Activity in the oil and gas sector accelerated in the first quarter as company outlooks improved, according to a survey of oil executives released on Wednesday by the Federal Reserve Bank of Dallas.
U.S. crude will sell for an average of $93 a barrel by the end of the year and natural gas prices at the largest U.S. hub will average $4.57 per million British thermal units , according to the survey of oil executives from Texas, Louisiana and New Mexico.
Oil prices are at their highest level in over a decade after Russia's Feb. 24 invasion of Ukraine and subsequent sanctions on its oil exports. Russia calls its military action a "special operation." Nearly all oilfield services companies surveyed said they were facing higher costs, and some said labor shortages are persisting. One said it had rigs available, but could not find workers.
The average oil price needed to cover operating expenses for an existing well was $34 a barrel, respondents said, up roughly 10% from last year. The average price needed to profitably drill a new well was $56 a barrel, up about 8% from last year. More than 40% of respondents said oil prices will need to be between $80 and $99 a barrel to push publicly traded firms to significantly increase their production.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Fox Host Repeatedly Gets Fed Up With Trump’s Bullshit During Lengthy ChatStuart Varney, a longtime Trump ally, grew visibly annoyed when Trump insisted the upcoming midterms need to be focused on his lies that the 2020 presidential election was “rigged”: “You think 2022 and 2024 are all about the 2020 election? Really?”
Lire la suite »
Fed ready to take more action to control inflationThe comments come just days after the Federal Reserve raised interest rates by 0.25% to battle inflation that’s peaked for the first time in 40 years.
Lire la suite »
Fed Chairman Powell: We need to raise interest rates quicklyThe Federal Reserve needs to move quickly to raise interest rates and normalize its monetary policy, according to Fed Chairman Jerome Powell.
Lire la suite »
Powell says Fed will hike further and faster if necessaryChair Jerome Powell said Monday that the Federal Reserve would raise its benchmark short-term interest rate faster than expected, and high enough to restrain growth and hiring, if it decides that this would be necessary to slow rampaging inflation.
Lire la suite »
Asian Stock Market: Mildly positive on a late rebound in US markets, Fed Powell’s speech eyedAsian Stock Market: Mildly positive on a late rebound in US markets, Fed Powell’s speech eyed By Sagar_Dua24 Asia Nikkei Ukraine Fed InterestRate
Lire la suite »
Powell says Fed will hike interest rate further and faster if necessaryChair Jerome Powell said Monday that the Federal Reserve would raise its benchmark short-term interest high enough to slow rampaging inflation.
Lire la suite »