Big Oil is in Big Trouble. OPEC+ is in trouble, too, in case you missed it. The trouble? Low oil prices, of course. These, per knowledgeable sources, are going to take a further turn for the worse in the coming months, making it harder for Big Oil to keep its shareholders and for OPEC to keep its foreign investors.
All this drama is unfolding while UK North Sea operators consider relocation to survive, turning the country into the first major oil producer to deliberately kill its industry, and John Podesta of climate fame praises — yes, praises — U.S. oil production growth. No, I’m not joking. The jokes write themselves. And they’re getting dirtier.
Take OPEC, for example. The past few weeks have seen a flood of media reports telling us how bad things are for the cartel and how it has no good move with production because the bears have conquered the oil market. And they are not leaving. Apparently.
Poor OPEC may also be facing an investor exodus because it is so reliant on the investments of Big Oil and Big Oil, per so-called experts, does not like to invest in countries where the government sets production targets. Again, I feel the need to repeat this is not a joke. At least, I’m not the one joking.
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