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Bakken Oil Production Up Over 70,000 BPD

Bakken Oil Production Up Over 70,000 BPD thumbnail

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

EIA’s Short-Term Energy Outlook thumbnail

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 […]

Iran says it can sell as much oil as it wants

Iran says it can sell as much oil as it wants thumbnail

Iran can sell as much crude oil as it wants to thanks in part to a multilateral nuclear agreement that eased crippling sanctions, the country’s president said. Iran has been opening its economic doors to potential investors after so-called Implementation Day, when the country was verified as meeting the terms of a U.N.-backed nuclear agreement, […]

How Does US Shale Oil Respond to OPEC Cuts?


Pierre Andurand, founder and chief investment officer at Andurand Capital, examines the expected gains in U.S. shale oil production as prices rise in response to OPEC’s production cut. He speaks on “Bloomberg Daybreak: Americas.”

Trump’s Cruel Promise to Bring Jobs Back to Coal Country

Trump’s Cruel Promise to Bring Jobs Back to Coal Country thumbnail

Paul Lewis and Tom Silverstone asked out-of-work coal miners why they supported Donald Trump. The answer was simple. Hillary Clinton literally promised that if she were elected, there would be “a lot of coal miners out of work.” Donald Trump promised to reopen the coal mines and get miners back to work. But that’s unlikely […]

Decommission Spending May Skyrocket 540% to $210 Billion


Decommission spending for aging offshore oil and gas assets is on track to increase dramatically from $2.4 billion in 2015 to $13 billion each year by 2040, according to an IHS Markit study. Currently, the industry decommissions an average 120 projects around the world. During the next five years alone, more than 600 projects are […]

America can double its oil production, says fracking pioneer Harold Hamm

America can double its oil production, says fracking pioneer Harold Hamm thumbnail

U.S. drillers have the ability to double the country’s oil production to 20 million barrels a day, but doing so too soon would tank oil prices, Continental Resources CEO Harold Hamm said Thursday. Hamm, who made his fortune by pioneering new drilling methods in North Dakota’s Bakken Formation, did not offer a timeline for when […]

US and Saudi Arabia establish new relationships with oil


When gasoline prices spike over the next few days, find some comfort in knowing that the extra money will benefit struggling Texas companies and the U.S. economy. Admittedly, the idea that higher oil prices could benefit the U.S. is radical. Historically, higher oil prices have dragged down the economy by taking more money from American […]

Economic Reality Won Out in OPEC Deal: Yergin


Daniel Yergin, vice chairman at IHS Markit, examines OPEC’s agreement to cut production for the first time in eight years and how the deal may affect the global oil market and producers. He speaks on “Bloomberg Daybreak: Americas.”

Crude Cut Could Push Oil to $75 Per Barrel in 2017


Following months of global oil market angst, OPEC has pledged to cut its production by almost 1.5 million barrels per day (MMbpd) – a greater target than proposed when the cartel last met in Algeria. This first OPEC accord in eight years is designed to accelerate the rebalancing of a market that has shown some […]

Saudi Arabia carries on drilling despite oil slump

Saudi Arabia carries on drilling despite oil slump thumbnail

Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014. The number of rigs drilling for oil and gas around the world has fallen from a peak of 1,382 in July 2014 to just 920 […]

The United States became a net exporter of natural gas

The United States became a net exporter of natural gas thumbnail

By 2020, the country will be the third in the world in the export of liquefied natural gas after Australia and Qatar. The volume of natural gas exports from the United States for the first time in nearly 60 years exceeded its imports, The Wall Street Journal writes, citing data from the American research company […]

Russian oil producer pushes deeper in Arctic

Russian oil producer pushes deeper in Arctic thumbnail

Russian oil producer Gazprom Neft said it was starting sea trials for a vessel meant to support oil work, including spill response, in extreme Arctic climates. The company said the vessel Alexander Sannikov was formally launched in preparation of sea trials for late season 2018. It’s one of two icebreakers designed to operate in temperatures […]

Peak Oil in a Fact-Free World: the New “Oil Bonanza” in West Texas

Peak Oil in a Fact-Free World: the New “Oil Bonanza” in West Texas thumbnail

Sometimes, I have the feeling of living in a fact-free universe where the laws of physics hold only if you believe in them. (image) So, the USGS comes out with a press release that the media immediately diffuse in terms of a great discovery: 20 billion barrels, somewhere in Texas in a place called “Wolfcamp”.  […]

E is for EROEI

E is for EROEI thumbnail

Understanding EROEI – or Energy Return On Energy Invested – should be on every school curriculum, but isn’t. Simply put, it’s the amount of energy we as a species can play with. Back in the days when you could poke a hole in the ground and oil would gush out of it skywards, getting hold […]

