HMM: $70 Oil Could Spark An Offshore Oil Boom.

In fact, oil prices have already seemingly found a floor with both global-benchmarks Brent crude and NYMEX-traded West Texas Intermediate (WTI) crude prices trading in a low to mid $60s range for an extended period of time. However, given renewed geopolitical risk, that trading average could easily trend upward into the low to mid-$70s range.

All of this of course is not lost on oil and gas exploration and production (E&P) companies, who pulled back their endeavors, particularly more cost intensive offshore drilling actives, during the 2014-2016 global oil price crash.

Now, it seems offshore drilling, at least in some parts of the world, could be poised for a healthy comeback, particularly in the waters of Southeast Asia.

$70 oil would also be healthy for American frackers, too, but mostly what it looks like is that every producer is licking its chops, eager to steal marketshare when Venezuela’s production collapses.