World oil production declined by 0.1%
After a year of lower oil prices reduced due to unprofitability global mining accounts for only 0.1 percent, according to a report by the consulting house Wood Mackenzie, which highlights the sustainability of the industry.
The analysis, published before the annual meeting of the oil industry in London next week, suggesting that oil prices should consider an even greater decline - or stay low for much longer time to reduce significantly the global mining commented Bloomerg .
OPEC (OPEC) and major oil companies such as BP and Occidental Petroleum betting that lower oil prices will reduce production, which will ultimately raise prices. However, this takes more time than expected, partly due to the resilience of the American slate industry and collapsing currencies of the oil-rich countries, which reduces costs in countries from Russia to Brazil.
Analysis of Wood Mackenzie assesses the quantity directly been affected by low prices - EUR 100 thousand. Barrels per day since the beginning of 2015, instead of production, influenced by the launch of new projects and the decline of aging fields. Canada, the US and the North Sea are most affected by closures due to low prices.
International Energy Agency assesses on an annual basis and says that the yield in the fourth quarter amounted to 96.9 mln. Barrels per day. She predicted that non-OPEC yield this year will drop by 600 thousand. Barrels per day, its biggest drop since 1992. Last year yield outside OPEC grew by 1.4 million. Barrels per day.
For major oil companies have more logic to endure several months of losses rather than allocate funds for the dismantling of offshore platforms in the North Sea or stopping and restarting projects tar sands in Canada, which can take months and cost millions of dollars. "There are barriers to exit," said Robert Plummer, vice president of investment research at Wood Mackenzie.
The price of Brent crude oil fell more than $ 100 a barrel in mid-2014 to 13-year low of $ 27.10 a barrel last month.
Khalid al-Falih, president of the state oil company of Saudi Arabia, last month said that current prices are "irrational" because they are too low to justify investments in new production. But he added: "In the short term, although there is excess capacity, prices are determined by variable cost and most manufacturers can pay the costs of the current price."