Global crude oil production costs continue to fall

According to the oil price website, the Norwegian Resta Energy Consulting Company recently released a report saying that since 2014, the average global crude oil production cost has been declining, with a cumulative decrease of 35%.

Resta Energy pointed out that the continued decline in production costs is largely due to offshore crude oil drilling activities.

Resta Energy expects that due to the reduction of approved new projects, the downward trend of offshore crude oil production costs may slow down in the next five years, but the overall impact will be small.

Espen Erlingsen, head of upstream research at Resta Energy, said: "The decline in production costs means that more oil can be supplied at a lower price. But it should be noted that despite the decline in costs, most upstream projects break even The average price is still higher than the current oil price, which shows that if the upstream industry investment is to be restored, the oil price needs to gradually pick up at the current level."