisha get nerdy on European oil companies ENI and BP. Trisha talks about ENI’s comments regarding the to push to lower breakeven prices into the low $40s/barrel and Rosneft moving into the Arctic, a company BP has a large stake in.
Trisha gets into the weeds on BP’s “peaked demand” outlook and Ethan discusses LNG exports, the US’ maxed out capacity, and pipeline buildout across the major gas plays.
And yes, Trisha and Ethan discuss and predict a ban on fracing and leasing on Federal land by the Biden administration.
They continue to discuss their thoughts and projections on US oil and gas supply.
Correction – Trisha mistakenly said Permian Basin production was 3.9 mbd prior to COVID, but meant 4.9 mbd. To clarify, production is now around 4.2 mbd.”