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Tag Archives: oil production
T. Boone Pickens Rages On CNBC: “I Am The Expert, Not You”, Says Oil Down Due To “Weak Demand” | Zero Hedge
T. Boone Pickens Rages On CNBC: “I Am The Expert, Not You”, Says Oil Down Due To “Weak Demand” | Zero Hedge. Narrative, we have a problem! No lesser oil-man than T. Boone Pickens made quite an appearance on CNBC this morning – stunning the cheerleaders into first defense then silence as he broke the facts […]
British Oil Industry On The Verge Of “Collapse”
British Oil Industry On The Verge Of “Collapse”. The United Kingdom’s oil industry is taking a beating from low oil prices, so much so that it is “close to collapse.” That comes from the head of the Association of UK Independent Oil and Gas Exploration Companies, otherwise known as Brindex. Robin Allan, the chairman of […]
Gulf OPEC members refuse to cut oil output – Middle East – Al Jazeera English
Gulf OPEC members refuse to cut oil output – Middle East – Al Jazeera English. Arab Gulf countries have vowed they will not cut oil production or hold an emergency meeting, despite a glut in global supplies and plummeting oil prices. Powerful OPEC members Saudi Arabia and Kuwait said on Sunday they would not cut […]
Libya Oil Output Drops as Fighting Spreads to Third Oil Port – Bloomberg
Libya Oil Output Drops as Fighting Spreads to Third Oil Port – Bloomberg. Libya’s oil output fell below its own consumption as fighting spread to Mellitah, a region that hosts the country’s fourth largest oil port. National Oil Corp. already this month declared force majeure at two export terminals, Es Sider and Ras Lanuf, after […]
Drilling Our Way Into Oblivion – The Automatic Earth
Drilling Our Way Into Oblivion – The Automatic Earth. Oh, that sweet black gold won’t leave us alone, will it? West Texas Intermediate went through some speedbumps Friday, but ended over +5%, though still only at $57. Think them buyers know something we don’t? I don’t either. I see people covering lousy bets. And PPT […]
Exxon Mobil Shows Why U.S. Oil Output Rises as Prices Plunge – Bloomberg
Exxon Mobil Shows Why U.S. Oil Output Rises as Prices Plunge – Bloomberg. Crude oil production from U.S. wells is poised to approach a 42-year record next year as drillers ignore the recent decline in price pointing them in the opposite direction. U.S. energy producers plan to pump more crude in 2015 as declining equipment […]
OPEC Denies Price War, Shows Faith In Markets
OPEC Denies Price War, Shows Faith In Markets. OPEC Secretary-General Abdullah al-Badri is urging the cartel’s 12 members to maintain production and exploration despite a lower demand for oil. Yet al-Badri told an energy conference in Dubai on Dec. 14 that he is as baffled as anyone why the price of oil has dropped by […]
Low Oil Prices Could Point To A More Serious Problem
Low Oil Prices Could Point To A More Serious Problem. West Texas Intermediate sold for $105 a barrel at the start of July, but ended last week at $58. The most important factor has been surging U.S. production. But another reason oil prices have slid so much is weakness in demand for the product, which may […]
How Countries Around The World Are Coping With Falling Oil Prices
How Countries Around The World Are Coping With Falling Oil Prices. On Friday, the price of benchmark crude oil dropped to new five-year lows. The price of oil has been plummeting for months, leaving oil-producing nations around the world aghast at their sinking revenues. Poor global economic growth has cut demand, while the U.S. is producing oil faster than […]
OPEC chief says no target price, but oil slide beyond fundamentals | Reuters
OPEC chief says no target price, but oil slide beyond fundamentals | Reuters. (Reuters) – The head of OPEC said on Sunday the group had no target price for oil, signaling no change to a policy to maintain production levels which has contributed to sharp falls in the price of crude, unnerving global markets. Speaking […]
U.S. Getting Rid of Oil Addiction as Price Plummets in Glut – Bloomberg
U.S. Getting Rid of Oil Addiction as Price Plummets in Glut – Bloomberg. The U.S. is producing the most oil in 31 years, economic growth is picking up and crude prices are plunging. So why is Americans’ use of petroleum waning? As the U.S. moves closer and closer to energy independence, greaterfuel efficiency, changing demographics […]
RESOURCE CRISIS: Fossil fuels: are we on the edge of the Seneca cliff?
RESOURCE CRISIS: Fossil fuels: are we on the edge of the Seneca cliff?. “It would be some consolation for the feebleness of our selves and our works if all things should perish as slowly as they come into being; but as it is, increases are of sluggish growth, but the way to ruin is rapid.” Lucius Anneaus Seneca, Letters […]
Ten Reasons Why a Severe Drop in Oil Prices is a Problem | Our Finite World
Ten Reasons Why a Severe Drop in Oil Prices is a Problem | Our Finite World. Not long ago, I wrote Ten Reasons Why High Oil Prices are a Problem. If high oil prices can be a problem, how can low oil prices also be a problem? In particular, how can the steep drop in oil […]
Resource Insights: How the U.S. could fight OPEC and win (and why it won’t)
Resource Insights: How the U.S. could fight OPEC and win (and why it won’t). OPEC has declared war on American oil production with the intention of making the country more dependent on imported oil and on oil in general. By refusing to cut production in the face of weakening world demand, the cartel has allowed oil […]
Global Drilling Slowdown On The Way
Global Drilling Slowdown On The Way. Baker Hughes rig count statistics show how drilling reacted to earlier falls in the oil price. There is always a time lag of months between an oil price event and a change in drilling. There are faint signs of US drilling starting to turn down and quite clear signs […]
