Register

Peak Oil is You


Donate Bitcoins ;-) or Paypal :-)


Latest Production Headlines

Saudi Aramco CEO Says Has 2 Mln Barrels Per Day Of Spare Capacity

Production

Oil giant Saudi Aramco said on Monday it has a spare capacity of 2 million barrels per day and can meet additional oil demand in case of any interruption in supplies. Aramco is currently producing 10 million barrels per day (mbpd) and has the ability to produce 12 mbpd, Amin Nasser, chief executive of Saudi […]


Saudi pledges ‘measurable’ oil supply boost as OPEC, Russia agree deal

Production

OPEC agreed with Russia and other oil-producing allies on Saturday to raise output from July, with Saudi Arabia pledging a “measurable” supply boost but giving no specific numbers. FILE PHOTO: The logo of the Organization of the Petroleum Exporting Countries (OPEC) is seen at OPEC’s headquarters in Vienna, Austria June 19, 2018. REUTERS/Leonhard Foeger/File Photo […]


Oil Executive: Industry Needs ‘Another Iraq Or North Sea’ To Meet Demand Growth

Production

The global oil industry needs to find “another Iraq or North Sea every year” to plug the shortfall of oil supply as demand continues to grow, Majid Jafar, the chief executive of the UAE-based Crescent Petroleum, told CNBC on Thursday. According to the oil executive, the industry continues to see underinvestment as spending on exploration […]


Oil Ministers Back Raising Output Despite Iran’s Walk Out

Production

OPEC meets in Vienna on Friday in a final effort to overcome Iranian opposition to a preliminary agreement to boost production by a theoretical 1 million barrels a day — although the actual increase would be smaller as several countries are unable to raise output. Following night of drama in Vienna on Thursday, the Joint […]


OPEC Agrees Modest Hike In Oil Supply After Iran Softens Stance

Production

OPEC agreed on Friday on a modest increase in oil production from July after its leader Saudi Arabia persuaded arch-rival Iran to cooperate amid calls from major consumers to help reduce the price of crude and avoid a supply shortage. Two OPEC sources said the group agreed that OPEC and its allies led by Russia should increase […]


Pioneer Chairman Says Permian Faces Shut Ins on Pipe Shortage

Production

The biggest U.S. shale region will have to shut wells within four months because there aren’t enough pipelines to get the oil to customers, the head of one of the industry’s largest producers said. The worsening bottleneck in the Permian region that straddles west Texas and New Mexico offers an unexpected fillip to OPEC and […]


Peak Oil? What Peak Oil?

Production

I assume this had something to do with the Bakken revolution. Under the Hubbert peak oil theory, this was not supposed to happen. The theory, of course, won’t die. In fact, I doubt wiki will even update the facts. The Hubbert peak theory says that for any given geographical area, from an individual oil-producing region […]


Iran Says Three OPEC Members to Veto Saudi-Proposed Supply Boost

Production

Iran says Venezuela and Iraq will join it in blocking a proposal to increase oil production that’s backed by Saudi Arabia and Russia when OPEC and its allies meet in Vienna this week. “Three OPEC founders are going to stop it,” Iran’s representative to the bloc Hossein Kazempour Ardebili said in comments to Bloomberg on […]


A look at Saudi Arabia and the new economics of oil

A look at Saudi Arabia and the new economics of oil thumbnail

There is absolutely no doubt that the next Opec ministerial meeting this week will pit Saudi Arabia and its Gulf allies against Iraq, Iran and Venezuela, three founder members of the oil exporters organisation. Saudi Arabia has increased its production 140,000 barrels a day above its 10.058 MBD output ceiling in the pact the kingdom […]


Rosneft Says $70-80 Oil ‘Comfortable’ Ahead of OPEC Talks

Production

Rosneft PJSC’s said crude at $70 to 80 a barrel was a “comfortable level” and expressed satisfaction with the results of Russia’s joint supply cuts with OPEC, just a week before talks that could phase them out. The producers working together have “restored balance to the market by cutting oil production,” Russia’s biggest oil company […]


