OPEC Cut Extensions Seem More Likely; Slightly Raising Our Near-Term Oil Price Forecast
We’re slightly modifying our near-term outlook for oil prices, given the increased likelihood that OPEC will extend production cuts at its November meeting to the end of 2018. In our base case, we now expect the cartel and its partners will agree to continue withholding 1.8 million barrels, or mmbbls, per day of oil throughout 2018, despite the threat of surging U.S. production and the potential loss of share. However, the effectiveness of the cuts depends on the level of compliance. Our forecas...Continental Resources is an independent crude oil and natural gas company engaged in the exploration, development, and production of crude oil and natural gas mainly in the North, South and East regions of the U.S. The North region consists of properties north of Kansas and west of the Mississippi River and includes North Dakota Bakken, Montana Bakken, and the Red River units. The South region includes all properties south of Nebraska and west of the Mississippi River including various plays in the South Central Oklahoma Oil Province and Sooner Trend Anadarko Canadian Kingfisher areas of Oklahoma. The East region is comprised of undeveloped leasehold acreage east of the Mississippi River.
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