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China’s crude oil output will fall 7 percent by 2020


China’s crude oil output is expected to drop by 7 percent by 2020 compared with the previous five-year plan as output from some of the nation’s largest, but oldest, wells falls, while natural gas supplies will rocket by almost two-thirds. Under a plan covering the period 2016-2020 published by the National Development and Reform Commission […]

Kemp: US Oil, Gas Industry Has Turned The Corner


U.S. petroleum producers are looking forward to better times in 2017 as the industry has passed the low-point in the cycle and embarked on the road to renewed expansion. Domestic oil and gas production hit a trough in the first half of 2016 and showed signs of rising in the second half as drilling picked […]

Peak Oil is Baaaack


A great report published last year by HSBC called: Global oil supply – Will mature field declines drive the next supply crunch? They make a good many points frequently hammered on by Chris: Based on our supply model, we estimate that 81% of world liquids production is already in decline, excluding future redevelopments. However, […]

Saudi Pledges Adherence to Oil Cut, Confident Others Will


Saudi Arabia will adhere strictly to its commitment to cut output under the global agreement among oil producers, its energy minister said on Monday, expressing confidence that OPEC’s plan to prop up prices would work. Saudi Energy Minister Khalid al-Falih, speaking at an industry event in Abu Dhabi, also said he was encouraged by signs […]

U.S. Shale’s Great Reawakening

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OPEC and its friends have just received some uncomfortable reading. The latest forecasts from the U.S. Energy Information Administration suggest that their agreements to boost prices and hasten the rebalancing of oil supply and demand by cutting output may bring the U.S. shale industry out of hibernation faster than they might like. The EIA’s monthly […]

Tillerson Tells Congress Neither He, Nor Exxon Lobbied Against Sanctions

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Rex Tillerson, who recently gave up his post as CEO of Exxon Mobil Corp., told Congress during his Secretary of State confirmation hearing he’s made a clean break from his private sector life. “My love of country and my patriotism will dictate that I serve no one else but the American people,” he said. Tillerson […]

U.S. Shale Jobs Are Coming Back


The U.S. shale oil recovery is now gaining momentum, and for the first time since September 2014, the U.S. oil and gas extraction and support services jobs increased by 3,300 in November, according to the U.S. Bureau of Labor Statistics (BLS) data. Though the increase is small compared to the whopping 155,000 job cuts over […]

HSBC Global Oil Supply Report (September 2016)


HSBC produced an interesting report on oil production decline rates and their implications for the long-term oil supply outlook – Global oil supply: Will mature field declines drive the next supply crunch?. 1. The oil market may be oversupplied at present, but we see it returning to balance in 2017e2. By that stage, effective spare […]

When Russia Conquered the World With White Oil

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Russia is one of the world’s hydrocarbon superpowers, rich in coal, oil, and natural gas. The autocratic state’s economic and political power relies heavily on these natural resources. This history goes back to the early nineteenth century, when the Tsarist empire began conquering the Caucasus and Transcaucasian regions, capturing the oil-rich Baku region from the Persians. Russian oil […]

Saudis Said to Duel Rivals by Curbing Heavy Oil Over Light Crude

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Saudi Arabia is staying in the battle for market share by continuing to pump the type of oil that’s similar to rival U.S. and African supply, while fulfilling its promise to cut output by focusing curbs on other varieties. The nation plans to idle some fields producing the Arab Medium and Arab Heavy grades to […]

Saudis, Russia To Diverge On Speed Of Oil Output Cuts


OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of 2017. Saudi Arabia and its Gulf allies are expected to implement most of their cuts immediately, but other producers both within and outside the Organization […]

2017: A Quiet Year For Oil?


After several years of turmoil, 2017 could provide investors with the mercy of a relatively quiet year for oil prices. There are reasons to be optimistic about prices going into the start of the year. The OPEC production cuts have shored up sentiment and set the stage for restrained production in the first half which […]

Saudi cabinet stresses need to implement oil output cut

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Saudi Arabia stressed on Monday the importance of co-operation among oil producers to abide by a decision in November to cut production. OPEC agreed in November its first oil output cuts since 2008 after Saudi Arabia accepted “a big hit” on its production and dropped its demand that arch-rival Iran slash output. “The council (of […]

IEA Oil Market Report- December 2016

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The IEA released highlights for the December Oil Market report in mid December. I have used information from the November report and assumed OPEC crude output will be 32.7 Mb/d and non OPEC output will be 500 kb/d below the November report supply estimate. I have also used the demand estimates from the December highlights.Based […]

OPEC cuts: ‘It’s inevitable. Somebody’s going to cheat”


‘It’s inevitable’: OPEC will cheat on output cuts, says analyst   23 Hours Ago | 00:53 OPEC’s first oil output cuts since 2008 take effect next week, but analysts see little chance members of the producer group will stick to their quotas. “It’s inevitable. Somebody’s going to cheat,” ClearView Energy Partners managing director Kevin Book told […]

