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Tag Archives: oil production
US Crude Production Stalls As Oil Rig Count Rolls Over
US Crude Production Stalls As Oil Rig Count Rolls Over Amid the chaos and turmoil caused by Harvey, today’s rig count data is likely to change things as much as a fart in a hurricane. US crude production in the Lower 48 actually fell last week, syncing with the stabilization in the lagged oil rig […]
Forget OPEC, China Controls Oil Prices
Forget OPEC, China Controls Oil Prices U.S. shale has taken a lot of headline space recently as the biggest headwind for oil prices and the highest stumbling block for OPEC’s efforts to prop them up by cutting production. Yet, there may be another factor that could bring down oil prices as soon as next year… […]
Peak Shale: Anadarko Just Became The First US Oil Producer To Slash CapEx
Peak Shale: Anadarko Just Became The First US Oil Producer To Slash CapEx It appears that Horseman Global’s Russell Clark may have been spot on with his bearish take on the US shale sector. As a reminder, in his latest letter to investors, Clark said that “the rising decline rates of major US shale basins, […]
US Shale Production Just Hit A New All Time High
US Shale Production Just Hit A New All Time High One month ago, we reported that based on recent data, June oil output from shale producers would post the first double-digit production growth since July of 2015, when oil prices tumbled and a substantial portion of US production was briefly taken offline. While the final […]
Rig Count Rises To April 2015 Highs As Analysts Warn “Oil Market Rebalancing Hasn’t Even Started Yet”
Rig Count Rises To April 2015 Highs As Analysts Warn “Oil Market Rebalancing Hasn’t Even Started Yet” After falling for the first time this year two weeks ago, Baker Hughes reports US oil rig count rose once again (up 2 to 765) for the 24th week in the last 25, to the highest since April […]
OPEC Admits It Has A Problem: It Is Still Producing Too Much Oil
OPEC Admits It Has A Problem: It Is Still Producing Too Much Oil In its just released lastest market report for the month of July, OPEC admitted it has a problem: more than six months after the Vienna deal that was supposed to bring supply and demand in balance, the oil cartel confirmed it is […]
Australia’s oil stock coverage on record low
Australia’s oil stock coverage on record low In prime time evening news of the Australian public broadcaster ABC TV, on 21 June 2017, the business presenter Alan Kohler tried to explain a fall in oil prices by “record oil inventories around the world” http://www.abc.net.au/news/business/kohler-report/ Well, let’s go around the world on a map and stay […]
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 […]
Venezuela’s Oil Production On The Brink Of Collapse
Venezuela’s Oil Production On The Brink Of Collapse Desperation is spreading in Venezuela as violent protests continue to paralyze the country, further damaging the country’s shattered economy. Venezuela’s already-decrepit oil industry is deteriorating by the day, and an outright implosion is no longer out of the question. The inflation rate, according to the IMF, will […]
South Korea’s oil trade under threat
South Korea’s oil trade under threat In 2010 the China Sign Post blog published an article entitled “Playing with fire. Potential impact of a North Korean threat to South Korean oil refineries”, showing following map: Fig 1: Range of North Korea’s missiles in 2010 http://www.chinasignpost.com/wp-content/uploads/2010/11/China_Signpost_8_North-Korea-Refinery-Threat_2010-11-29.pdf The article ranked the vulnerability of South Korean and Japanese […]
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 […]
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. […]
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 […]
