Permian potential

摘要

News that US crude and condensate output passed the 10mn b/d mark in Novem- ber will be unwelcome in Riyadh and Moscow. Saudi oil minister Khalid al-Falih and his Russian counterpart Alexander Novak play down the threat of rising shale oil output, saying there is enough room for all producers. But benchmark crude WTI is around $65/bl, and US output looks likely to accelerate again, putting pressure on Saudi Arabia and Russia to prolong their restraint.