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With the likes of Vitol, Trafigura, Mercuria, Gunvor, Novum Energy, Glencore and Castleton, who collectively trades more than a fifth of the global oil demand – these companies were almost unanimous in publically announcing that oil prices were unlikely to revisit prices below $30 per barrel experienced back in January 2016.
Brent Crude, which is considered the world’s benchmark for oil pricing has climbed nearly 4% in April and hit a four month high of almost $45 a barrel with mounting speculation a deal to freeze production at this weekend’s OPEC summit is a very likely outcome.
Whilst the US market makers reported that oil prices have dropped 1% to $41.70 a barrel having reached $41.83 earlier in the month; it is now reported that oil prices are up 9% month to date.
TouchstoneEnergy, the UK’s leading IT and Business Systems supplier to the Energy industry commented at their annual customer conference; we need an oil price of at least $60 a barrel if we are to avoid future supply shortages. TouchstoneEnergy also stated that whilst the oil price is rising, it needs to grow much further before any level of confidence will rally big investors.
These comments came ahead of meetings planned in Qatar when OPEC and many of the major oil producing nations meet to try to agree an output freeze in a bid to end oversupply.
Peter Davis, Head of TouchstoneEnergy comments; This is the first concerted effort seen by OPEC to try and stabilise oil prices since the barrel price went into freefall back in 2014. Even if Iran refuses to freeze output having suffered years of global sanctions; it’s doubtful this will seriously influence any collective OPEC decisions reached.
When the oil price fell from the extreme highs of $120 per barrel in 2014 to the serious lows of $28 per barrel at the start of 2016; having decimated budgets of the small, mid-cap and major oil producers; and led to record numbers of redundancies throughout the supply chain, fears are, that if some levelling or oil price correction in market doesn’t come soon, it will spell disaster for the world’s economy and present some very challenging times ahead as we approach 2017.