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Tag Archives: oil production
IA’s Dire Oil Forecast: $34 Crude Due To Far More Resilient Production, Oversupply And Lower Demand
IA’s Dire Oil Forecast: $34 Crude Due To Far More Resilient Production, Oversupply And Lower Demand Now that the massive USO-driven squeeze appears to be over (congratulations to whoever managed to sell equity and their secured lenders) the bad news can return. First, it was Goldman slamming the “unsustainable rally, and then just a few hours […]
Oil Fundamentals Could Cause Oil Prices To Fall, Fast.
Oil Fundamentals Could Cause Oil Prices To Fall, Fast. Oil prices should fall, possibly hard, in coming weeks. That is because fundamentals do not support the present price. Prices should fall to around $30 once the empty nature of an OPEC-plus-Russia production freeze is understood. A return to the grim reality of over-supply and the […]
“I’ll Go Full Power If There’s No Agreement” – Kuwait Breaks OPEC Production Freeze
“I’ll Go Full Power If There’s No Agreement” – Kuwait Breaks OPEC Production Freeze Back in late February, when crude prices had just hit a 13 year low, one catalyst unleashed a furious short-covering rally: a WSJ report which cited a delayed SkyNews interview with the UAE energy minister, according to which OPEC would freeze, […]
Peak oil in the South China Sea (part 1)
Peak oil in the South China Sea (part 1) The recent deployment of missile launchers and jet fighters on Woody Island of the Paracel islands have put the spotlight on the South China Sea (SCS). Fig 1: The 200 mile Economic Exclusion Zone claimed by China around Woody Island and the overlapping 108 nm range of the HQ-9 SAM […]
U.S. Has Too Much Oil. So Why Are Imports Rising?
U.S. Has Too Much Oil. So Why Are Imports Rising? Despite domestic production declining and demand surging, the EIA reported oil inventories surge by more than 10 million barrels, or more than three times what was expected. The 10.4 million barrel increase was mostly due to a near record increase in imports of 490,000 b/d […]
Prelude to a Bailout
Prelude to a Bailout But is Pemex too big to save for Mexico? Mexico’s biggest company, state-owned oil giant Pemex, notched up 13 consecutive quarters of rising losses and now faces the toughest test of its 78-year existence: staying alive. Pemex just published its annual results for 2015. Even with expectations already at the bottom of the […]
US Oil Rig Count Points To A Sharp Decline In Production
US Oil Rig Count Points To A Sharp Decline In Production The North American Baker Hughes Rig Count came out Friday. The decline continues. Baker Hughes gives an oil and gas breakout for every basin and state with five years of historical data. Baker Hughes has twenty eight and one half years of historical data for total […]
A Secret About Oil You Won’t Find Anywhere Else
A Secret About Oil You Won’t Find Anywhere Else This is going to be a far larger problem than Wall Street realizes. In early 1983 – the first week of February, to be precise – the inventory of crude oil in the U.S. reached an all-time economic high. I say “economic high” because nominal supply […]
“There’s A Feeling Of Bits Of Ice Cracking All At Once” – This Is The ‘Big New Threat’ To Oil Prices
“There’s A Feeling Of Bits Of Ice Cracking All At Once” – This Is The ‘Big New Threat’ To Oil Prices One week ago, we reported that even as traders were focusing on the daily headline barrage out of OPEC members discussing whether or not they would cut production (they won’t) or merely freeze it (at fresh […]
In Spite Of Oil Price Slump, Canadian Oil Output To Increase
In Spite Of Oil Price Slump, Canadian Oil Output To Increase It was yet another depressing headline congruent with the rest of the bad news bombarding the battered Canadian oilpatch for 15 months. On February 22 Postmedia (National Post, Calgary Herald, Edmonton Journal) carried the headline, “Canadian oil production growth could come to ‘complete standstill,’ IEA […]
Gulf States Not Willing To Cut Production Despite Asset Depletion
Gulf States Not Willing To Cut Production Despite Asset Depletion The oil exporting countries of the Gulf Cooperation Council (GCC) are likely to report twin deficits due to the downturn in oil prices and a supply glut that could expand, but even as assets are being depleted at an alarming rate none is in enough trouble to […]
