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OPEC and non-OPEC producers agree to extend production curbs through 2018
The Trump administration has been championing US energy exports as its preferred instrument for narrowing its trade deficit in the wake of the US shale boom. A combination of rising export capacity in the US, LNG import demand growth in China, and political cheerleading has underpinned an uptick in LNG exports to China this year via third party, spot trades. Will Trump's trip to Beijing seal the deal for some major LNG deals?
Libya's oil production has increased steeply from August 2016’s low point of below 300,000 barrels per day (b/d) to around 850,000 b/d at present, passing the 1 million b/d barrier in July. But Wood Mackenzie believes Libya may now be reaching its near-term production limits and future growth will be gradual.
In the first half of the year, the industry has already witnessed 15 project sanctions, almost comparable to project sanctions in the whole of 2016.
To gauge the state of the sector, Wood Mackenzie asked its client base to share their thoughts on a number of key themes, and the responses were analysed to give a comprehensive view of how the sector’s key players view the future.
The deepwater industry has emerged from the downturn leaner and more competitive with US tight oil
Confidence will return to the sector in 2017, with exploration and production spend to rise by 3% to US$450 billion.
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