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Oil Supply Concerns Grow As Spare Capacity Is Tested

pipeline

Friday July 6, 2018

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. UK highest cost of production

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- The UK and Australia had the highest cash cost per barrel of oil equivalent (boe) in 2017, according to Rystad Energy.
- More than 40 percent of the cost came from capex.
- The UK also has the highest production cost, as the North Sea is a particularly expensive place to produce oil.
- Still, costs have declined significantly in recent years.
- In June, Royal Dutch Shell (NYSE: RDS.A) gave the greenlight to its second North Sea oil project this year, a sign that the oil majors have not given up yet on the region.

2. Higher gasoline prices cutting into U.S. traffic volumes

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- Gasoline prices are on the rise, and motorists are taking note. U.S. traffic volumes have leveled off and even taken a dip recently, after years of blistering growth.
- In April, the volume of traffic on U.S. roads declined by 0.6 percent compared to the same month a year earlier, seasonally adjusted, according to Reuters.
- It was the first year-on-year monthly decline since 2014. Even if April was an aberration, the pace of growth had slowed significantly…

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