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What’s The Limit For Permian Oil Production?


The ‘hottest shale play’ has been the media’s favorite cliché for the Permian Basin over the past year. And while cliché, the basin straddling West Texas and New Mexico has lived up to this description—its oil production, unlike that in other basins, did not fall off a cliff during the downturn, it recently beat its […]

Million Barrels Per Day Could Go Offline In 2018


Venezuela’s oil production has been falling for years, but 2018 could mark a new, darker chapter for the South American nation.   Late last year, Venezuela’s government defaulted on millions of dollars’ worth of debt, with larger and more significant payments maturing this year. The ability to service billions in debt payments this year is almost […]

The world is not awash in oil yet


The past seven years were both very exciting, and very difficult for the global energy markets. Today’s market faces two key challenges, both the product of human innovation and technological advancement. The first is the challenge faced by oil producers to rebalance the market amid new supplies from unconventional sources due to new and improved […]

Shadows picked up by satellites suggest Saudi Arabia underreported its oil stores last year


Saudi Arabia reported falling oil reserves last year and agreed as part of OPEC to extend production cuts into 2018. LONDON — Satellite imagery of two of Saudi Arabia’s largest oil refineries suggests the kingdom may have underreported its oil stores in the first half of 2017. Satellite images gathered by the tech startup Bird.i […]

Will Oil Majors Really Sink Money Into America’s Waters?


Energy dominance begins at home, and that includes any beachfront property you might have. The Interior Department unveiled on Thursday a draft proposal for leasing areas of the U.S. outer continental shelf for oil and gas drilling between 2019 and 2024. As five-year plans go, it’s an ambitious one, envisaging leasing on fully 25 out […]

America could become oil king of the world in 2018


The United States is poised to ramp up crude oil production by 10% in 2018 to about 11 million barrels per day, according to research firm Rystad Energy. Surging shale oil output should allow the United States to dethrone Russia and Saudi Arabia as the planet’s leading crude oil producer, Rystad predicted in a recent […]

New Pipeline Doubles Russian Crude Oil Supply To China

New Pipeline Doubles Russian Crude Oil Supply To China thumbnail

Russia quietly doubled its crude oil export capacity to China in the new year when it launched a new pipeline, cementing its position as the number one supplier of crude to its Asian neighbor. The extension of the East Siberia-Pacific Ocean, or ESPO, oil pipeline between Russia and China started operating on January 1, doubling […]

Russia Boosts 2017 Crude Oil Production To 30-Year High


OPEC’s crude production held steady in December as the group approached a fresh year of output curbs in full compliance with its supply deal. The 14 members of the Organization of Petroleum Exporting Countries pumped 32.47 million barrels a day, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Libya saw […]

US Shale Can’t Offset Record-Low Oil Discoveries


The U.S. shale resurgence has been one of the main themes in oil markets this year, while OPEC’s production cut deal to deplete the oil overhang and boost oil prices has been the other key development in 2017. U.S. shale production is expected to grow over the next few years as the companies that survived […]

Mature ‘super basin’ in US breaks 44-year oil record


A mature ‘super basin’ located in Texas and New Mexico has set a new oil-production record, beating its previous peak set in 1973. The Permian Basin has reached a new production volume of at least 815 million barrels in 2017, far exceeding its previous peak of 790 million barrels, according to new analysis from information […]

All That New Shale Oil May Not Be Enough as Big Discoveries Drop


Three years after causing an oil-price crash, the shale boom may not be enough to meet rising global demand because the industry has cut back so sharply on higher-risk mega-projects. Discoveries of new reserves this year were the fewest on record and replaced just 11 percent of what was produced, according to a Dec. 21 […]

The Biggest Factors In Future Oil Production

The Biggest Factors In Future Oil Production thumbnail

The views expressed in this post are those of the author alone. This assessment is based on the data in the 2017 BP Statistical Review of World Energy available here. As such it uses that review’s definition of oil which is crude and condensate and natural gas liquids, uncompensated for their different energy contents or values […]

The Dark Bounty of Texas Oil

The Dark Bounty of Texas Oil thumbnail

For more than a century, the economic fortunes of Texas have depended on oil. The image of mighty geysers spewing depreciable assets out of the ground is forever linked to the state. In the popular imagination, a rich Texan is invariably an oil baron. The Austin Chalk, the Barnett Shale, the Wolfcamp: these layers of […]

The Bakken Strikes Back

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Summary October production data for the Bakken validates operators’ claims of strong early-time well performance in the play’s core. Current prices provide a powerful growth stimulus not yet reflected in the volumes. Continental Resources has advertised 15-month payouts for its wells in the Bakken Core in a $50 per barrel WTI environment, which implies exceptional […]

Is Aramco Shopping For US Shale?


Saudi Aramco has held early talks to buy a stake in a U.S. company and has inquired about potentially acquiring assets in the two biggest U.S. oil and gas shale basins, the Permian and the Eagle Ford, The Wall Street Journal reported on Wednesday, citing people familiar with the matter. While the Saudi state-held oil […]

Sanctions-Proof Oil Rig Thwarts US Policy From Cuba to Russia

Sanctions-Proof Oil Rig Thwarts US Policy From Cuba to Russia thumbnail

The oil rig was built mostly in China and drilled its first well in Cuba. Now it’s delivering a victory for Russia in its fight against U.S. sanctions. Italian oil giant Eni SpA and Russia’s state-controlled Rosneft PJSC are using the Scarabeo 9 ultra-deepwater rig to drill in water more than 2,000 meters (6,600 feet) […]

Lies, Bad Lies And Natural Gas Statistics


Summary Emotions running high after recent pricing volatility. Future production fundamentals leaning strong bearish. Wait for big trader “Elephant Tracks” before wading into the pool. Emotions are running high for natural gas traders after the fireworks of the past six weeks. I’m currently on the sidelines, and, while I’m long term bearish, nothing goes up […]

Twilight years: is the UK entering its last decade of oil and gas production?

