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OPEC’s Strategy Is Working According To Cartel’s Latest Report
OPEC’s Strategy Is Working According To Cartel’s Latest Report OPEC, which has been exceeding its own oil-production cap during the past year, says output was down in October and forecasts a production drop overall next year because of the persistent low price of oil. The cartel’s Monthly Market Report, published Thursday, said its 12 members extracted […]
Oil Tankers Are Filling Up As Global Storage Space Runs Low
Oil Tankers Are Filling Up As Global Storage Space Runs Low The rebound in oil prices is still not here, and new data suggests that it will take some more time before the markets start to balance out. Global supplies are still too large to justify a significant rally in oil prices. The latest indicator […]
Oil Market Supply Imbalance Getting Worse, Not Better
Oil Market Supply Imbalance Getting Worse, Not Better Oil futures prices (WTI) plunged 12.5 percent this week from $47.90 on Friday, November 3 to $41.96 yesterday morning, November 11. The main reason is that the global supply imbalance is getting worse. The U.S. Energy Information Administration’s (EIA) latest report indicates that the world supply surplus (production minus […]
IEA Sees No Oil Price Rebound For Years
IEA Sees No Oil Price Rebound For Years Oil prices are likely to stay below $80 per barrel for another five years, according to a closely watched energy report. The International Energy Agency released its 2015 World Energy Outlook (WEO), with predictions for energy markets out to 2040. Although there are no shortage of caveats, the IEA […]
The Middle East Could Face A Historic Crisis By Century’s End
The Middle East Could Face A Historic Crisis By Century’s End Regarding the Middle East and its oil, the late Sheikh Rashid Bin Saed Al Maktoum, longtime Emir of Dubai and Prime Minister of the United Arab Emirates, once famously remarked: “My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my […]
What’s Really At Stake At The Paris Climate Conference
What’s Really At Stake At The Paris Climate Conference At the end of November, delegations from nearly 200 countries will convene in Paris for what is billed as the most important climate meeting ever held. Officially known as the 21st Conference of the Parties (COP-21) of the United Nations Framework Convention on Climate Change (the 1992 treaty that […]
Amnesty International: Shell’s Claim Of Clean Up In Nigeria “Blatantly False”
Amnesty International: Shell’s Claim Of Clean Up In Nigeria “Blatantly False” A new report from Amnesty International alleges that Royal Dutch Shell did not, in fact, clean up its oil spills in Nigeria despite company claims that the task was completed. Shell is the largest oil company to operate in the Niger Delta, with over 5,000 kilometers […]
Shrinking Norwegian Natural Gas Production Puts Europe In Dire Situation
Shrinking Norwegian Natural Gas Production Puts Europe In Dire Situation In this post I present actual Norwegian natural gas production, status on reserves, the development in discoveries and what this results for Norwegian Petroleum Directorate (NPD) and my expectations for the future delivery potential for Norwegian natural gas. Norway, after Russia, has been and is […]
What The Oil And Gas Industry Is Not Telling Investors
What The Oil And Gas Industry Is Not Telling Investors Oil prices crashed because of too much supply, but will rebound as production shrinks and demand rises. But what if long-term demand for oil ends up being sharply lower than what the oil industry believes? That is the subject of a new report from The Carbon Tracker […]
Shell Scraps Oil-Sands Project, Points at Big Issue For Canada
Shell Scraps Oil-Sands Project, Points at Big Issue For Canada On October 27, the Anglo-Dutch oil major announced that it was pulling the plug on its Carmon Creek oil sands project in Alberta, Canada. The project was expected to yield 80,000 barrels per day in oil sands production, which was originally greenlighted in 2013. However, the markets […]
SPR To Be Used To Raise Cash For US Gov
SPR To Be Used To Raise Cash For US Gov The U.S. Congress is moving on a budget deal to avert a standoff over raising the debt ceiling, at least until 2017. The emerging budget deal calls for some modest increases in government spending, including on defense, along with some tweaks to Social Security and Medicare. But […]
U.S. Shale Lifelines Running Thin
U.S. Shale Lifelines Running Thin As the world heads towards the start of the winter fuel oil season, crude prices still show little sign of a sustained upward move. Instead, oil seems to be trapped in a new “normal” range of around $40 to $55 a barrel. Shale oil producers have done a remarkable job […]
Next Few Weeks Will Reveal Full Extent Of Oil Industry Suffering
Next Few Weeks Will Reveal Full Extent Of Oil Industry Suffering Get ready for some bad news and red ink. With the bulk of quarterly earnings reports in the energy industry yet to be announced, there are already $6.5 billion worth of asset write-downs, according to Bloomberg. And that could be just the tip of the […]
Stop Blaming OPEC For Low Prices
Stop Blaming OPEC For Low Prices We are a little more than a month away from OPEC’s next meeting, which will be held in Vienna on December 4, 2015. OPEC altered the course of the oil markets last year when it decided to cast aside its traditional role of maintaining balance through production cuts. Instead […]
U.S. Shale Drillers Running Out Of Options, Fast
U.S. Shale Drillers Running Out Of Options, Fast Much has been made about the impressive gains in efficiency and productivity in the shale patch, as new drilling techniques squeeze ever more oil and gas out of new wells. But the limits to such an approach are becoming increasingly visible. The U.S. shale revolution is running […]
