Technical Development Document for the Effluent Limitations Guidelines and Standards for the Oil and Gas Extraction Point Source Category

Total Page:16

File Type:pdf, Size:1020Kb

Technical Development Document for the Effluent Limitations Guidelines and Standards for the Oil and Gas Extraction Point Source Category United States Office of Water EPA-820-R-16-003 Environmental Protection Washington, DC 20460 June 2016 Agency Technical Development Document for the Effluent Limitations Guidelines and Standards for the Oil and Gas Extraction Point Source Category Technical Development Document for the Effluent Limitations Guidelines and Standards for the Oil and Gas Extraction Point Source Category EPA-820-R-16-003 JUNE 2016 U.S. Environmental Protection Agency Office of Water (4303T) Washington, DC 20460 Acknowledgements and Disclaimer This document was prepared by the Environmental Protection Agency. Neither the United States Government nor any of its employees, contractors, subcontractors, or their employees make any warrant, expressed or implied, or assume any legal liability or responsibility for any third party’s use of or the results of such use of any information, apparatus, product, or process discussed in this report, or represents that its use by such party would not infringe on privately owned rights. Questions regarding this document should be directed to: U.S. EPA Engineering and Analysis Division (4303T) 1200 Pennsylvania Avenue NW Washington, DC 20460 (202) 566-1000 iii Table of Contents TABLE OF CONTENTS Page CHAPTER A. INTRODUCTION AND BACKGROUND ......................................................................... 1 1 Introduction ......................................................................................................................... 1 1.1 Purpose and Summary of the Rule.......................................................................... 1 1.2 How to Use This Document .................................................................................... 1 2 Regulatory Background ...................................................................................................... 2 2.1 Background on Effluent Limitations Guidelines and Pretreatment Standards ................................................................................................................. 2 2.2 The National Pretreatment Program (40 CFR part 403) ......................................... 5 2.3 Oil and Gas Extraction ELG Rulemaking History ................................................. 8 3 State Pretreatment Requirements ........................................................................................ 9 4 Related Federal Requirements .......................................................................................... 11 CHAPTER B. SCOPE AND INDUSTRY DESCRIPTION ..................................................................... 12 1 Unconventional Oil and Gas ............................................................................................. 12 1.1 Overview of Oil and Gas Resources ..................................................................... 12 1.2 Scope of This Rulemaking .................................................................................... 14 2 Industry Description: UOG Well Development Process .................................................. 22 2.1 UOG Exploration .................................................................................................. 23 2.2 UOG Well Drilling and Construction ................................................................... 24 2.3 UOG Well Completion ......................................................................................... 27 2.4 UOG Production ................................................................................................... 32 3 Industry Description: UOG Well Drilling and Completion Activity ................................ 33 3.1 Historical and Current UOG Drilling Activity ..................................................... 33 3.2 UOG Resource Potential ....................................................................................... 37 3.3 Current and Projections of Future UOG Well Completions ................................. 38 CHAPTER C. UNCONVENTIONAL OIL AND GAS EXTRACTION WASTEWATER VOLUMES AND CHARACTERISTICS ......................................................................................... 40 1 Fracturing Fluid Characteristics ........................................................................................ 41 1.1 Base Fluid Composition ........................................................................................ 42 1.2 Additives ............................................................................................................... 43 1.3 Fracturing Fluids ................................................................................................... 47 2 UOG Extraction Wastewater Volumes ............................................................................. 48 2.1 UOG Extraction Wastewater Volumes by Resource and Well Trajectory ........... 48 2.2 UOG Produced Water Volumes by Formation ..................................................... 53 iv Table of Contents CONTENTS (Continued) Page 3 UOG Extraction Wastewater Characterization ................................................................. 59 3.1 Availability of Data for UOG Extraction Wastewater Characterization .............. 59 3.2 UOG Extraction Wastewater Constituent Categories ........................................... 59 3.3 UOG Produced Water Characterization Changes over Time ............................... 80 CHAPTER D. UOG EXTRACTION WASTEWATER MANAGEMENT AND DISPOSAL PRACTICES ............................................................................................................. 