Iran Agrees To Join In Upcoming OPEC Production Cut


With OPEC’s Nov. 30 meeting in Vienna just days away,  the oil minister of Iran, a member state once reluctant to help the cartel gouge gas prices, announced his readiness to join in and strengthen production cuts. “It is highly probable that oil and energy ministers of the member countries of Organization of Petroleum Exporting […]

T. Boone Pickens Was Wrong About Peak Oil, Non-Expert Joe Kernen Was Right

T. Boone Pickens Was Wrong About Peak Oil, Non-Expert Joe Kernen Was Right thumbnail

by Michael Lynch A recent piece on featured an interview with a fund manager Bruce Pile pointing out that Joe Kernen’s claim that T. Boone Pickens incorrectly predicted peak oil, resulting in an angry outburst from Pickens who proclaimed, “I’m the expert!” He insisted that the peak had occurred in 2005, but only shale had […]

Iran: Oil May Rise to $55 if All Producers Cooperate


Iranian Oil Minister Bijan Zanganeh expressed optimism on Saturday about an upcoming OPEC meeting and said crude prices could jump to $55 a barrel if an agreement is reached and non-OPEC producers cooperate. “We are receiving positive signals that increase the likelihood of agreement at the meeting … and I’m optimistic about the situation,” Zanganeh […]

A Comeback for Coal?

A Comeback for Coal? thumbnail

After unrelenting bad news driven by retirements of coal-fired generation and the persistence of cheap natural gas, a round of summer reverse switching may boost the prospects for coal over the next 18 months. While there is too much surplus coal inventory to drive significant production growth in 2016, stronger natural gas pricing sets the […]

IEA expects U.S. shale output rise if OPEC pushes oil to $60

IEA expects U.S. shale output rise if OPEC pushes oil to $60 thumbnail

U.S. shale oil producers will increase their output if oil prices hit $60 a barrel, meaning OPEC will have to walk a fine line if it curtails production to prop up prices, the head of the International Energy Agency (IEA) said. OPEC members are due to meet in Vienna at the end of the month […]

What the End of the Age of Oil Will Mean to the Global Economy

What the End of the Age of Oil Will Mean to the Global Economy thumbnail

Imagine a world of 50% annual inflation, resource wars that span the globe and energy prices skyrocketing as oil reaches $200 a barrel. This is what the “peak oil” theory predicted. And it shaped the opinions of scientists, policymakers and the general population for decades. Recent history has shown, however, that the peak oil theory […]

US Army, Interior Dept Call For More Review On Dakota Pipeline


Federal authorities deferred a final decision on a controversial North Dakota section of the Dakota Access Pipeline on Monday in a statement that highlighted concerns about the “repeated” dispossession of tribal lands in the country’s past. The Departments of the Army and Interior, in a joint statement, said that while their previous decisions to grant […]

EIA revises 2017 crude production upwards


The U.S. Energy Information Administration has revised its crude production forecast for 2017 up slightly as the U.S. rig count continues to rise. The agency said in its latest short-term energy outlook that it expects U.S. crude oil production to average 8.7 million barrels per day (bpd) in 2017, up by 100,000 bpd from last month’s […]

The Largest Threat To North Sea Oil


The Brexit vote has not shaken up forecasts for North Sea oil and gas production, according to BMI Research, but a successful second bid for Scottish independence could slash output in the region. BMI Research’s core view on the UK’s primary oil and gas sector remains unchanged, with oil output estimated to reach 978,000 barrels […]

Kemp: OPEC Plays The Chicken Game While Oil Prices Fall


OPEC members are making the task of oil market rebalancing harder by maximising their production ahead of a ministerial conference at the end of November. OPEC output is actually increasing, putting downward pressure on oil prices, even while the organisation’s members are in talks designed to reduce output in future, with the intention of pushing […]

IEA Sees Global Market Awash With Oil In 2017 If No OPEC Cut


The oil market risks running another surplus in 2017 without an output cut from OPEC, as producers around the globe ramp up supply and demand growth falters, the International Energy Agency said on Thursday. In its monthly oil market report, the group said global supply rose by 800,000 barrels per day in October to 97.8 […]

OPEC Chief Says Russia’On Board’ With Deal to Limit Oil Output


Russia, the world’s biggest energy producer, is “on board” with an OPEC agreement to limit crude oil production to help re-balance the market, according to the group’s Secretary- General Mohammed Barkindo. Members of the Organization of Petroleum Exporting Countries remain committed to an agreement they reached in Algiers in September to trim output, and cooperation […]

The 10 Million Barrels Club of Alberta


Before publishing the article The Most Prolific Oil Well in Alberta, I asked many friends in the industry if they could guess the size (in terms of cumulative oil production) of the largest oil well in Alberta. I heard estimates as low as 3 and as high as 10 million barrels. Many were shocked to […]

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