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Tag Archives: oil supply
OPEC according to the EIA
OPEC according to the EIA OPEC publishes monthly production data for all OPEC nations in their Monthly Oil Market Report. The data crude oil production only and does not include condensate. I have found the data to be highly accurate and any errors are corrected in the next month’s report or the month following that. The […]
What Does Exxon Know That We Don’t?
What Does Exxon Know That We Don’t? Forecasts from the IEA and Goldman Sachs this week are trying to say that crude barrels are still overpriced – but the market isn’t listening. I’ve been convinced that crude prices above $60 are counterproductive as Goldman said in their recent note – but other factors are continuing […]
OPEC Struggling To Keep Up The Pace In Oil Price War
OPEC Struggling To Keep Up The Pace In Oil Price War Some market watchers, such as Cornerstone Analytics (CA), have consistently stated that the underestimation of demand, coupled with over-estimation of supply, will mask the growing call on OPEC oil in the second half of this year. CA recently noted that global demand outstripped supply […]
Oil Prices Will Fall: A Lesson In Gravity
Oil Prices Will Fall: A Lesson In Gravity The oil price collapse is not over yet. It is more likely that the Brent price could fall back into the mid-$50 range than that it will continue to rise toward $70 per barrel. That is because oil prices have risen based on sentiment alone. The fundamentals […]
This May Just Be The Start Of The Oil Price War Says IEA
This May Just Be The Start Of The Oil Price War Says IEA Saudi Oil Minister Ali al-Naimi may be one of the most powerful individuals in the global oil industry. After all, as the top oil official in arguably the world’s most influential oil-producing country, he has enormous influence. But for all his power, […]
The US-Saudi war with OPEC to prolong oil’s dying empire
The US-Saudi war with OPEC to prolong oil’s dying empire Whoever controls the price of oil can play god with the global economy – that’s why the US and Saudi Arabia are leading the way to smash OPEC and re-create a new global oil cartel “No one can set the price of oil,” said Saudi oil minister […]
Global oil glut grows to 2 million barrels a day as OPEC pumps more
Global oil glut grows to 2 million barrels a day as OPEC pumps more International Energy Agency predicts oversupply of refined fuel, but points to rising demand Fresh data on worldwide crude production shows the global glut of oil is growing with Saudi Arabia’s production near record highs, according to the International Energy Agency. And […]
Saudi Arabia, Russia in No Mood to Cave to US Fracking Boom
Saudi Arabia, Russia in No Mood to Cave to US Fracking Boom The recently vaunted decline in US crude oil production, supported by granular estimates, has been used in rationalizing the newly sizzling rally in oil prices. Analysts are digging through local details to come up with clues where this might be going. Money is re-pouring […]
Saudi Arabia Continues To Turn Screws On U.S. Shale
Saudi Arabia Continues To Turn Screws On U.S. Shale Saudi Arabia continues to ratchet up production, taking market share away from U.S. shale producers. According to OPEC’s latest monthly oil report, Saudi Arabia boosted its oil output to 10.31 million barrels per day in April, a slight increase over the previous month’s total of 10.29 million […]
Oil Rigs Down Almost Universally
Oil Rigs Down Almost Universally All rig count data is provided by Baker Hughes. All monthly charts are oil rigs only. Gas rigs are not included in the count. The last data point for all monthly charts is April 2015. When I talk about “peaks” in this post I am only speaking of the peak since 2011 and […]
Changes to Total Global Credit Affects The Oil Price
Changes to Total Global Credit Affects The Oil Price In some posts on Fractional Flow I have presented some of my explorations of any relations between the oil price, changes to global total credit/debt and interest rates. My objective has been to gain and share some of my insights of how I see the economic undertows […]
The U.S. Production Decline Has Begun
The U.S. Production Decline Has Begun It is not because of decreased rig count. It is because cash flow at current oil prices is too low to complete most wells being drilled. The implications are profound. Production will decline by several hundred thousand of barrels per day before the effect of reduced rig count is fully […]
Saudi Arabia: the great oil game
Saudi Arabia: the great oil game Saudi Arabia just increased oil production to a record level, never reached in previous history. They are doing that in a moment of record low oil prices. What do they have in mind? (Image from Arthur Berman) When the collapse of the oil prices started, in the summer of […]
No Steep Decline In U.S Oil Production Expected Anytime Soon
No Steep Decline In U.S Oil Production Expected Anytime Soon Increased oil output in the US has kept World oil output from declining over the past few years and a major question is how long this can continue. Poor estimates by both the US Energy Information Administration (EIA) and the Railroad Commission of Texas (RRC) […]
A Plot To Hold Down Oil Prices Or Just A Happy Coincidence?
A Plot To Hold Down Oil Prices Or Just A Happy Coincidence? The recent unprecedented surge in oil imports has again prompted a review of things here. In a prior story, we wrote that the lack of capacity to process light sweet crude at refineries produced via shale plays could be playing a role in the […]