82 1 Overview of UOG Extraction Wastewater Management and Disposal Practices ............ 82 2 Injection into Disposal Wells ............................................................................................ 88 2.1 Regulatory Framework for Underground Injection .............................................. 89 2.2 Active Disposal Wells and Volumes .................................................................... 89 2.3 Underground Injection of UOG Wastewaters ....................................................... 92 3 Reuse/Recycle in Fracturing ............................................................................................. 95 3.1 Reuse/Recycle Strategies ...................................................................................... 97 3.2 Reuse/Recycle Drivers ........................................................................................ 100 3.3 Other Considerations for Reuse/Recycle ............................................................ 105 4 Transfer to CWT Facilities ............................................................................................. 107 4.1 Types of CWT Facilities ..................................................................................... 107 4.2 Active CWT Facilities Accepting UOG Extraction Wastewater ........................ 109 5 Discharge to POTWs ...................................................................................................... 111 5.1 POTW Background and Treatment Levels ......................................................... 112 5.2 History of POTW Acceptance of UOG Extraction Wastewater ......................... 115 5.3 How UOG Extraction Wastewater Constituents Interact with POTWs ............. 120 CHAPTER E. REFERENCE FLAGS AND LIST ............................................................................... 155 CHAPTER F. APPENDICES ......................................................................................................... 169 v List of Tables LIST OF TABLES Page Table A-1. Summary of State Regulations/Guidance ....................................................................10 Table B-1. Summary of State Regulatory Definitions ...................................................................16 Table B-2. Active Onshore Oil and Gas Drilling Rigs by Well Trajectory and Product Type (as of October 9, 2015) .......................................................................................36 Table B-3. UOG Potential by Resource Type as of January 1, 2013 ............................................38 Table C-1. Sources for Base Fluid in Hydraulic Fracturing ..........................................................43 Table C-2. Fracturing Fluid Additives, Common Compounds, and Common Uses .....................44 Table C-3. Most Frequently Reported Additive Ingredients Used in Fracturing Fluid in Gas Wells from FracFocus (2011–2013) .....................................................................46 Table C-4. Most Frequently Reported Additive Ingredients Used in Fracturing Fluid in Oil Wells from FracFocus (2011–2013) ......................................................................46 Table C-5. Median Drilling Wastewater Volumes for UOG Horizontal and Vertical Wells in Pennsylvania ............................................................................................................51 Table C-6. Drilling Wastewater Volumes Generated per Well by UOG Formation .....................51 Table C-7. UOG Well Flowback Recovery by Resource Type and Well Trajectory ....................52 Table C-8. Long-Term Produced Water Generation Rates by Resource Type and Well Trajectory .....................................................................................................................53 Table C-9. Produced Water Volume Generation by UOG Formation ...........................................54 Table C-10. Concentrations of Select Classical and Conventional Constituents in UOG Drilling Wastewater from Marcellus
Recommended publications
  • Unconventional Gas and Oil in North America Page 1 of 24
    Unconventional gas and oil in North America This publication aims to provide insight into the impacts of the North American 'shale revolution' on US energy markets and global energy flows. The main economic, environmental and climate impacts are highlighted. Although the North American experience can serve as a model for shale gas and tight oil development elsewhere, the document does not explicitly address the potential of other regions. Manuscript completed in June 2014. Disclaimer and copyright This publication does not necessarily represent the views of the author or the European Parliament. Reproduction and translation of this document for non-commercial purposes are authorised, provided the source is acknowledged and the publisher is given prior notice and sent a copy. © European Union, 2014. Photo credits: © Trueffelpix / Fotolia (cover page), © bilderzwerg / Fotolia (figure 2) [email protected] http://www.eprs.ep.parl.union.eu (intranet) http://www.europarl.europa.eu/thinktank (internet) http://epthinktank.eu (blog) Unconventional gas and oil in North America Page 1 of 24 EXECUTIVE SUMMARY The 'shale revolution' Over the past decade, the United States and Canada have experienced spectacular growth in the production of unconventional fossil fuels, notably shale gas and tight oil, thanks to technological innovations such as horizontal drilling and hydraulic fracturing (fracking). Economic impacts This new supply of energy has led to falling gas prices and a reduction of energy imports. Low gas prices have benefitted households and industry, especially steel production, fertilisers, plastics and basic petrochemicals. The production of tight oil is costly, so that a high oil price is required to make it economically viable.
