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Oil Production Vital Statistics September 2018
Oil Production Vital Statistics September 2018 Four months have passed since the last update in May 2018 and it is time to take a fresh look at the global oil market, especially in light of the unique OPEC+Russia+others deal coming to an effective end in July. This led to a predictable fall in the oil […]
EIA: U.S. Oil Production Growth Is Slowing
EIA: U.S. Oil Production Growth Is Slowing The EIA just revised down its forecast for U.S. oil production growth for 2018, an acknowledgement that pipeline constraints are slowing output gains in the Permian basin. The EIA believes the U.S. will average 10.68 million barrels per day (mb/d) this year, down 0.11 mb/d from last month’s […]
The Shale Boom That Will Never Happen
The Shale Boom That Will Never Happen When the National Hydrocarbons Commission of Mexico scheduled its first-ever shale tender for September this year, the July elections were obviously not front and center in the thoughts of its management. Yet now, this tender may be as good as gone after President-elect Andres Manuel Lopez Obrador said […]
Why Saudi Oil Production Suddenly Dropped
Why Saudi Oil Production Suddenly Dropped As if oil market participants haven’t had enough conflicting market forces to digest over the past week, reports that Saudi Arabia’s crude oil production surprisingly dropped in July by around 200,000 bpd from June further confounded the market and sent oil prices rising on Monday. Last week, several surveys […]
Canada’s Biggest Producer Cuts Drilling As Heavy Oil Price Tumbles
Canada’s Biggest Producer Cuts Drilling As Heavy Oil Price Tumbles Canada Natural Resources, the largest producer, is allocating capital to lighter oil drilling and is curtailing heavy oil production as the price of Canadian heavy oil tumbled to a nearly five-year-low relative to the U.S. benchmark price. Due to the transportation bottlenecks, the discount at […]
The U.S. Oil Production “Mirage”
The U.S. Oil Production “Mirage” Some of the surge in U.S. oil production this past spring might have been “a mirage.” On July 31, the EIA released monthly data on U.S. oil production, which revealed a decline in U.S. output of 30,000 bpd in May, compared to a month earlier. The dip is a surprise, […]
Top U.S. Shale Oil Fields Decline Rate Reaches New Record…. Half Million Barrels Per Day
Top U.S. Shale Oil Fields Decline Rate Reaches New Record…. Half Million Barrels Per Day While the U.S. reached a new record of 11 million barrels of oil production per day last week, the top five shale oil fields also suffered the highest monthly decline rate ever. This is bad news for the U.S. shale […]
Oil Jumps After Saudis Say August Exports To Slide
Oil Jumps After Saudis Say August Exports To Slide Trump is about to have another OPEC twitter meltdown. With oil sliding in recent days on a combination of greater inventory builds and production increases both in the US and in places like Libya and Canada, moments ago WTI jumped as much as 1.6% after it […]
Oil Prices Crash As Libya Resumes Production
Oil Prices Crash As Libya Resumes Production Oil prices fell sharply on Wednesday on news that Libya was suddenly set to restore hundreds of thousands of barrels per day, and the U.S. struck a softer line on Iran sanctions. Brent sank more than 6 percent during midday trading on Wednesday, as Libya’s National Oil Corp. […]
How Bad Is Iran’s Oil Situation?
How Bad Is Iran’s Oil Situation? The U.S. government has continued its attempts to shut down Iran’s oil exports, and in recent days Iranian officials responded by threatening to block the Strait of Hormuz. Such an outcome is highly unlikely, but the war of words demonstrates how quickly the confrontation is escalating. Oil prices spiked […]
Russian Oil Production Soars To 11.193 Million Bpd
Russian Oil Production Soars To 11.193 Million Bpd In line with its agreement with OPEC to reverse part of the cuts, Russia is boosting its crude oil production, pumping as much as 11.193 million bpd in the first four days of July, up from 11.06 million bpd in June, Reuters reported on Thursday, quoting a […]
Saudi Arabia Won’t Bring 2 Million Bpd Online
Saudi Arabia Won’t Bring 2 Million Bpd Online President Trump said in a tweet on Saturday that Saudi Arabia agreed to boost oil production by 2 million barrels per day (mb/d), a claim that surely came as news to the Saudis. ✔ Just spoke to King Salman of Saudi Arabia and explained to him that, […]