Twilight years: is the UK entering its last decade of oil and gas production? thumbnail

Controversial research by the University of Edinburgh suggests UK oil and gas industries are entering the last decade of production. Julian Turner talks to the author of the report, Prof. Roy Thompson, about resource depletion, hard data vs industry optimism, and the transition to the clean economy. The Edinburgh Geological Society was formed in 1834 […]

World Oil Supply Hits Year High, Boosted by U.S. Shale Surge


Shale producers are roaring back to life, pushing the global oil supply to its highest level in a year and undermining OPEC’s efforts to rebalance the market through production cuts, the International Energy Agency said Thursday. In its closely watched monthly oil market report, the IEA said the amount of crude oil on the global […]

After 2.5 Billion Barrels, Eagle Ford Has More Oil Coming


Mark Twain would appreciate irony in the Eagle Ford Shale, where rumors of the play’s impending exhaustion are greatly exaggerated. The Eagle Ford has produced 2.5 billion barrels (Bbbl) of oil and will generate another 2.1 Bbbl, according to Allen Gilmer, CEO of DrillingInfo, the Austin-based Big Data repository of all things oil and gas. […]

Saudi Arabia and Russia reach compromise on oil

Saudi Arabia and Russia reach compromise on oil thumbnail

Ministers from OPEC and their allies have agreed to extend their production pact all the way to the end of 2018 but with a review in June that will take into account market conditions and progress toward rebalancing. The outcome represents a successful compromise between de facto OPEC leader Saudi Arabia (which wanted to announce […]

OPEC Agrees To Extend Oil Supply Cuts Until End Of 2018


Update : maybe not so fast on the champagne, because according to Reuters, the Bloomberg leaker may have jumped the gun: OPEC YET TO DECIDE ON OUTPUT CUT EXTENSION, TALKS CONTINUING – DELEGATE: RTRS. * * * With OPEC delegates sequestered in a Vienna conference room, as they negotiate the proposed 6-9 month production cut […]

So Much Natural Gas—But Where to Put It?


fotosuper/Thinkstock Press spacebar to see more share options. In the nineties, a bumper sticker with the words “happiness is multiple pipelines” could be seen slapped on cars from Houston to Washington, D.C., to Baku, Azerbaijan. Though that slogan referred to the effort to build other pipelines that bypass Russia to move oil out of the […]

The Shocking Outlook For US Oil Production

The Shocking Outlook For US Oil Production thumbnail

Last week the International Energy Agency (IEA) released its World Energy Outlook 2017. The report identified four large-scale shifts underway in the global energy system: The rapid deployment and falling costs of clean energy technologies The growing electrification of energy The shift to a more services-oriented economy and a cleaner energy mix in China The […]

It’s Never Wise to Bet Against a Saudi Oil Minister

It’s Never Wise to Bet Against a Saudi Oil Minister thumbnail

Don’t be fooled by the apparent dithering of OPEC and friends over whether to extend their output restraint when they meet at the end of the month. They know full well that failing to send a clear signal would send oil prices plummeting. The apparent backsliding from Russia and a small number of OPEC members […]

The IEA Is Grossly Overestimating Shale Growth


This week, the IEA said that U.S. shale would dominate the oil and gas markets over the next decade, rising to “a level 50 percent higher than any other country has ever managed.” With a “remarkable ability to unlock new resources cost-effectively,” U.S. shale will add millions of barrels of new oil supply by 2025. […]

Can Russia Break Its Oil Dependence?


Despite improving oil prices, Russia’s economic growth is slowing, with GDP rise for the third quarter at 1.8 percent on an annual basis, versus 2.5 percent for the second quarter, Russia’s state statistical bureau, Rosstat, said earlier this week. Analysts say it’s the latest indication that Russia’s economy needs major reforms. Let’s state the obvious: […]

OPEC October Production Data

OPEC October Production Data thumbnail

All data below is based on the latest OPEC Monthly Oil Market Report. All data is through October 2017 and is in thousand barrels per day. I have now included Equatorial Guneia although I only have data from January 2015 from OPEC’s secondary sources. The January 2015 E. Guneia data was extended back to January 2005. I […]

Dan Yergin on why Venezuela could cause a ‘big shock’ to the markets

Dan Yergin on why Venezuela could cause a ‘big shock’ to the markets thumbnail

If the global oil market suddenly loses Venezuela’s 2 million barrels of daily oil production, it would be “a big shock to the system,” according to Dan Yergin, vice chairman of IHS Markit. “It would certainly be a very tight market, because of course you already have production restraints by OPEC and non-OPEC,” Yergin told […]

America’s oil and gas output could soar 25% by 2025


At the same time, the renewable energy sources will become more important. Despite the cautious sentiment, traders said oil prices were unlikely to fall far, largely due to supply restrictions led by the Organization of the Petroleum Exporting Countries and Russian Federation, which have helped reduce excess stockpiles. Solar power will surge globally in the […]

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