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Fitch Predicts Drop In Oil Prices By 2017 As U.S. Shale Output Soars
Fitch Predicts Drop In Oil Prices By 2017 As U.S. Shale Output Soars Oil bigwigs should take a step back before becoming too comfortable with the new oil price range according to Fitch Ratings’ newest market analysis. “The recovery in US drilling activity will drive up shale oil production in the second half of 2017, offsetting […]
Oil prices set to rise sharply, unless new projects are approved
Oil prices set to rise sharply, unless new projects are approved Without new investments, oil prices will rise sharply in the next five years, energy conference told The International Energy Agency says there will be supply problems in three years if a two-year trend in falling oil investments continues into 2017. (Jeff McIntosh/Canadian Press) Oil […]
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 […]
Production, Rig Count Surge As Exxon Bets Big On U.S. Shale
Production, Rig Count Surge As Exxon Bets Big On U.S. Shale US oil rig counts rose for the7th straight week (up 7 to 609) to the highest level since October 2015. With production surging back above 9mm b/d – the highest in a year – the trend in the rig count implies considerably more production to […]
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 […]
Norway Doubles Down On Arctic Oil
Norway Doubles Down On Arctic Oil While Canada and the U.S. ban Arctic drilling for oil and gas motivated by environmental concerns, and majors such as Shell pull out of their Arctic projects due to financial pressures, Norwegian energy companies are planning to increase drilling in the country’s Arctic shelf in the Barents Sea. It […]
Risk, double-edged swords and imagining the worst
Risk, double-edged swords and imagining the worst A friend of mine recently said that intellectual honesty often requires imagining the worst. Of course, in the study of climate change and natural resources one needs only to read the analyses of scientists to imagine the worst. Imagining the worst in not necessarily the same as believing the […]
OPEC Production Cut May Need to Be Extended: Oil Ministers
OPEC Production Cut May Need to Be Extended: Oil Ministers The oil ministers of Iran and Qatar have suggested that OPEC’s production cut agreement may have to be extended beyond the June deadline, despite an almost 100-percent compliance rate. The comments come a day after the American Petroleum Institute reported the second-largest crude oil inventory increase in history, at […]
OPEC’s 2017 production cuts: a confusing numbers game (part 1)
OPEC’s 2017 production cuts: a confusing numbers game (part 1) What the agreement said Fig 1: Production table from OPEC’s press release referred to as “agreement table” “1. In the fulfilment of the implementation of the Algiers Accord, 171st Ministerial Conference has decided to reduce its production by around 1.2 mb/d to bring its ceiling to […]
Oil Production Vital Statistics December 2016
Oil Production Vital Statistics December 2016 Global total liquids production hit yet another record high of 98.24 Mbpd in November led by OPEC and Russia! Libya’s drive to restore production is a significant factor with production up 280,000 bpd from recent lows. The US oil rig count has risen for 32 consecutive weeks and US […]
Can U.S. Shale Add 1 Million Bpd In 2017?
Can U.S. Shale Add 1 Million Bpd In 2017? Oil prices are up on expectations that OPEC will contribute to a faster balancing in 2017, with up to 1.8 million barrels per day in cuts along with some non-OPEC countries. That has put a floor beneath prices, with fears of another downturn largely dissolved after […]
