BP's Incredible 2018 Outlook

Probably not a good thing for oil prices. Some highlights: 

  • "Recoverable reserves from the Middle East, which holds the largest oil resources, could be increased by 50%."
  • Russia and the Commonwealth of Independent States (CIS), which holds the most gas, could see gas production increase by a quarter.
  • Technology will cut costs by around 30% per barrel
  • $600 billion of upstream O&G investment is needed per year to meet projected demand

That production costs could dip by as much as 30% will likely pressure oil prices.

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