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Lower 48 Production Nears Cycle Highs As Rig Count Rises For 18th Straight Week
Lower 48 Production Nears Cycle Highs As Rig Count Rises For 18th Straight Week While much was made of this week’s drop in US crude production, it was driven by an Alaskan supply drop, not the Lower 48 whose production is at Aug 2015 highs. WTI back above $50 on the back of more OPEC […]
Do Saudi Arabia And Russia Really Want Higher Oil Prices?
Do Saudi Arabia And Russia Really Want Higher Oil Prices? The jawboning of oil prices by the Saudi Arabian/Russian tag team should be wearing off after more than a year of actions that don’t measure up to the words. Oil prices slumped recently, dropping from around $54 per barrel to just below $50 as of […]
Why We Should Be Concerned About Low Oil Prices
Why We Should Be Concerned About Low Oil Prices Most people assume that oil prices, and for that matter other energy prices, will rise as we reach limits. This isn’t really the way the system works; oil prices can be expected to fall too low, as we reach limits. Thus, we should not be surprised if […]
Saudi Arabia Vs. Russia: The Next Oil Price War
Saudi Arabia Vs. Russia: The Next Oil Price War International oil markets could be heading towards a new war, as leading OPEC and non-OPEC producers are vying for increased stakes. The unexpected cooperation between OPEC and non-OPEC countries, instigated by the full support of Saudi Arabia (OPEC) and Russia (non-OPEC) has brought some stabilization to […]
Oil Rigs Rise For 12 Straight Weeks; Threaten Oil Price Recovery
Oil Rigs Rise For 12 Straight Weeks; Threaten Oil Price Recovery For the 12th week in a row, the number of US oil rigs rose (up another 10 to 672 – the highest since September 2015). US Crude production continues to track the lagged rig count, pouring more cold water on OPEC’s production cut party. […]
OPEC’s No.2 Goes Rogue: Plans 600,000 Bpd Oil Output Increase
OPEC’s No.2 Goes Rogue: Plans 600,000 Bpd Oil Output Increase Iraq has plans to boost its crude oil production by 600,000 bpd to 5 million bpd by the end of this year, regardless of its participation in OPEC’s production cut deal. Iraq is the cartel’s second-biggest exporter of crude and has been the most disinclined […]
Will The Oil Price Slide Lead To A Credit Crunch For U.S. Drillers?
Will The Oil Price Slide Lead To A Credit Crunch For U.S. Drillers? The recent drop in oil prices, which has almost wiped out the price gains since OPEC announced its supply-cut deal, is coming just ahead of the spring season when banks are reassessing the credit lines they are extending to support drillers’ growth […]
Venezuela In Dire Straits As Oil Production Falls Further
Venezuela In Dire Straits As Oil Production Falls Further Venezuela’s economic crisis continues to deepen. The South American OPEC member is thought to be sitting on nearly 300 billion barrels of oil, far more than any other country in the world, including Saudi Arabia (estimated at 268 billion barrels). But the economy has been in freefall for […]
How OPEC Lost The War Against Shale, In One Chart
How OPEC Lost The War Against Shale, In One Chart At the start of March we showed a fascinating chart from Rystad Energy, demonstrating how dramatic the impact of technological efficiency on collapsing US shale production costs has been: in just the past 3 years, the wellhead breakeven price for key shale plays has collapsed from an […]
Oil Production Vital Statistics February 2017
Oil Production Vital Statistics February 2017 Joint post with Neil Mearns who made all the graphs (CV for Neil). January was the month that OPEC was supposed to reduce production by 1.2 Mbpd and Russia + others were supposed to cut a further 0.6 Mbpd. Now that the January production data are in we can see that […]
Bankrupting OPEC… One Million Barrels Of Oil At A Time
Bankrupting OPEC… One Million Barrels Of Oil At A Time The world hasn’t really caught on yet, but OPEC is in serious trouble. Last year, OPEC’s net oil export revenues collapsed. How bad? Well, how about 65% since the oil price peaked in 2012. To offset falling oil prices and revenues, OPEC nations have resorted […]
Chinese Import Data Suggests OPEC Is Lying About A Production Cut
Chinese Import Data Suggests OPEC Is Lying About A Production Cut To those cynics who accuse the self-monitoring OPEC, and its various adjunct agencies, of lying that it has implemented last year’s agreed upon production cuts, China just released January crude import data, which validates this skepticism. As JPMorgan writes, while IEA estimated the OPEC […]
Rising oil production will push Alberta economy to fastest growth in country in 2017: Conference Board
Rising oil production will push Alberta economy to fastest growth in country in 2017: Conference Board Solid increases in oil production, Fort McMurray rebuild will be the difference in Alberta this year The Conference Board of Canada forecasts Alberta will see a 2.8 per cent growth in real GDP in 2017. (Larry MacDougal/Canadian Press) After […]
Biggest Gasoline Glut In 27 Years Could Crash Oil Markets
Biggest Gasoline Glut In 27 Years Could Crash Oil Markets Oil prices are stuck in a holding pattern, waiting for more definitive data on what comes next. OPEC compliance is helping keep prices afloat, but rising U.S. oil production is acting as a counterweight. A new problem that has suddenly emerged is the record levels […]
US Shale Production To Soar By 3.5 Million Barrels/Day Over Next Five Years: BofA Explains Why
US Shale Production To Soar By 3.5 Million Barrels/Day Over Next Five Years: BofA Explains Why Two years ago, when Saudi Arabia launched on an unprecedented campaign to crush high-cost oil producers, in the process effectively putting an end to the OPEC cartel (at least until last year’s attempt to cut production), it made a […]
