Unconventional oil and gas resources will play an important role in the global fuel mix with technological advancement across the entire value chain shaping the profitability of the industry in the long term, a report said.
Brent crude slipped below $72 a barrel on Tuesday, giving up some of the gains seen on Monday when prices rallied for the first time in six sessions and closed up more than 3 per cent.
Oil futures on both sides of the Atlantic hav
Shale stocks have been hard-hit as investors see margins all but evaporating following the slide in crude oil prices, but the US shale energy boom is not over.
An index of oil and gas exploration and production tumbled 8.15 per ce
Shale oil is a disaster for climate change, Venezuelan Foreign Minister Rafael Ramirez said as the Organization of the Petroleum Exporting Countries (Opec) prepares to decide on oil output policy.
Plummeting oil prices are pushing some of the small-cap companies which flourished as part of the US shale energy boom close to their breaking point, while also prompting some well-known fund managers to aggressively buy energy stocks.
Goldman Sachs has slashed its 2015 oil price forecasts, making it the most bearish among major financial institutions, following a near 25 per cent fall in crude prices over the past five months.
The US investment bank said rising
Saudi Arabia effectively started a global oil price war this month aimed at quickly denting US oil output. Slowing a US drilling boom, however, could take more than a year.
Many observers expect a downward spir
Brent crude bounced off a four-year low on Wednesday to above $85 a barrel, a level that was still down 25 per cent since June, as a drop in the value of the dollar attracted some cautious buying in the oil market.
On Tuesday, the
The vast majority of shale oil in the US is produced at costs far below the current price of crude, the head of the west's energy watchdog said, which means US projects can withstand the market slump squeezing other producers.