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Low Oil Prices Curing Low Oil Prices
The third observation is that decline rates could curtail supply quickly. Past oil-price collapses have been associated with a sharp increase in the decline rates observed in mature basins. Using past production curves as a proxy, Deutsche Bank estimates that as much as 1.5 million b/d of supply could be lost to accelerated decline over the next 2 years within the US onshore, Alaska, Canada, UK, Norway, and Russia.
Finally, the analysts see that new supply projects are being postponed. Within the growth regions, the rise in costs and taxes in recent years suggests that the average oil…
3Mar2009 | The Real Deal | 0 comments | Continued
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