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No, US Shale Drillers Have Not Won A War With OPEC


More than 200 U.S. energy companies filing for bankruptcy in less than 2 years; A commodity price about half of what it was 3 years ago; Rig count half of the 2014 level; An industry just now beginning recover from large layoffs during 2015 and 2016. If the current state of the U.S. upstream oil […]

China, Japan mine seas’ frozen gas

China, Japan mine seas’ frozen gas thumbnail

Commercial development of the globe’s reserves of a frozen fossil fuel known as “combustible ice” has moved closer to reality after Japan and China successfully extracted the material from the seafloor off their coastlines. But experts said Friday that large-scale production remains many years away — and if not done properly could flood the atmosphere […]

Saudi Arabia, Russia push to extend oil output cut until March 2018


Saudi Arabia and Russia, the world’s top two oil producers, agreed on Monday on the need to extend output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices. Saudi Energy Minister Khalid al-Falih and his Russian counterpart Alexander Novak said in a statement they would […]

Texas is back as King of the oil world

Texas is back as King of the oil world thumbnail

Weekly US oil production is back to 9.3 million barrels per day and is nearing the 9.6 million barrel peak in mid-2015. OPEC raised its outlook for U.S. production growth by 285,000 barrels a day to 820,000 a day in 2017. The number of drilling rigs operating in the country has more than doubled since […]

OPEC to U.S.: Please produce less oil for the ‘prosperity of the world economy’


OPEC, the oil cartel really cares about the world. That’s the message of a new monthly report issued Thursday. OPEC says what the world needs now is a bit less supply on the global oil market. In particular, they would really appreciate it if the United States would stop producing so much damn oil…for the […]

A Sobering Look At The Future Of Oil


The current discussion about the future of oil is how soon will it be before petroleum becomes a sunset industry. If it isn’t already. Flat or falling demand. Carbon taxes. Electric cars. Renewable energy. Oil has no future. It is only a matter of time, although how much time remains is subject to considerable discussion […]

Russian supply vs production

Russian supply vs production thumbnail

Extending the deal with Opec is the only barrier to oil-output growth in 2017. But Russian exports should keep rising whatever is decided in Vienna Despite financial and technological sanctions, lower oil prices and the depletion of mature fields, Russian oil firms lifted output in 2016 by 2.6%, to 11m barrels a day—within touching distance […]

Saudi Arabia: Oil Output Cuts Could Run ‘Beyond’ 2017


Saudi Arabia’s oil minister said he is confident that an agreement by oil producers to curb output and shrink a market glut will be extended into the second half of the year and possibly beyond. While U.S. shale output growth and refineries shut for maintenance have slowed the impact of cuts by OPEC and its partners, producers […]

Can the US Become the Saudi Arabia of Natural Gas?


The Department of Energy gave a Texas-based energy company permission Tuesday to export liquefied natural gas (LNG) to countries with which the U.S. does not have free trade agreements. Golden Pass Products will build an LNG export terminal capable of shipping 2.21 billion cubic feet per day (Bcf/d) of natural gas around the world. It’s […]

Russia announces oil production milestone above Arctic Circle

Russia announces oil production milestone above Arctic Circle thumbnail

Nearly 200 tankers have left an oil field above the Arctic Circle in Russia that’s passed the production milestone of 35 million barrels, Gazprom Neft said. A subsidiary of Gazprom Neft, the oil arm of Russian energy company Gazprom, said Friday total cumulative production from the Novoportovskoye field above the Arctic Circle has reached 5 […]

All Eyes On Saudi Arabia As OPEC Begins To Unravel


Has OPEC failed? That’s the question analysts have begun to ask, approaching the group’s next meeting later this month. When the members gather at their headquarters in Vienna, it will likely be to agree on an extension of production cuts in place since January. Those cuts, originally intended to re-balance markets and boost prices, had an […]

Chevron Drilling VP: Oil, Gas Needs to be Innovative, but Make Money


Technological innovation is a hot topic for oil and gas operators and service companies. During a Tuesday panel at the Offshore Technology Conference, some of the industry’s leaders shared how to embrace innovation while maintaining profit margins. When industry panelists were asked if profit margins did, in fact, stifle innovation, responses were mixed. “That’s precisely […]

Michael Lynch: …And This Is Where The Oil Will Come From


During the height of the peak oil scare, a pundit commented to me that the lack of billion-barrel discoveries in recent years seemed alarming, and my reassurance that this primarily reflected the shift of drilling from the Middle East to other, less prospective, areas was less than compelling.  Additionally, while many industry observers focus on […]

Libya Oil Output Rebounds as Sharara, Feel Fields Restarted


Libya’s crude production rebounded to more than 700,000 barrels a day as the OPEC member’s biggest oil field and another deposit in its western region resumed pumping after a halt. The Sharara field is currently producing 216,400 barrels a day, while the El Feel, or Elephant, deposit is pumping 26,500 and is expected to boost output further, […]

EIA economist: Permian production is ‘remarkable’

EIA economist: Permian production is ‘remarkable’ thumbnail

Permian Basin operators are successfully coaxing more crude to the surface, and the Energy Information Agency is forecasting the region will raise its output to 2.4 million barrels a day in May. The Permian will produce 662 barrels per rig next month, unchanged from April, according to the agency’s Drilling Productivity Report. Production from new […]

