Oil prices stabilized yesterday after falling to their lowest levels in more than three months due to the great abundance in the supply pressure despite the production cuts led by the OPEC.
And decreased global London Brent crude ten cents to $ 52.09 a barrel after it fell 1.7% yesterday and 5% last Wednesday in the largest percentage drop in a year.
And crude oil futures fell WTI Alomerreqi five cents to $ 49.23 a barrel. It fell below $ 50 a barrel yesterday for the first time Thursday since December. The US crude is heading towards record fall of more than 7% this week, the biggest weekly decline in five months.
And market confidence faltered after news of a big increase in US crude inventories, which is steadily rising to record levels, with the growth of US oil production this year.
Agreed Organization of Petroleum Exporting Countries (OPEC) and other exporters, including Russia last year to cut production by about 1.8 million barrels per day in the first half of 2017, but the move has had a limited impact on inventory levels yet.
Increased crude oil inventories in the United States, the biggest oil consumer in the world 0.8200000 barrels a day last week to reach a record high of 528.4 million barrels.
The Repsol oil group Spanish announced yesterday, according to Agence France-Presse, the discovery of oil reserves volume of 1.2 billion barrels of oil, “recoverable” in Alaska, saying that this “too big discovery of conventional fuel in the United States during the past thirty years.”
The Apache-oil US group announced in September it had discovered in Texas wells unconventional contains an estimated 3 billion barrels of oil, but since this well is traditional (painting rocks, oil sands, offshore fields ..), the extract oil which requires more complicated techniques and expensive compared with conventional extraction from wells.
The Spanish group said in a statement that the oil discovery “to Repsol and its partner (US) Armstrong Energy” could yield “120,000 barrels per day,” the production of a maximum.
She explained that this discovery, Repsol is the largest since discovered that the well Perla in Venezuela in 2009, noting that production from these two wells in two different incidents in the North Slope area of ??the far-northern North American continent, two places could start in 2021.
Repsol’s share of the new discovery and a 49% share while the American partner 51%.
Spanish company explained, “is scheduled to be re-classification of a significant proportion of the resources as reserves is installed and possible once you get the administrative licenses.”
She said the discovery could increase the amount of oil you have to invest in Repsol and Armstrong Nanhochok region to 1.2 billion barrels. But exploration is still awaiting a final decision from investors in addition to the licenses, some technical considerations.