“La sabiduría de la vida consiste en la eliminación de lo no esencial. En reducir los problemas de la filosofía a unos pocos solamente: el goce del hogar, de la vida, de la naturaleza, de la cultura”.
Lin Yutang
Cervantes
Hoy es el día más hermoso de nuestra vida, querido Sancho; los obstáculos más grandes, nuestras propias indecisiones; nuestro enemigo más fuerte, el miedo al poderoso y a nosotros mismos; la cosa más fácil, equivocarnos; la más destructiva, la mentira y el egoísmo; la peor derrota, el desaliento; los defectos más peligrosos, la soberbia y el rencor; las sensaciones más gratas, la buena conciencia, el esfuerzo para ser mejores sin ser perfectos, y sobretodo, la disposición para hacer el bien y combatir la injusticia dondequiera que esté.
MIGUEL DE CERVANTES Don Quijote de la Mancha.
La Colmena no se hace responsable ni se solidariza con las opiniones o conceptos emitidos por los autores de los artículos.
28 de noviembre de 2014
OPEC Policy Ensures U.S. Shale Crash, Russian Tycoon Says
By Will Kennedy and Jillian WardNov 27, 2014 10:34 AM GMT-0430
Photographer: Alexander Zemlianichenko Jr./Bloomberg
At today’s prices of just over $70 a barrel, drilling is close to becoming unprofitable... Read More
OPEC policy on crude production will ensure a crash in the U.S. shale industry, a Russian oil tycoon said.
The
Organization of Petroleum Exporting Countries kept output targets
unchanged at a meeting in Vienna today even after this year’s slump in
the oil price caused by surging supply from U.S shale fields.
American
producers risk becoming victims of their own success. At today’s prices
of just over $70 a barrel, drilling is close to becoming unprofitable
for some explorers, Leonid Fedun, vice president and board member at OAO Lukoil (LKOD), said in an interview in London.
“In
2016, when OPEC completes this objective of cleaning up the American
marginal market, the oil price will start growing again,” said Fedun,
who’s made a fortune of more than $4 billion in the oil business,
according to data compiled by Bloomberg. “The shale boom is on a par
with the dot-com boom. The strong players will remain, the weak ones
will vanish.”
Oil futures in New York plunged as much as 3.8 percent to $70.87 a barrel today, the lowest since August 2010.
At
the moment, some U.S. producers are surviving because they managed to
hedge the prices they get for their oil at about $90 a barrel, Fedun
said. When those arrangements expire, life will become much more
difficult, he said.
Photographer: Andrew Burton/Getty Images
Drilling for oil in the Bakken shale formation outside Watford City, North Dakota.
Saudi Arabia
While some OPEC countries including Venezuela pushed for a reduction in output quotas at today’s meeting, Saudi Arabia, the group’s dominant member, argued for the status quo.
In Russia, where Lukoil is the second-largest producer behind state-run OAO Rosneft (ROSN),
the industry is much less exposed to oil’s slump, Fedun said. Companies
are protected by lower costs and the slide in the ruble that lessens
the impact of falling prices in local currency terms, he said.
Even
so, output in Russia, the biggest producer after Saudi Arabia in 2013,
is likely to fall slightly next year as lower prices force producers to
rein in investment, Fedun said.
“The major strike is against the American market,” Fedun said.
To contact the reporter on this story: Will Kennedy in London at wkennedy3@bloomberg.net
To contact the editors responsible for this story: Will Kennedy at wkennedy3@bloomberg.net Alex Devine
