Oil alliance holds firm on output as price passes $70

Saudi energy minister says recent market developments confirmed that the decision to gradually increase production was ‘the right decision’ Energy agency’s view of hydrocarbon investment is ‘sequel to La La Land,’ Saudi minister says DUBAI: The OPEC+ alliance of oil producers led by Saudi Arabia and Russia kept supply on an upward track on Tuesday […]

Did China Just Sound The Death Knell For Venezuela’s Oil Industry?

China has announced that it will impose taxes on heavy sour crude, a move that could hit Venezuela hard as it continues to struggle with U.S. sanctions and a dilapidated oil industry. Media reports suggest as many as 400,000 bpd of Venezuelan oil could be orphaned as new Chinese tax laws make it impossible for […]

Is the next ‘peak oil’ going to be its final one too?

What if the next ‘peak oil’ is the last one? According to analysts, this could happen anytime between now and 2040. The International Monetary Fund (IMF) estimates peak oil to be around 2040 itself. These estimates, nonetheless, were made before the ramifications of the pandemic were fully grasped. That said, peak oil may be sooner […]

World Oil Supply To Increase Further As OPEC+ Alliance Continues To Ease Output Cuts

The International Energy Agency (IEA) stated in its latest monthly update for May 2021 that global oil consumption is now forecast to rise by 5.4 mb/d in 2021, 270 kb/d lower than in previous Report. Europe and OECD Americas have been revised down by 320 kb/d and 515 kb/d respectively in 1Q21, while India’s Covid […]

The IEA Sees The End Of Oil And Gas Investment (But Don’t Bet On It)

Blind people are now circling the elephant that is the IEA Net Zero 2050 report, some finding a beautiful tree, others a slimy snake. The coverage of this report is an excellent example of ‘where you sit determines where you stand’ with climate change advocates hailing “IEA’s net zero emissions by 2050 maps the huge […]

EIA: Natural gas and oil will remain integral

Natural gas and oil will remain central to meeting our nation’s energy needs well into the future — so says the nonpartisan U.S. Energy Information Administration (EIA) in its 2021 Annual Energy Outlook. This analysis is critically important given the Biden administration’s apparent shift away from the previous administration’s focus on building American energy dominance […]

Saudi Aramco Still Most Profitable Oil Company, Despite Lower Production

Despite OPEC+ output reductions and the extra 1 million barrels per day (bpd) voluntarily cut by Saudi Arabia that lowered the Kingdom’s crude oil output to around 8 million bpd in February and March (the lowest level since 2008), Saudi Aramco remained the most profitable oil company in the world in the first quarter (Q1) […]

Peak demand? More like a supply crisis propelling oil to US$100

The world stands on the cusp of an oil supply crisis. Years of insufficient investment in offshore mega-projects combined with the end of U.S. shale hyper growth and a recent shift by global supermajors to preferentially invest in alternative energy over traditional hydrocarbons have resulted in an oil industry that lacks the ability to meaningfully […]

Cyber attack shuts down top U.S. fuel pipeline network

Top U.S. fuel pipeline operator Colonial Pipeline shut its entire network, the source of nearly half of the U.S. East Coast’s fuel supply, after a cyber attack on Friday that involved ransomware. The incident is one of the most disruptive digital ransom operations ever reported and has drawn attention to how vulnerable U.S. energy infrastructure […]

Energy Transition Could Doom Africa’s Oil Producers

When it comes to the final frontier for big oil discoveries, it’s not the Guyana-Suriname basin where supergiants like ExxonMobil (NYSE:XOM), Hess Corp. (NYSE:HES), and CNOOC (NYSE:CNOOC) have already staked their claims. And it’s not the American shale patch, where production has hit reverse gear with no end in sight. It’s Africa, where even small-cap companies are staking outsized claims of […]

The Biggest Threat To Russia’s Arctic Oil Ambitions

The collapse of the Soviet Union was a geopolitical victory for the United States and a disaster for Russia which suffered politically, economically, and socially. Although citizens enjoyed more individual freedoms, the quality of life decreased substantially as state institutions collapsed and basic services disappeared. In the early 2000s, Moscow started exerting more influence over […]

This Is What Shale Growth Will Hinge On

The next few years of oil and gas production growth in the U.S. will hinge on the discipline of operators with their capital budgets. That’s according to data and analytics company GlobalData, which made the statement in a comment sent to Rigzone on Thursday. In the comment, GlobalData highlighted that oil and gas operators have […]

Why ‘Peak Oil’ Won’t Mean the End of Drilling

A multibillion-dollar project to tap virgin oil fields in east Africa is expected to get the green light this weekend, highlighting an uncomfortable truth about the energy industry. Even as Total SE, the supermajor behind the new project straddling Uganda and Tanzania, makes genuine efforts to begin the transition to low-carbon energy, the industry is […]

US January Oil Production Continues Slow Slide

All of the oil (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM. After the production charts, an analysis of three EIA monthly reports that project future US production is provided. The charts below are updated to January 2020 for the 10 largest US oil producing states. Note: […]

Kuwait’s State Oil Company to Seek Up to $20 Billion of Funding

The state oil company of Kuwait plans to borrow as much as $20 billion over the next five years to make up for an expected shortfall in funding, a person familiar with the matter said.     Kuwait Petroleum Corp. will need the money to maintain the petrostate’s crude-production levels, said the person, who asked […]

This Land Is Your Land….