    [Show full text]
  • Wellcap® IADC WELL CONTROL ACCREDITATION PROGRAM WELL SERVICING OPERATIONS – SNUBBING CORE CURRICULUM and RELATED JOB SKILLS
    WellCAP® IADC WELL CONTROL ACCREDITATION PROGRAM WELL SERVICING OPERATIONS – SNUBBING CORE CURRICULUM AND RELATED JOB SKILLS FORM WCT-2SS SUPERVISORY LEVEL The purpose of the core curriculum is to identify a body of knowledge and a set of job skills that can be used to provide well control skills for well servicing operations. The curriculum is divided into three certification types: Coiled Tubing, Snubbing, and Wireline (Wireline is presented in document WCT – 2WSW) and within each certification, three levels: Introductory, Fundamental, and Supervisory. Students may complete an individual certification (e.g., Coiled Tubing) or combination certifications (e.g., Coiled Tubing and Snubbing). All knowledge and skills for each individual certification must be addressed when combining certifications. The suggested target students for each core curriculum level are as follows: INTRODUCTORY: New Hires (May also be appropriate for non-technical personnel) FUNDAMENTAL: Helpers, Assistants, “Hands” involved with the operational aspects of the unit and who may act/operate the unit under direct supervision of a certified Unit Operator or Supervisor. SUPERVISORY: Unit Operators, Supervisors, Superintendents, and Project Foreman Upon completion of a well control training course based on curriculum guidelines, the student should be able to perform the job skills in italics identified by a "!" mark (e.g., ! Identify causes of kicks). Form WCT-2SS WellCAP Curriculum Guidelines – Well Servicing - Snubbing Revision 040416 Supervisory Page 1 CORE CURRICULUM
    [Show full text]
  • Future Supply of Oil and Gas from the Gulf of Mexico
    Future Supply of Oil and Gas From the Gulf of Mexico U.S. GEOLOGICAL SUltyEY PROFESSIONAL PAPER 1294 Future Supply of Oil and Gas From the Gulf of Mexico By E. D. Attanasi and]. L. Haynes U.S. GEOLOGICAL SURVEY PROFESSIONAL PAPER 1294 An engineering-economic costing algorithm combined with a discovery process model to forecast long-run incremental costs of undiscovered oil and gas UNITED STATES GOVERNMENT PRINTING OFFICE, WASHINGTON : 1983 UNITED STATES DEPARTMENT OF THE INTERIOR JAMES G. WATT, Secretary GEOLOGICAL SURVEY Dallas L. Peck, Director Library of Congress Cataloging in Publication Data Attanasi, E. D. Future supply of oil and gas from the Gulf of Mexico. (U.S. Geological Survey professional paper ; 1294) Bibliography: p. 1. Petroleum in submerged lands Mexico, Gulf of. 2. Gas, Natural, in submerged lands Mexico, Gulf of. I. Haynes, J. (John), 1954- . II. Title. III. Series: Geological Survey professional paper ; 1294. TN872.A5A87 1983 553.2'8'0916364 83-600030 ____ ____________ For sale by the Superintendent of Documents, U.S. Government Printing Office Washington, D.C. 20402 CONTENTS Page Abstract 1 Introduction 1 Engineering-economic model 3 Methodology 3 Engineering data and assumptions 5 Field classification 5 Field design 6 Production schedules of oil and nonassociated gas wells 7 Economic assumptions and variables 8 Field development costs 8 Production costs and production related taxes 9 Assumptions for after-tax net present value calculations 10 Exploration costs 10 Industry behavior and market conditions 10 Forecasting future discoveries 11 Discovery process model 11 Estimated marginal cost functions for undiscovered recoverable oil and gas resources in the Gulf of Mexico 12 Conclusions and implications 16 References cited 16 Appendix A 17 Appendix B 20 ILLUSTRATIONS FIGURE 1.