Michael Lynch: Here Comes The Oil


For much of the past decade, the mantra “the easy oil is gone” could be heard throughout the industry, not just from peak oil advocates.  The idea was that the industry was now having to go to ever-harsher environments and tolerate increasing political risk in order to obtain the needed supplies, which translated into higher […]

Dream On, OPEC – The US Will Never Act Like A Cartel


Apparently, the United States is out of sync with the rest of the world – which some might argue is good – because tight oil producers didn’t cut back when OPEC finally managed to address market volatility. Deon Daugherty Senior Editor, Rigzone OPEC Secretary General Mohammed Barkindo called out the United States as outside the […]

North Sea Oil Floods to Asia Like Never Before


North Sea oil is flooding into Asia like never before thanks to the most competitive crude prices in seven years. OPEC’s own output cuts are partly to blame. Brent, a global benchmark, closed at a premium of just 57 cents a barrel to Dubai crude on Monday, the greatest incentive to move North Sea oil […]

Venezuela’s Complicated Crisis For Oil


The cold logic of the oil market dictates that crisis usually equals profit. That’s because a crisis in oil usually means a supply crisis, as some large producing country becomes embroiled in war or civil unrest or sanctions or some other geopolitical mess. The country currently occupying the unenviable position of being the likeliest source […]

The Battle Between OPEC and US Shale


Bloomberg’s Tracy Alloway reports on the price and production of oil. She speaks on “Bloomberg Markets: Middle East.

Israel-Europe gas deal sparks criticism

Israel-Europe gas deal sparks criticism thumbnail

An Israel-Europe gas pipeline deal aimed at turning Israel into a major energy exporter in the Mediterranean has come under criticism from Palestinians, particularly as the besieged Gaza Strip continues to suffer from a crippling power crisis. “The pipeline agreement between Israel, Italy, Cyprus and Greece will not only benefit corporations which directly profit from […]

Major Oil Producers Reach Deal to Extend Output Cuts


A number of major crude-producing countries reached an initial agreement to extend output cuts, Saudi Arabia’s oil minister said Thursday, as persistently high stockpiles weigh on prices. OPEC and other major suppliers have failed, after three months of limiting production, to achieve their target of reducing oil inventories below the five-year historical average, Saudi Arabia’s Khalid Al-Falih said […]

Undaunted by oil bust, financiers pour billions into US shale

Undaunted by oil bust, financiers pour billions into US shale thumbnail

Investors who took a hit last year when dozens of U.S. shale producers filed for bankruptcy are already making big new bets on the industry’s resurgence. In the first quarter, private equity funds raised $19.8 billion for energy ventures – nearly three times the total in the same period last year, according to financial data […]

Why US oil production isn’t done rising


The oil market got another dose of data Monday that pointed to the likelihood of further gains in U.S. crude-oil production. Oil production from seven major U.S. shale plays is forecast to climb by 124,000 barrels a day to 5.193 million barrels a day in May from April, according to a monthly report on drilling […]

Reeling From Low Oil Prices, Saudis Look To Freeze Megaprojects


Saudi Arabia will start reviewing a number of multi-billion-dollar infrastructure and development project—remnants from a better past when crude oil prices were in three-digit territory. Some of these, according to government sources, will be shelved and others will be restructured. The review is part of urgent reforms prompted by the oil price rout from 2014, […]

Oil Thesis For 2017 – International Production


Summary Recent data on international rig counts continue to show little increase into 2017. We anticipate oil production from non-OPEC, non-US production sources to decline in 2017 as depletion and decline rates take their toll; We differ from IEA’s interpretation of the trend line for non-OPEC, non-US production in H2 2017. This is our third […]

Is Another Bust Looming Over The Oil Industry?


Notable authorities such as the EIA, the IEA, OPEC and BP forecast growth of demand for oil in their base case scenarios through the end of their forecast periods. These same organizations failed to predict, and even to fully recognize after the fact, the start of declining demand in the United States and the OECD […]

Oil Surplus Or Scarcity? Shale Makes It Even Harder To Predict


  The shale oil boom has transformed the U.S. and global energy sector to such an extent that it has upended traditional supply dynamics and made forecasts far more polarised. Investment banks, many of which finance new projects, along with oil majors such as Total and Eni, have warned that huge spending cuts caused by […]

North Sea oil is in its death throes. But the industry has one last grand act left

North Sea oil is in its death throes. But the industry has one last grand act left thumbnail

To witness the beginning or end of a great industry or a way of living isn’t unusual. Each generation has its list of comings and goings – great grandfathers who remember the advent of the motor car, grandmothers who recall the last factory hooter in Accrington, fathers and mothers who can say where and when […]

The Peak Oil Estimate You Won’t Believe: A Tale Of Two Sigmoids

The Peak Oil Estimate You Won’t Believe: A Tale Of Two Sigmoids thumbnail

Over the years, I have often pondered what the world’s ultimate oil production might be before it peaks and inevitably declines. I can recall around 2005-2007 on the website The Oil Drum, that there was a raging debate about just how close the world was to peak oil. Some insisted that it was happening right […]

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