A Closer Look at Drilling the ANWR

A Closer Look at Drilling the ANWR thumbnail

The passage of Public Law 115-97 in December 2017 required the U.S. Secretary of the Interior to administer a competitive oil and natural gas program for the leasing, development, production, and transportation of oil and natural gas in the Arctic National Wildlife Refuge (ANWR). Prior to the Trump Administration’s decision to open up the area, […]


Permian, Marcellus & Utica to Supply 55% of N. American Gas by 2030

Production

The Permian, Marcellus and Utica shale plays will supply 55 percent of the North American gas market by 2030. That’s the forecast of McKinsey Energy Insights (MEI) in their latest report “North America Gas Outlook to 2030.” Of the anticipated associated gas growth, about 60 percent is expected to come from the Permian. Currently, the […]


World Sets New Oil Production Record

Production

This week the 2018 BP Statistical Review of World Energy was released, which covers energy data through 2017. It is the definitive source for global energy production and consumption figures, and a primary source of data for numerous companies, government agencies and non-government organizations. I will take a deeper dive into the report in upcoming articles, […]


Permian Oil Production To More Than Double By 2023

Production

A new report by research firm IHS Markit says oil production from the Permian Basin of West Texas and New Mexico could more than double by 2023. The report predicts “stunning” growth, saying about 41,000 new wells could increase production from the nation’s top oilfield by almost three million barrels per day in the years […]


The Permian Faces A Long Term Natural Gas Crisis

Production

The bottlenecks in the Permian have created a widening chasm between not just Brent and WTI, but also WTI in Cushing or Houston and prices fetched for oil in the Permian basin. Oil output continues to soar in West Texas, despite the fact that the region’s takeaway capacity is tapped out. The discount for Midland […]


The Texas Oil Boom Is Lean And Sweet

Production

Drillers in the Texas oil patch are reaping the benefits of efficiency gains wrung out painfully during the recent bust. A record 4 million barrels a day come out of the Lone Star State, up 15% from 2014, when prices last hit $100 a barrel–and the industry is doing so with three quarters of the […]


Saudi Oil Output Said to Rise Above 10 Million Barrels a Day

Production

Saudi Arabia boosted daily oil output in May to the highest level since October, ahead of meetings with Russia and other global producers next week where they may propose raising production even further and phasing out 18 months of voluntary cuts. Saudi Arabia, which along with Russia is trying to garner support for lifting output […]


Is the Trans Mountain Pipeline (and Other Fossil Fuel Investments) a Future Stranded Asset?

Production

Several major economies, including the U.S. and Canada, rely heavily on fossil fuel production and exports. But the surging market penetration of renewable energy technologies, energy efficiency improvements, and climate emission policies are certain to substantially reduce the global demand for fossil fuels. In a seminal paper published a week ago in Nature Climate Change, researchers present the results […]


Canada pushes Trans Mountain pipeline to sell oil to China

Canada pushes Trans Mountain pipeline to sell oil to China thumbnail

As it battles over trade with its big southern neighbor, Canada is looking westward for new markets for its oil. In the thick of a bitter trade dispute with the United States, the only customer for its crude oil, the Canadian government has opted to buy a pipeline project that will more than double the […]


Venezuela Struggles With Huge Oil Export Backlog

Production

Venezuela is nearly a month behind delivering crude to customers from its main oil export terminals, according to shipping data, as chronic delays and production declines could breach state-run PDVSA’s supply contracts if they are not cleared soon. The oil company in recent days has raised the prospect that deliveries could be interrupted to some […]


The Permian Has A Natural Gas Problem

Production

Analysts continue to focus on the surging oil production in the Permian and looming takeaway capacity bottlenecks that could slow down the oil growth in the biggest U.S. shale play. But constraints have also emerged in natural gas takeaway infrastructure, with pipelines nearly full and natural gas prices in West Texas diving on oversupply. Pipelines […]