    [Show full text]
  • Manual Borehole Drilling As a Cost-Effective Solution for Drinking
    water Review Manual Borehole Drilling as a Cost-Effective Solution for Drinking Water Access in Low-Income Contexts Pedro Martínez-Santos 1,* , Miguel Martín-Loeches 2, Silvia Díaz-Alcaide 1 and Kerstin Danert 3 1 Departamento de Geodinámica, Estratigrafía y Paleontología, Universidad Complutense de Madrid, Ciudad Universitaria, 28040 Madrid, Spain; [email protected] 2 Departamento de Geología, Geografía y Medio Ambiente, Facultad de Ciencias Ambientales, Universidad de Alcalá, Campus Universitario, Alcalá de Henares, 28801 Madrid, Spain; [email protected] 3 Ask for Water GmbH, Zürcherstr 204F, 9014 St Gallen, Switzerland; [email protected] * Correspondence: [email protected]; Tel.: +34-659-969-338 Received: 7 June 2020; Accepted: 7 July 2020; Published: 13 July 2020 Abstract: Water access remains a challenge in rural areas of low-income countries. Manual drilling technologies have the potential to enhance water access by providing a low cost drinking water alternative for communities in low and middle income countries. This paper provides an overview of the main successes and challenges experienced by manual boreholes in the last two decades. A review of the existing methods is provided, discussing their advantages and disadvantages and comparing their potential against alternatives such as excavated wells and mechanized boreholes. Manual boreholes are found to be a competitive solution in relatively soft rocks, such as unconsolidated sediments and weathered materials, as well as and in hydrogeological settings characterized by moderately shallow water tables. Ensuring professional workmanship, the development of regulatory frameworks, protection against groundwater pollution and standards for quality assurance rank among the main challenges for the future.
    [Show full text]
  • Secure Fuels from Domestic Resources ______Profiles of Companies Engaged in Domestic Oil Shale and Tar Sands Resource and Technology Development
    5th Edition Secure Fuels from Domestic Resources ______________________________________________________________________________ Profiles of Companies Engaged in Domestic Oil Shale and Tar Sands Resource and Technology Development Prepared by INTEK, Inc. For the U.S. Department of Energy • Office of Petroleum Reserves Naval Petroleum and Oil Shale Reserves Fifth Edition: September 2011 Note to Readers Regarding the Revised Edition (September 2011) This report was originally prepared for the U.S. Department of Energy in June 2007. The report and its contents have since been revised and updated to reflect changes and progress that have occurred in the domestic oil shale and tar sands industries since the first release and to include profiles of additional companies engaged in oil shale and tar sands resource and technology development. Each of the companies profiled in the original report has been extended the opportunity to update its profile to reflect progress, current activities and future plans. Acknowledgements This report was prepared by INTEK, Inc. for the U.S. Department of Energy, Office of Petroleum Reserves, Naval Petroleum and Oil Shale Reserves (DOE/NPOSR) as a part of the AOC Petroleum Support Services, LLC (AOC- PSS) Contract Number DE-FE0000175 (Task 30). Mr. Khosrow Biglarbigi of INTEK, Inc. served as the Project Manager. AOC-PSS and INTEK, Inc. wish to acknowledge the efforts of representatives of the companies that provided information, drafted revised or reviewed company profiles, or addressed technical issues associated with their companies, technologies, and project efforts. Special recognition is also due to those who directly performed the work on this report. Mr. Peter M. Crawford, Director at INTEK, Inc., served as the principal author of the report.
    [Show full text]
  • Speech of I.I. Sechin on the Energy Panel
    St. Petersburg International Economic Forum BUILDING THE AGENDA OF SUSTAINABLE DEVELOPMENT ENERGY PANEL World Energy in Search of Balance Thesis for the speech of I. Sechin Golden Era or Energy: Protectionism, Market or Manual Control? Saint Petersburg June 6, 2019 1 Dear participants and guests of the Forum! I am very happy to welcome all the guests who are participating in our meeting today and to express confidence in very fruitful nature of the forthcoming debates. I would like to particularly acknowledge the participation of the Minister of Energy of the Russian Federation Alexander Novak, the Heads of our esteemed strategic shareholders - Robert Dudley from BP, Qatar’s Finance Minister Al Emadi and the Head of Qatar Investment Authority (QIA) Mister Mansoor Ebrahim Al Mahmoud, the Heads of our partner organizations, the Head of the China National Petroleum Corporation Van Ilin, the Head of Baker Hughes Lorenzo Simonelli, the Head of Glencore Ivan Glasenberg, the Head of DeGolyer John Wallace, the Head of ExxonMobil Neil Duffin, the Head of Equinor Eldar Saetre, the Head of Trafigura Jeremy Weir, the Head of Vitol Russell Hardy, the Head of Gunvor Torbjorn Tornqvist, and the representative delegation from Venezuela, the Ministers of Oil of Angola, Iraq, the ambassadors of Portugal, India, Mozambique, Qatar and Venezuela, the Heads of the Russian regions. I would also like to express my sincere gratitude to our moderators, Doctor Nobuo Tanaka and Evgeny Primakov and to all the dear partners and the guests of the Forum. The discussion during the SPIEF is being held under the sustainable development agenda, but we are having it in a very difficult period of time.
