Renewed confidence for 2018 in the Oil & Gas industry
The oil and gas industry is entering 2018 with a degree of renewed confidence. The oil price has picked up to a 3-year maximum hitting US$70 per barrel due to the current demand supply rebalancing and future demand expectations. The gas side also looks optimistic. In 2017, Gazprom exported a record amount of 193.9 billion cubic meters of natural gas to Europe breaking last year’s results. This demonstrated its growing role in the European energy supply. At the same time, the US LNG exports have also achieved a record level of average 1.9 billion cubic feet (approximately 54 million cubic meters) per day in 2017, making the USA a net exporter of natural gas. Taking all the facts into account, overall the renewed demand confidence may lead to renewed investments in the sector in 2018.