OPEC meeting ‘might be one of the worst since 2011’ amid differences over supply

Production

The forthcoming meeting between OPEC and non-OPEC oil producers, including Russia, could be one of the most fractious in recent years with competing interests and demands at play, according to oil market experts. OPEC’s production policy will dominate the agenda when the world’s major oil producers meet in Vienna on June 22, with arguments expected […]


USA And World Oil Production

USA And World Oil Production thumbnail

All data below is from various sources. All US data is from the EIA. Unless otherwise noted is in thousand barrels per day. US C+C production through April 2018. For the last 8 months, the average increase in US production has been 168,000 bpd. Most of this has come from the Permian. This chart is […]


Trump Asked Saudi Arabia To Boost Oil Production By 1 Million Barrels Per Day

Production

It all started on April 20, when having tweeted at and about virtually everything else, President Trump realized that surging oil and gasoline prices are wreaking havoc on his economic agenda and eating away at the benefits from his tax cuts, and so he made it clear when he lashed out on twitter against OPEC […]


US sanctions threaten Iran’s oil exports, production

Production

Iran’s energy industry started 2018 full of hope for growing oil production and exports. But risks abound, including new US sanctions, a possible global alliance against Iran’s alleged support of rebels in Yemen, and protests within Iran. An international agreement called the Joint Comprehensive Plan of Action (JCPOA) of 2015 lifted international sanctions against Iran. […]


US Oil Output Jumps To Record High, 10.47 million bbl/d

Production

U.S. crude oil production jumped 215,000 barrels per day (bbl/d) to 10.47 million bbl/d in March, the highest on record, the Energy Information Administration (EIA) said in a monthly report on May 31. Production in Texas rose by 4% to almost 4.2 million bbl/d, a record high based on the data going back to 2005. […]


It’s Getting Tough for Smaller Drillers

Production

Pipeline bottlenecks in the Permian Basin are hurting prices for cash-strapped producers Bob Watson said his company is in the process of selling its Eagle Ford land, which totals more than 14,000 acres, according to a March filing with the Securities and Exchange Commission. Watson spoke Tuesday at an Association for Corporate Growth Central Texas event […]


Peak oil in Venezuela: El Furrial oil field

Production

We see the impact of the conventional oil peak in Venezuela. As an example let’s look at the El-Furrial field. Fig 1: Not La-Hora-Zero (yet) but low voter turn-out for the May 20 Maduro election http://800noticias.com/foto-caracas-desolada-este-domingo-en-pleno-proceso-electoral https://twitter.com/eutrafico Location Where is El Furrial? It is located 30 km west of the capital Maturin of the State […]


Maduro Vows To Double Oil Production

Production

Venezuelan President Nicolas Maduro has promised to start increasing the crisis-stricken country’s oil production during his second six-year term in office. AFP reports that during his inauguration speech, Maduro said he will seek the help of OPEC to double Venezuela’s oil production, which is currently at 70-year lows and much below its production quota under […]


‘Much Uncertainty’ About Limits of Alaska’s ANWR Production

‘Much Uncertainty’ About Limits of Alaska’s ANWR Production thumbnail

Market dynamics, coupled with an uncertainty over how much oil and natural gas is under the coastal plain of the Arctic National Wildlife Refuge (ANWR), could limit the amount of increased Alaskan production that is processed domestically, according to a study released Wednesday by the Energy Information Administration (EIA). EIA’s Dana Van Wagener, senior operations […]


« Previous PageNext Page »



Oil News Categories


Recent Board Topics


Archive


LATEST NEWS HEADLINES


PO Real Time

Saudi Arabia … - taking Saudi Armco public - while pushing @Tesla to go private … to me is a clear sign that the “#PeakOil shit” is starting to hit the fan Buckle up. The next 10 years will be a bumpy ride.