Shad Olson Reports: Saudi Oil Declares Price War on Bakken Crude--With WTI, or West Texas Intermediate crude oil touching 48-month lows at just above $81.00, Despite adding nearly 4-million barrels a day in world crude production, American oil producers once again confront the reality of production costs much higher than established oil fields in easy drilling regions like Saudi Arabias Shaybah formation. With cost of production often above $80 a barrel, Bakken Crude and other American shale fields rely on high oil prices for profitable exploration. A cut in Saudi export prices places pressure on American producers for the first time in almost a decade.--Only on NC1.
Posted on: Wed, 15 Oct 2014 03:31:17 +0000
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