Canadian producers ponder return of $100 oil after OPEC+ production cut yyc yycbiz Column by ChrisVarcoe:
“It’s a perfect example of the fact that you just can’t rely on the day-to-day prices of oil,” Birchcliff Energy CEO Jeff Tonken said of Monday’s price hike.Article content
U.S. oil production is projected to climb by about 580,000 bpd this year, but the American industry doesn’t have a lot of additional capacity to make up for the gap due to OPEC’s latest cut, Salazar said.Article content “It really sets up for an interesting year because OPEC might have to actually increase production next year to keep prices from overheating.”
Surge CEO Paul Colborne said the production cut by OPEC countries should accelerate the expected tightening of supply levels and global oil demand this year, pushing prices toward $100 a barrel. Petroleum producers expected commodity prices to moderate this year after oil markets soared in early 2022 following Russia’s invasion of Ukraine.Article content
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