The North Sea

The North Sea

Recently,the North Sea was thought to be the prime example of how the oil price slump hurt high-cost corners of the energy industry.And its crude output is still defying the doomsayers.The International Energy Agency said Wednesday,after an increase last year, the region’s production will rise again in 2015 to almost 3 million barrels a day, the first consecutive annual gains in 15 years.Moreover,the extra supply is entering a global market already “awash” with competing grades of oil, it said.

The North Sea

 

 

The North Sea

 

Because of the North Sea,the influence will be felt across the world.The home of the Brent benchmark plays an outsized role in the oil market.According to consultant Energy Aspects Ltd,even small gains in the region’s output can move prices significantly.Production gains resulted in an “armada” of unsold North Sea cargoes in June and July, the IEA said.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *