Oil: Saudi lollipop set to sweeten energy company valuations - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
FT商学院

Oil: Saudi lollipop set to sweeten energy company valuations

Production cuts have lifted prices close to last year’s $100 per barrel average as the world produces less than it consumes
00:00

{"text":[[{"start":null,"text":"

Tightness in the market supply of oil may well continue into next year
"}],[{"start":12.39,"text":"Opec+ has gone through some dry times. "},{"start":15.232000000000001,"text":"But now it has struck oil. "},{"start":17.024,"text":"Saudi Arabia and Russia’s production cuts have succeeded in lifting oil prices by 27 per cent to $95 per barrel since the end of June. "},{"start":25.317,"text":"With oil now within sight of last year’s $100/bbl average, consensus estimates for the energy sector look out of date. "}],[{"start":32.769999999999996,"text":"This run marks a return of form for the cartel. "},{"start":35.873999999999995,"text":"Not so long ago, member producers quailed at tighter output quotas, fearing a rapid supply response from US shale producers. "},{"start":43.19199999999999,"text":"The new financial discipline demanded by exploration and production investors — profits before growth — has given Opec a stronger hand. "}],[{"start":50.83,"text":"A surprisingly resilient global economy has helped. "},{"start":54.097,"text":"Despite fears about economic weakness in China, its crude imports rose to 11.5mn barrels a day in August, according to Jorge León at Rystad Energy. "},{"start":63.489,"text":"That is 2mb/d higher than this time last year. "},{"start":67.244,"text":"That sort of leap leaves China accounting for the lion’s share of this year’s forecast world demand growth. "},{"start":72.637,"text":"The International Energy Agency puts it at 2.2mb/d. "}],[{"start":78.12,"text":"The world now produces less oil than it consumes. "},{"start":81.36200000000001,"text":"Cue rapid destocking. "},{"start":83.092,"text":"Inventories around the world plummeted in August and should continue to fall over the coming months. "}],[{"start":88.71000000000001,"text":"The tightness in the market supply may well continue into next year. "},{"start":92.539,"text":"The exponential penetration of electric vehicles should lop off half a million barrels of oil from demand. "},{"start":97.99400000000001,"text":"Yet overall economic growth should lead to a small increase in consumption compared with this year’s 101.8mb/d. "}],[{"start":106.38000000000001,"text":"Meanwhile, oil production has to run just to stand still. "},{"start":110.23400000000001,"text":"Output from big, conventional oilfields declines at a rate of about 3 to 5 per cent annually, no matter what. "},{"start":116.58900000000001,"text":"Few new projects are expected to come on stream in 2024. "},{"start":120.34400000000001,"text":"The wild card here is Iran, where production has risen sharply despite sanctions. "}],[{"start":126.14000000000001,"text":"The “Saudi lollipop” — a sweetener for the oil market — has wrongfooted analysts. "},{"start":131.08200000000002,"text":"Analysts expect earnings at European energy producers to fall 23 per cent fall in 2023 and a further 6 per cent next year, according to Bernstein Research. "},{"start":140.137,"text":"These should start to rise — and with it the stock prices of the European majors, such as Shell and Eni. "}],[{"start":146.26000000000002,"text":"The sector’s lowly forward multiple of 7.4 times, despite record cash flow yields, could test the resolve of investors to avoid these carbon-heavy giants. "}],[{"start":155.27,"text":""}]],"url":"https://creatives.ftacademy.cn/album/122735-1695172222.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

马斯克对特朗普的押注得到了回报

特斯拉和X的首席执行官将成为特朗普总统身边最具影响力的政治和商业顾问之一。

巴尼耶削减养老金的计划触动了法国人的神经

法国总理的这一省钱提案遭到反对,尽管人们呼吁加强代际公平。

英国学费上涨对学生和大学财务状况的影响

专家称,这些措施不足以解决高等教育经费问题或吸引来自贫困家庭的学生。

这次美国大选对美国企业意味着什么?

大选结果将对能源、汽车和制药等领域的企业产生重大影响。

德国的商业模式失败了吗?

德国三大主要产业同时陷入低迷,经济也停滞不前。政客们终于清醒过来了吗?

Lex专栏:马斯克利用美国大选出风头

这位亿万富翁的名字没有出现在选票上,但他已利用美国大选吸引了大家的注意力。
设置字号×
最小
较小
默认
较大
最大
分享×