It’s time to reform how we lease public lands for fossil fuel extraction. When I drove across the country in my late teens, the wind of the prairies blowing through my long hair and feather earrings from the open window of my 1981 Toyota Tercel, I had no idea that 28% of US land is […]

Saudi Arabia targets 1 million b/d domestic oil demand reduction

Saudi Arabia plans to reduce domestic consumption of liquid hydrocarbons by 1 million b/d for use “in a better way”, the kingdom’s Energy Minister Prince Abdulaziz bin Salman said on March 16. Before the COVID-19 pandemic, the kingdom — the Gulf’s largest economy — was consuming around 491,000 b/d of oil for industrial use and […]

Big Oil: Time for a spin-off?

Like many other sectors across the economy, the energy industry – and oil and gas businesses in particular – has faced an incredibly difficult 12 months. The pandemic and the associated periods of lockdown have had numerous knock-on effects for business. For oil and gas, it has contributed to a cruel combination of low demand […]

‘The Saudis surprised everyone’: The Energy Word Founder on retaining unilateral cut

ADAM SHAPIRO: A little over 15 minutes to the closing bell. Remember when you were a kid, you made a promise, but if you had your hand behind your back and you were doing this, well, you didn’t have to keep it? Someone should remind the world that the Saudis and the Russians sometimes do […]

The Next U.S. Oil And Gas Boom Suddenly Looms On The Horizon

The history of the oil and gas business in the United States is that every time the “experts” all line up to declare it to be dead, it finds a way to come roaring back. This scenario has played itself out at least half a dozen times across my own 42-year career in the business […]

Don’t Believe the US Energy Independence Hype

The U.S. is energy independent, right? Well, that’s what some politicians would have you believe, but it’s not really true in any meaningful sense of the word “independent.” In its broadest sense, energy independence can be taken to mean that the country produces more energy than the country consumes. That is the basis on which politicians […]

Is Another LNG Glut Looming?

Global natural gas demand is set to return to pre-crisis levels as early as this year and will continue to rise in the coming years, thanks to the coal-to-gas switch in Asia, particularly China.  The growing gas demand will drive more liquefied natural gas (LNG) consumption and trade, and producers are gearing up for a […]

Saudi minister: Oil producers must remain extremely cautious

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Wednesday that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”. “We are in a much better place than we were a year ago, but I must warn, once again, against complacency. The uncertainty is […]

Big Oil To See Production Peak In 2028

The pandemic shock to demand and the energy transition strategies are set to bring peak crude and natural gas production for Big Oil in 2028, at a lower volume and earlier than previously expected, Rystad Energy said in an analysis this week. The five integrated supermajors – ExxonMobil, Chevron, BP, Shell, and Total – will […]

Biden May Kill A Quarter Of US Oil And Gas Production

Pipes are silhouetted in a storage location on the Raven Oil Drilling rig property near Watford City … [+] N.D., Oct 1, 2013. In 2008 the North Dakota oil boom started its ongoing period of extraction of oil from the Bakken formation. Shale gas reserves has given the United States more independence over other nations […]

U.S. Tries to Seize Oil Shipment It Says Came From Iran

The U.S. is trying to seize around 2 million barrels of what it thinks is Iranian oil, according to people familiar with the matter, in Washington’s latest attempt to block the Islamic Republic’s energy exports. The crude is on board the Liberia-flagged Achilleas, which is sailing to the U.S. after the Department of Justice issued […]

Biden Ban Could Hit Deepwater GOM Hardest

President Joe Biden’s temporary halt to drilling on federal lands leaves the vast majority of U.S. crude production untouched, though it may be the death knell for the Gulf of Mexico’s already dwindling output. Should the halt announced Wednesday become permanent, the U.S. would stand to lose as much as 200,000 barrels a day of […]

Glimpse into dynamics of post-pandemic oil industry

CAIRO – 21 January 2021: Since its discovery in 1859, oil has been the main source of energy, and main source of income for many countries. The finite resource was subject to major hits in the past three decades. The last of which took place last year. However, the sector has begun recovery paving the […]

Non-OPEC September Oil Production Flat

Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIAʼs International Energy Statistics and updated to September 2020. Information from other sources such as OPEC, the STEO and country specific sites such as Russia and Norway is used to provide a short term […]

Saudi Arabia’s Oil-Market Pessimism Vindicated

For Saudi Arabia, bad news in the oil market has rarely been such a vindication. Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that — rather than restore halted production as planned — it would slash supplies by a further 1 million barrels a day. The resurgent pandemic necessitated “preemptive” […]

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