    [Show full text]
  • The Economic Impacts of the Gulf of Mexico Oil and Natural Gas Industry
    The Economic Impacts of the Gulf of Mexico Oil and Natural Gas Industry Prepared For Prepared By Executive Summary Introduction Despite the current difficulties facing the global economy as a whole and the oil and natural gas industry specifically, the Gulf of Mexico oil and natural gas industry will likely continue to be a major source of energy production, employment, gross domestic product, and government revenues for the United States. Several proposals have been advanced recently which would have a major impact on the industry’s activity levels, and the economic activity supported by the Gulf of Mexico offshore oil and natural gas industry. The proposals vary widely, but for the purpose of this report three scenarios were developed, a scenario based on a continuation of current policies and regulations, a scenario examining the potential impacts of a ban on new offshore leases, and a scenario examining the potential impacts of a ban on new drilling permits approvals in the Gulf of Mexico. Energy and Industrial Advisory Partners (EIAP) was commissioned by the National Ocean Industry Association (NOIA) to develop a report forecasting activity levels, spending, oil and natural gas production, supported employment, GDP, and Government Revenues in these scenarios. The scenarios developed in this report are based solely upon government and other publicly available data and EIAP’s own expertise and analysis. The study also included profiles of NOIA members to demonstrate the diverse group of companies which make up the offshore Gulf of Mexico oil and natural gas industry as well as a list of over 2,400 suppliers to the industry representing all 50 states.
    [Show full text]
  • Technically Recoverable Shale Oil and Shale Gas Resources: United Kingdom
    Technically Recoverable Shale Oil and Shale Gas Resources: United Kingdom September 2015 Independent Statistics & Analysis U.S. Department of Energy www.eia.gov Washington, DC 20585 September 2015 This report was prepared by the U.S. Energy Information Administration (EIA), the statistical and analytical agency within the U.S. Department of Energy. By law, EIA’s data, analyses, and forecasts are independent of approval by any other officer or employee of the United States Government. The views in this report therefore should not be construed as representing those of the Department of Energy or other Federal agencies. U.S. Energy Information Administration | Technically Recoverable Shale Oil and Shale Gas Resources i September 2015 Contents Executive Summary ....................................................................................................................................... 3 Introduction ............................................................................................................................................. 3 Resource categories ................................................................................................................................. 3 Methodology ........................................................................................................................................... 5 Key exclusions .......................................................................................................................................... 6 United Kingdom…………………………………… ………………………………………………………………………………………......XI-1
    [Show full text]
  • Natural Gas & Climate Change
    Eric D. Larson, PhD Natural Gas & Climate Change Natural Gas & Climate Change Eric D. Larson, PhD Climate Central surveys and conducts scientific research on climate change and informs the public of Princeton key findings. Our scientists publish and our journalists report on climate science, energy, sea level rise, One Palmer Square, Suite 330 wildfires, drought, and related topics. Climate Central Princeton, NJ 08542 is not an advocacy organization. We do not lobby, and Phone: +1 609 924-3800 we do not support any specific legislation, policy or bill. Climate Central is a qualified 501(c)3 tax-exempt organization. Call Toll Free +1 877 4-CLI-SCI (877 425-4724) Climate Central scientists publish peer-reviewed research on climate science; energy; impacts such www.climatecentral.org as sea level rise; climate attribution and more. Our work is not confined to scientific journals. We investigate and synthesize weather and climate data and science to equip local communities and media with the tools they need. May 2013 Report Author Eric D. Larson, PhD Senior Scientist Dr. Larson leads energy-related research at Climate Central while also being part of the research faculty at Princeton University in the Energy Systems Analysis Group of the Princeton Environmental Institute. His research interests include engineering, economic, and policy-related assessments of advanced clean-energy technologies and systems. He has published over 80 peer-reviewed articles and more than 200 papers in total. He has a Ph.D. in Mechanical Engineering from the University of Minnesota. Contents Key Findings . 1 Report in Brief . 4 1. Introduction . .10 2.
