Colver Technologies believes that oil prices will return to $70 or $80 levels by the end of 2015.
Colver Technologies has speculated that oil prices will be back in the region of $70-80 a barrel before the end of 2015 citing the inevitability of reduced production in non-OPEC countries.
According to Gus Stuyvesant, Chief Operating Officer at Colver Technologies, “Producers in Texas and North Dakota simply can’t make drilling for oil with prices at $45 economically viable; it really is as simple as that.” His comments came as hundreds of rigs were moth-balled as low prices hurt producers who can only break even with prices at or close to $80-90 a barrel.
OPEC producers led by Saudi Arabia and Kuwait have vowed that they will not be “the first to blink” in terms of reducing production in order to support prices or engineer a rebound. Both countries say they are prepared to tolerate prices at current levels or lower for extended periods in order to preserve their market share at the expense of the shale oil producers in the US.
“The US government took a mild shot across OPEC’s bows by slightly raising the amount of US-produced oil that could be legally exported but the Saudis didn’t even blink,” added Stuyvesant. The world’s biggest oil producer has dug its heels in for the long haul despite the protests of smaller OPEC countries like Venezuela and Nigeria both of whom are suffering the effects of drastically lower revenues as oil prices have plunged.
Colver Technologies, which recently revealed a sharp increase in orders for its small-scale GTL plant and reactor cores says it isn’t daunted by the prospect of a return to higher prices by the ned of the year.
About Colver Technologies
Colver Technologies’ modular GTL systems revolve around the Fischer-Tropsch reactor, a conversion technology developed in the 1920s by Franz Fischer and Hans Tropsche in Germany in 1925. It facilitates the production of significantly cleaner-burning liquid fuels like diesel and jet fuel from natural gas that contains no sulfur. We are committed to doing our part to drive uptake of GTL fuels as global efforts to reduce emissions increase and have invested heavily to ensure the continuing development of this highly attractive alternative to conventional energy production.
Contact Colver Technologies:
Longzhimeng Asia-Pacific Center
22 Pangjiang Street
Dadong, Shenyang, Liaoning
China
contact@colvertech.com
http://www.colvertech.com
862422599383