Posted by Big Gav in peak oil
Reuters has an article on lower oil production by the oil majors and higher price forecasts (isn't there supposed to be a oil production boom going on in North America ?) - Chevron cuts production outlook, raises oil price view.
Chevron Corp, the second-largest U.S. oil company, cut its 2017 production forecast on Tuesday by 6 percent, citing project delays and asset sales, while saying high prices have pushed its new baseline for oil to north of $100 a barrel.
The company, like many of its peers, has seen mixed results from heavy spending to lift oil and natural gas production, and shareholders in the sector are pushing for more cost discipline.
Chevron trimmed its 2017 production outlook to 3.1 million barrels of oil equivalent per day (boepd) from a previous forecast of 3.3 million boepd, but stuck to plans to spend $40 billion this year on capital projects, about as much as last year. ...
Despite the more cautious production forecast, Chevron raised the oil price used in its planning models to $110 a barrel from $79. Exxon Mobil, the largest U.S. oil company, is using a similar level of $109 a barrel in its budgets, based on 2013 average prices.