Reservoir Damages May Stop OPEC From Cheating


OPEC oil production comes primarily from conventional reservoirs. These reservoirs require reservoir pressure management. Some have suggested that Saudi Arabia’s rationale for cutting production was to reverse the reservoir damage that overproduction has, or may have, caused. Preservation of reservoir integrity may ultimately limit “immediate” increases to inventories from OPEC. The temptation to cheat on […]

Has tight oil put ‘peak oil’ to rest? Not so fast: Fuel for Thought


Eighteen years ago, the International Energy Agency made an alarming and, by its own admission, controversial prediction. Global conventional oil output would peak well before 2020, it said, based on global oil reserve modeling of the day. Pondering the potential repercussions of Peak Oil for the first time, the West’s energy watchdog concluded that the […]

U.S. Shale Is Now Cash Flow Neutral


Oil prices are probably already high enough to spark a rebound in shale production. The IEA says that in the third quarter of 2016, the U.S. shale industry became cash flow neutral for the first time ever. That isn’t a typo. For years, the drilling boom was done with a lot of debt, and the […]

Peak Oil? Food For Thought

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Some great statistics in this article. The theme: despite the current glut in oil, much of that due to the shale revolution, demand is likely to put stress on supply in the future. It appears, bottom line, IEA has simply moved the “peak oil” concern from 2020 to 2040. Some data points: 1998: IEA forecast […]

Why Oil Markets Don’t Have To Worry About Libya


In the wake of recent developments, Libya’s National Oil Corporation now has full control over all its oilfields and export terminals. After the recapture of the Eastern region export terminals by the Libyan National Army (LNA) last September, and the recent announcement by the Petroleum Facilities Guard (PFG) to reopen the Al-Ryayna oil pipeline, the […]

Glancing at 2017 Bakken Activity Expectations


Short updates from major Bakken operators and drilling rig providers on early 2017 investment plans, DUC strategies and outlooks on the current state of the industry. By The Bakken Magazine Staff | December 20, 2016 With $400 million budgeted for all of its operations in 2017, Enerplus will spend roughly 70 percent in North Dakota. […]

The Oil And Gas Situation – 2016 Year In Review

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In the history of the oil and natural gas industry in the United States, 2016 will be remembered as one of the most eventful in terms of major market developments, asset transactions and developments in public policy. As we approach year’s end, I thought it would be interesting to take a look at some of […]

Libya Halts Relaunch of Oil Production at Western Fields


Libya’s National Oil Co. has for now stopped the relaunch of production at oil fields in the country’s west, Libyan officials said Sunday, after a militia threatened to block the petroleum from reaching the market. The aborted restart is a blow for Libya’s oil industry, which has been counting on the country’s big western fields […]

Russia sets up oil-production monitoring group

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A handful of Russian oil companies are expected to form a working group to monitor coordination with production agreements, the Russian oil minister said. Russian Oil Minister Alexander Novak said representatives from 12 oil companies in the country agreed to work together to monitor the terms of an agreement to cut oil production during the […]

David Hughes: 2016 Tight Oil Reality Check


Every year, the U.S. Department of Energy’s Energy Information Administration (EIA), publishes its Annual Energy Outlook (AEO) in which U.S. energy supply is forecast through 2040. The EIA’s yearly AEO has enormous influence with policymakers, the media, and through them the general public. The AEO influences government policy and industry investment. In 2014, Earth Scientist […]

Unconventional Approach To Conventional Pressure Pumping

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Increasing environmental regulatory pressures to reduce emissions and noise have operators looking for unconventional solutions to provide relief. Technology advancements are addressing these issues in a cost-effective and efficient manner in this lower-for-longer market. One solution is through the use of next-generation electric-powered hydraulic fracturing systems. As a full service electric-hydraulic fracturing company, Evolution Well […]

Bakken Oil Production Up Over 70,000 BPD

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North Dakota just released their production numbers for the Bakken as well as for all North Dakota The numbers are shocking. The Bakken is up 70,798 bpd to 991,722 bpd and all North Dakota was up 71,447 bpd to 1,043,207 bpd. The EIA’s drilling productivity report really missed the ball on this one. Bakken bpd […]

OPEC, Non-OPEC Agree First Global Oil Pact Since 2001


OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of […]

ExxonMobil says to return to Russian Arctic once sanctions lifted

ExxonMobil says to return to Russian Arctic once sanctions lifted thumbnail

Glenn Waller, the head of ExxonMobil operations in Russia, said on Tuesday that the company will return to its joint oil project with Rosneft in the Russian Arctic once sanctions against Moscow are lifted. The oil major had to withdrew from the drilling project with Rosneft in 2014 when the West imposed sanctions against Moscow […]

EIA’s Short-Term Energy Outlook

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The EIA has just released its Short-Term Energy Outlook. Some of their projections should be taken with a grain of salt because they usually change every month. Nevertheless… All US production is Crude + Condensate. All other production numbers are total liquids. The data is in million barrels per day. The EIA has US production […]

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@mattyglesias So #GOP has tied its fortunes to obsolete social- economic strategy. #GOP US' post #PeakOil party & all it implies.