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OPEC And Russia Prepare For Long-Term Control Over Oil Market
OPEC And Russia Prepare For Long-Term Control Over Oil Market In a tight oil market reacting with price gains to concerns about supply shortages, the leaders of the OPEC and non-OPEC nations part of the production cut deal—Saudi Arabia and Russia—hinted last week that easing the cuts was an option that they had discussed and […]
Don’t Take Higher Oil Prices For Granted
Don’t Take Higher Oil Prices For Granted Oil prices collapsed at the start of this week, with WTI and Brent dropping 5.5 percent and 7.5 percent respectively from their three and a half year peaks. This recent price slump serves as a timely reminder for market observers and players alike that, while a heightened geopolitical […]
Reuters: OPEC Production Falls To 13-Month Low
Reuters: OPEC Production Falls To 13-Month Low OPEC’s oil production dropped in May by 70,000 bpd to 32.00 million bpd on the back of outages in Nigeria and a continuous decline in Venezuela that dragged the cartel’s total production to the lowest level since April 2017, according to the monthly Reuters survey. The largest fall […]
Extreme Weather Causes Production Outages In Libya
Extreme Weather Causes Production Outages In Libya A Libyan oil company has had to significantly reduce oil production at its fields because the hot weather has caused several turbines to stop working. The company is Agoco, a unit of the national Oil Corporation, and the decline in production amounted to some 120,000 bpd, sources wishing […]
Who’s To Blame For High Gasoline Prices?
Who’s To Blame For High Gasoline Prices? As retail gasoline prices rise to $3 per gallon across the United States, gas prices are a hot political topic in Washington once again, with the Democrats hoping to slam Donald Trump for causing pain at the pump and Republicans trying to shift blame back on their opponents. […]
Permian Growth Is Reaching Its Limits
Permian Growth Is Reaching Its Limits The Permian isn’t just suffering from a bottleneck for oil, but also for natural gas. In 2016, for instance, gas flows leaving the Permian typically clocked in at about 3.6 billion cubic feet per day (Bcf/d), according to S&P Global Platts. That number has ballooned to 6.3 Bcf/d as […]
Farmers Reeling From High Oil Prices
Farmers Reeling From High Oil Prices As the summer driving season approaches, drivers are already paying more for gasoline due to the oil price rally in recent months. But higher oil prices affect not only the gasoline bills of retail consumers. The higher price of oil is also pushing up diesel fuel prices as the […]
Washington Threatens Sanctions For Nord Stream 2
Washington Threatens Sanctions For Nord Stream 2 While Germany tries to make sure Ukraine will not suffer too badly from the addition of Nord Stream 2 to the European natural gas pipeline network, a senior State Department official has threatened sanctions for the controversial project. Speaking to media in Berlin, Deputy Assistant Secretary of State […]
The Myth Of An Imminent Energy Transition
The Myth Of An Imminent Energy Transition 100 million. It’s a number that drowns comprehension; it’s more jelly beans than can fit in an average-sized swimming pool. Within a year, world oil consumption will top 100 million barrels of oil per day. Over the same time period, close to 100 million new piston-firing vehicles will […]
Iran Sanctions Threaten The Petrodollar
Iran Sanctions Threaten The Petrodollar One country must be quite pleased with the prospect of new U.S. economic sanctions against Iran’s oil industry, and this country is the largest oil importer in the world, and is Iran’s largest single oil client. When China launched its long-awaited yuan-priced oil futures last month, it did so as […]
Erdogan: Cyprus Oil Drilling Is A Security Threat To East Mediterranean
Erdogan: Cyprus Oil Drilling Is A Security Threat To East Mediterranean The Eastern Mediterranean will face a security threat should Cyprus continue its unilateral operations of offshore oil and gas exploration in the region, Turkey’s President Recep Tayyip Erdo?an said in a speech at think tank Chatham House in London on Monday. Turkey, which recognizes […]
OPEC: The Oil Glut Is Gone
OPEC: The Oil Glut Is Gone OPEC said that the global oil supply surplus has nearly been eliminated, although the group is shifting its sights on lack of investment in upstream supply. In OPEC’s May Oil Market Report, the group noted that non-OPEC supply continues to grow at a rapid rate, adding 0.87 million barrels […]
Skeptic Geologist Warns: Permian’s Best Years Are Behind Us
Skeptic Geologist Warns: Permian’s Best Years Are Behind Us Geologist Arthur Berman, who has been skeptical about the shale boom, warned on Thursday that the Permian’s best years are gone and that the most productive U.S. shale play has just seven years of proven oil reserves left. “The best years are behind us,” Bloomberg quoted […]
Higher Oil Prices Look Likely
Higher Oil Prices Look Likely The path to higher oil prices seems pretty clear, but it isn’t inevitable. There are plenty of reasons why the oil market is suddenly on edge, and why oil prices are at their highest level since 2014. Venezuela’s oil production is falling off of a cliff, and could fall faster […]