    [Show full text]
  • How to Solve Your Long Lateral Problems
    A Deep Well Services White Paper in Conjunction with SPE Penn State How to Solve Your Long Lateral Problems Trevor Heyl, Senior Petroleum and Natural Gas Engineering Student at The Pennsylvania State University & Matt Tourigny, VP of Marketing at Deep Well Services www.deepwellservices.com Table of Contents Executive Summary..……………...……………………………………….……….…..….. 2 Challenges with Longer Laterals ……………………………………….…………..……. 2 Existing Solutions ……………………………..…………………………………….….….. 3 Coiled Tubing …….………….….……….…….……………………………………..… 3 Rig-Assist Snubbing Units.……………..………..................................................… 4 Hydraulic Completion Units..….………………………………………………….……..… 5 Cost Comparison ……………………………………………………………………..... 7 HCU Technologies …………………………………………………………………....... 8 Case Studies ……………………………..……..……..………………………….……….. 11 What to Look for in a Solution …….………………………………...…………….…….. 17 Conclusion …………..……………..…..…..….……….……………………………..….... 17 Deep Well Services ………….……..…...……..………………………………………….. 18 Page | 1 Executive Summary Longer laterals impose challenges with current completion methods. The low-price environment in the oil and gas field forces operators to focus on cost-saving methods anywhere practical. Wells with longer laterals have become more prominent in the industry due to their additional contact with the formation, increased productivity and the ability to save money. However, conventional completion methods are a limiting factor due to their decreasing efficiencies with respect to lateral length and problems that thereby
    [Show full text]
  • Coal Mine Methane Recovery: a Primer
    Coal Mine Methane Recovery: A Primer U.S. Environmental Protection Agency July 2019 EPA-430-R-09-013 ACKNOWLEDGEMENTS This report was originally prepared under Task Orders No. 13 and 18 of U.S. Environmental Protection Agency (USEPA) Contract EP-W-05-067 by Advanced Resources, Arlington, USA and updated under Contract EP-BPA-18-0010. This report is a technical document meant for information dissemination and is a compilation and update of five reports previously written for the USEPA. DISCLAIMER This report was prepared for the U.S. Environmental Protection Agency (USEPA). USEPA does not: (a) make any warranty or representation, expressed or implied, with respect to the accuracy, completeness, or usefulness of the information contained in this report, or that the use of any apparatus, method, or process disclosed in this report may not infringe upon privately owned rights; (b) assume any liability with respect to the use of, or damages resulting from the use of, any information, apparatus, method, or process disclosed in this report; or (c) imply endorsement of any technology supplier, product, or process mentioned in this report. ABSTRACT This Coal Mine Methane (CMM) Recovery Primer is an update of the 2009 CMM Primer, which reviewed the major methods of CMM recovery from gassy mines. [USEPA 1999b, 2000, 2001a,b,c] The intended audiences for this Primer are potential investors in CMM projects and project developers seeking an overview of the basic technical details of CMM drainage methods and projects. The report reviews the main pre-mining and post-mining CMM drainage methods with associated costs, water disposal options and in-mine and surface gas collection systems.
    [Show full text]
  • OPEC and Strategic Questions in the Oil Market the Massive Expansion of Shale Oil Extraction in the US Marked the Beginning of a Global Glut in the Petroleum Markets
    CSS Analyses in Security Policy CSS ETH Zurich N0. 216, November 2017, Editor: Fabien Merz OPEC and Strategic Questions in the Oil Market The massive expansion of shale oil extraction in the US marked the beginning of a global glut in the petroleum markets. This is just one of many factors raising the pressure on OPEC and other producers. Two possible development trends are emerging. By Severin Fischer Venezuela’s current political and economic crisis encapsulates the hard times that some major oil-producing countries are ex- periencing these days. The high revenues of the years 2008 through 2014, when prices stood at well over USD 100 per barrel (USD p.b.), have fostered mismanagement and corruption in many petro-economies. After the collapse of prices in late 2014, so- cietal expectations of state services could often no longer be fulfilled. Ever since, governments have been coming under in- creasing pressure. Against this background, the Organization of Petroleum Exporting Countries (OPEC), together with 11 other oil pro- The global oil market is characterised by an oversupply since the beginning of 2015. Duvignau/Reuters ducers, decided in November 2016 to throttle extraction rates to achieve a price increase. Despite widespread expectations among many experts to the contrary, the group has so far largely succeeded in meet- emerging economies and the resulting duction of energy intensity in the manu- ing its commitments and demonstrating shortage of supply. A high-water mark of facturing sectors of emerging economies. the ability to act. However, it is still too nearly USD 150 p.b. was reached in early soon to determine whether this will ease 2008, followed by a price collapse in the Without question, the main factor of market tensions in the long run.
    [Show full text]