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Oil And Debt: The BIS Examines The Consequences Of Financialization
Oil And Debt: The BIS Examines The Consequences Of Financialization Since mid-2014, after remaining relatively stable for four years at close to $100, the price of crude oil has dropped by roughly 50% in US dollar terms. 1 Changes in production and consumption seem to fall short of a fully satisfactory explanation of the abrupt collapse […]
Arthur Berman: Why Today’s Shale Era Is The Retirement Party For Oil Production
Arthur Berman: Why Today’s Shale Era Is The Retirement Party For Oil Production A leading geologist delivers the hard facts As we’ve written about often here at PeakProsperity.com, much of what’s been ‘sold’ to us about the US shale oil revolution is massively over-hyped. The amount of commercially-recoverable shale oil is much less than touted, […]
Essential Oil Production Statistics – February 2015
Essential Oil Production Statistics – February 2015 This is the second in a monthly series of posts chronicling the action in the global oil market in 12 key charts. The January 2015 post is here. EIA oil price and Baker Hughes rig count charts are updated to end January 2015, the remaining oil production charts are updated to December 2014 […]
This Week In Energy: The War For Market Share Is Only Just Beginning
This Week In Energy: The War For Market Share Is Only Just Beginning This week saw yet more bad news for the oil sector, as the EIA’s latest figures released on Wednesday showed U.S. Inventories at levels not seen since 1982, when the agency first started collecting such data. To put it another way, the last […]
Oil Rig Count Plunges Most Ever, Oil Price Soars, Inventories Too: Catch Falling Knife, Get Fingers Sliced Off
Oil Rig Count Plunges Most Ever, Oil Price Soars, Inventories Too: Catch Falling Knife, Get Fingers Sliced Off The oil industry is dead-serious when it talks about slashing operating cost and capital expenditures. They have to. Preserving cash is suddenly a priority, after years when money was growing on trees. In the US, the cost […]
Shell Cuts $15 Billion of Spending as Profit Misses Expectations
Shell Cuts $15 Billion of Spending as Profit Misses Expectations (Bloomberg) — Royal Dutch Shell Plc will cut $15 billion of investment over the next three years as the crash in oil prices saw fourth-quarter profit miss forecasts. Shell, the first of the world’s largest oil companies to report earnings following the slump in crude […]
Bearishness Continues Among Oil Industry Experts
Bearishness Continues Among Oil Industry Experts The business world is full of sometimes conflicting theories about what caused the plunge in oil prices during the past seven months, and how low that price will go. But Goldman Sachs seems to have come up with a unified theory. It began late in the afternoon of Jan. […]
Increasing Demand For Refined Products Will Increase Oil Prices
Increasing Demand For Refined Products Will Increase Oil Prices In last week’s article I posted a chart from the International Energy Agency’srecent Oil Market Report that shows global demand for refined products catching up to supply by the 3rd quarter of this year. My opinion is that all of the analysts who are now blaming the sharp drop […]
Iraq Oil Surge to Fan OPEC Rivalry That Triggered Slump
Iraq Oil Surge to Fan OPEC Rivalry That Triggered Slump (Bloomberg) — The battle for customers among OPEC members that helped trigger oil’s collapse is about to escalate. Iraqi crude production is climbing from a 35-year high as it adds growing Kurdish supplies to its exports, while southern oilfields remain unscathed by Islamic State militants. […]
Worldwide Drilling Productivity Report
Worldwide Drilling Productivity Report The EIA publishes what they call a Drilling Productivity Report in which they claim that each rig is getting more productive, that is each rig produces just a little more oil each month than it did the previous month. But over the long haul, I find that the exact opposite is true. In […]
OPEC Chief Claims Oil Will Rebound Higher Than In 2008
OPEC Chief Claims Oil Will Rebound Higher Than In 2008 OPEC’s secretary-general says the 7-month-old plunge in oil prices finally may have bottomed out and may be ready to rise again. In fact, Abdullah al-Badri hypothesized that a decision by his cartel to cut production conceivably could lead to oil at $200 a barrel. “Now […]
Tight Oil Production Will Fade Quickly: The Truth About Rig Counts
Tight Oil Production Will Fade Quickly: The Truth About Rig Counts U.S tight oil production from shale plays will fall more quickly than most assume. Why? High decline rates from shale reservoirs is given. The more interesting reasons are the compounding effects of pad drilling on rig count and poorer average well performance with time. Rig […]
Oil prices fall on market relief over Saudi policy
Oil prices fall on market relief over Saudi policy (Reuters) – Oil prices fell on Monday, with U.S. crude falling close to a nearly six-year low, as Saudi Arabia’s new King Salman moved to assuage fears of an unstable transition and any policy change in the world’s largest oil exporter. Salman was quick to retain veteran Saudi oil […]
The most important thing to understand about the coming oil production cutbacks
The most important thing to understand about the coming oil production cutbacks What the current oil price slump means for world oil supply is starting to emerge. “Layoffs,” “cutbacks,” “delays,” and “cancellations” are words one sees in headlines concerning the oil industry every day. That can only mean one thing in the long run: less […]
Iraq Shrugs Off Low Prices, Boosts Output To Record Levels
Iraq Shrugs Off Low Prices, Boosts Output To Record Levels Despite oil prices at their lowest levels in five years, Iraq is producing at record levels. For the month of December, Iraq produced nearly 4 million barrels per day, according to Oil Minister Adel Abdul Mahdi, an all-time high for the war-torn country. That is critical for […]
