As the Offshore Panorama comes, the offshore market reporting and oil has passing by in the beginning of year positive moments. Apparently, the agreement to reduce oil production among members of the Organization of petroleum exporting countries (OPEC), as well as producing countries outside the cartel, has given an injection of appreciation in the price of the product in the first months of 2017.
This result might lead us to conclude that, if the world's oil keep moving by this same path, soon he will return to its glory days, strengthening the economy of producer countries and supplying the fuel-dependent. Right? Not according to researchers at the Imperial College and the Carbon Tracker, in England.
According to a British study, from 2020, global demand for oil and coal can stop growing, and then begin to fall. The research, carried out in partnership with the Institute of clean technologies, the Carbon Tracker, estimates that there will be a fall in the cost of renewable energy, which should make investments in fossil fuels and accelerate a transition to a clean economy.
But is it really that oil may collapse or this is just one of countless conspiracy theories? Despite the growing, oil remains trapped in a price range already known, being traded in the range between $50 and $55 dollars since December 2016.
However, in the early days of the year, OPEC countries and non-members such as Russia have shown commitment to the Treaty. Data released in January showed that the cartel pumped 32,140,000 barrels per day, which represented a fall of 890,200 bpd and a reduction of 90% of what was agreed, a strong start. We have left now is wait for the progress of this process, so that only in this way, we can begin to draw conclusions.
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