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Rig Count Falls As U.S. Oil Output Flatlines
Rig Count Falls As U.S. Oil Output Flatlines Baker Hughes reported another dip in the number of active oil and gas rigs in the United States today. Oil and gas rigs decreased by 7 rigs, according to the report, with the number of oil rigs decreasing by 1, and the number of gas rigs decreasing […]
What Will Follow The Age Of Oil?
What Will Follow The Age Of Oil? U.S. natural gas production will increase by 10 percent this year alone and by as much as 60 percent by 2037, a new report from IHS Markit has forecast. The market research company is extremely upbeat about U.S. gas because of the shale gas revolution, seeing the country […]
Global Energy Consumption Soars To New Heights
Global Energy Consumption Soars To New Heights This week the 2018 BP Statistical Review of World Energy was released, which covers energy data through 2017. It is the definitive source for global energy production and consumption figures, and a primary source of data for numerous companies, government agencies and non-government organizations. I will take a […]
Australia Looks To Tackle Its Looming Gas Shortage
Australia Looks To Tackle Its Looming Gas Shortage In a strange about-face for the world’s soon to be top liquified natural gas (LNG) exporter, Australia is now considering importing the fuel. On Monday, ExxonMobil, Australia’s top gas supplier, said it is considering importing the super-cooled fuel to help offset an anticipated gas shortage from 2021 […]
Oil Demand Growth Could Start To Soften Soon
Oil Demand Growth Could Start To Soften Soon OPEC may tout the production cuts pact as the key driver of oil market rebalancing, but if it weren’t for the strong global oil demand growth of the past three years, we wouldn’t have seen international agencies calling the end of the oil glut. Demand was strong […]
Rig Count Falters Amid Oil Price Correction
Rig Count Falters Amid Oil Price Correction Baker Hughes reported a dip in the number of active oil and gas rigs in the United States today. Oil and gas rigs decreased by 3 rigs, according to the report, with the number of oil rigs increasing by 1, and the number of gas rigs decreasing by […]
Europe Is Awash With Oil Stored On Ships
Europe Is Awash With Oil Stored On Ships While many analysts and agencies have already called the end of the global oil glut, oil held in floating storage in Europe is at an at least 18-month-high, also due to the booming U.S. oil exports that have displaced some of the traditional crude oil routes in […]
IEA: Oil Prices Could Rise Further As Shale Can’t Fill The Gap
IEA: Oil Prices Could Rise Further As Shale Can’t Fill The Gap U.S. shale will continue its breakneck growth rate into 2019, despite bottlenecks, but the oil market still faces serious supply risks from the potential losses from Venezuela and Iran, the International Energy Agency (IEA) said in a new report. The IEA said that […]
Is Russia Bailing On The OPEC Deal?
Is Russia Bailing On The OPEC Deal? For the first week of June, Russia, the world’s largest oil producer, exceeded the amount it agreed to produce as part of the January 2017, OPEC/non-OPEC supply cut deal. For the first week of June, Russia produced some 11.1 million barrels per day (bpd), far exceeding production limits […]
Canada Bets On Trans Mountain Expansion To Sell Oil In Asia
Canada Bets On Trans Mountain Expansion To Sell Oil In Asia Canada may be the fourth largest producer and third largest exporter of oil in the world, but it has one sole customer of its oil—the United States. At the end of last month, Canada took a step toward ensuring that its oil would have […]
Higher Oil Prices Might Not Destroy Demand Growth
Higher Oil Prices Might Not Destroy Demand Growth The recent jump in oil prices to $80 per barrel raised a lot of questions about whether or not the heady demand growth projections for this year would hold up. In fact, signs of strain quickly popped up in disparate parts of the world. But as governments […]
Next Stage of Pressure on Iran – Lower Oil Prices
Next Stage of Pressure on Iran – Lower Oil Prices President Trump is stepping up his attack on Iran. He’s now planning the long-game for maximum pressure. The news that Trump quietly asked Saudi Arabia to ramp up output by 1 million barrels a day is the key. From the analysis at Oilprice.com: Saudi Arabia and […]
OPEC’s Dilemma: Demand Destruction Or Production Boost
OPEC’s Dilemma: Demand Destruction Or Production Boost The early signs of discontent and demand destruction could be forcing OPEC’s hand, but increasing production carries its own risks. OPEC and Russia are considering raising oil production in a few weeks’ time, and while much of the focus has (rightly) been on the supply outages in Venezuela […]
Shale Bottlenecks Could Send Oil Prices Higher
Shale Bottlenecks Could Send Oil Prices Higher Amid reports that OPEC will likely decide to start easing production quotas after June 22 and an IEA forecast that electric vehicles will displace 2.5 million bpd in crude oil demand by 2030, some analysts remain upbeat about the future of oil prices, citing transport constraints in the […]
