Oil and Gas Outlook: Rising...or is it - Mineral Royalties #oilexploration #oilandgas #crudeoil

The oil and gas industry's outlook is undergoing significant shifts. With a decrease of over 100 drilling rigs year over year, the sector is experiencing a reduction in exploration activities. Meanwhile, the rapid decline in the DUC (drilled but uncompleted) inventory has contributed to the recent rise in oil production. Although crude oil inventories are on a downward trajectory, they still hover around the lower range of the 5-year average. Notably, countries within the OPEC+ alliance, including Saudi Arabia, are actively working to bolster oil prices beyond the $80 mark, underscoring the need for higher revenues.
These combined dynamics have led many experts to predict a sustained upward trajectory for oil prices throughout the remainder of this year and into 2024. As drilling rig counts decrease and DUC inventories shrink, there's a growing emphasis on optimizing existing resources. The ongoing efforts by OPEC+ nations to support elevated oil prices further reinforce the outlook of a price hike in the coming years. However, the industry remains subject to various global factors, making the prediction of oil's future direction a complex endeavor.

https://www.eia.gov/petroleum/weekly/index.php

https://www.eia.gov/todayinenergy/detail.php?id=48537

https://markets.businessinsider.com/news/commodities/saudi-arabia-production-cuts-opec-brent-falls-below-70-analyst-2023-6

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