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Oil Price Crash Sparks A Wave Of Banking Mergers In The Middle East
Oil Price Crash Sparks A Wave Of Banking Mergers In The Middle East The historic oil price crash and Covid-19 pandemic have left major producers of the commodity in a deep economic crisis. Dramatic production cuts by OPEC+ has exacerbated the situation by further lowering export inflows for economies that depend heavily on oil dollars. […]
Huge Debt Payments Come At Worst Time Possible For Canadian Drillers
Huge Debt Payments Come At Worst Time Possible For Canadian Drillers The collapse in oil prices has significantly deteriorated Canada’s oil companies’ finances and has made repaying their debt more challenging. Over the past decade, Canadian firms have borrowed money to survive the previous oil crisis of 2015-2016 and boost production post-crisis. But now the second […]
How Saudi Arabia Caused The Worst Oil Price Crash In History
How Saudi Arabia Caused The Worst Oil Price Crash In History Saudi Arabia made good on its promise to flood the market with oil after the collapse of the previous OPEC+ deal in early March. The Kingdom’s oil exports jumped by 3.15 million bpd to 11.34 million bpd in April. Saudi Arabia made good on […]
Canadian Banks Hit Hard By Low Oil Prices
Canadian Banks Hit Hard By Low Oil Prices Canada’s government has been perhaps surprisingly ready to help the country’s ailing oil industry. Interest-only loans, backstopping loans that troubled companies can’t pay have been among the steps taken so far. But they may not be enough. Canada’s oil industry has arguably suffered more than its peers across its […]
Oil Market Heading For Months Of Deficit
Oil Market Heading For Months Of Deficit The oil market is set for a deficit from August onwards, even after OPEC+ eases the current cuts that are up for a tentative extension through July, Rystad Energy analysts said on Friday. Assuming that global demand recovery continues in the coming months, the oil market will still […]
Oil Producers May Ditch Old FPSO Offshore Projects In This Downturn
Oil Producers May Ditch Old FPSO Offshore Projects In This Downturn The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s […]
U.S. Oil Companies Are Cutting Production Much Faster Than Expected
U.S. Oil Companies Are Cutting Production Much Faster Than Expected The United States is on track to cut 1.7 million barrels of oil production per day, according to Reuters calculations of state and company data shared on Thursday. It was U.S. President Donald Trump that suggested at the beginning of April, prior to the most recent OPEC deal signing […]
THE END OF A U.S. OIL GIANT: ExxonMobil’s Days Are Numbered
THE END OF A U.S. OIL GIANT: ExxonMobil’s Days Are Numbered ExxonMobil, the largest oil company in the U.S. and a direct descendant of John D. Rockefeller’s Standard Oil, days are numbered. The once-great profitable oil giant is now borrowing money just to pay dividends. How long can this charade go on? Good question. Now, […]
US To Remove Patriot Missile Protection From Saudi Arabia Amid Oilpocalypse
US To Remove Patriot Missile Protection From Saudi Arabia Amid Oilpocalypse Petrodollar panic? As tensions between OPEC (cough – the Saudis – cough) and Washington rise over the supply (and price) of oil globally amid a pandemic-driven demand collapse, it would appears President Trump may have just gone ‘nuclear’. “…there will be blood.” The Wall Street Journal […]
Oil Suddenly Crashes After Jobs Report
Oil Suddenly Crashes After Jobs Report It would appear no one told the machines that ADP would report a devastatingly ugly jobs print this morning… Oil started sliding earlier but the ‘better than expected’ ADP print actually seemed to spark a panic puke for some reason ahead of this morning’s EIA inventory/production report.
The Oil Wells That Will Never Recover
The Oil Wells That Will Never Recover It is very common today to read about shutting-in of producing oil and gas wells to reflect the reality there are fewer and fewer places to store oil right now. An old oilfield maxim-the cheapest storage is in the ground. It wasn’t coined to meet the criteria that are extant […]
Game Over For Oil, The Economy is Next
GAME OVER FOR OIL, THE ECONOMY IS NEXT It’s game-over for most of the U.S. oil industry. Prices have collapsed and storage is nearly full. The only option for many producers is to shut in their wells. That means no income. Most have considerable debt so bankruptcy is next. Peggy Noonan wrote in her column recently that […]
Oil Price Crash Was Inevitable
Oil Price Crash Was Inevitable The oil price crash was inevitable. To understand why we have to review a bit of history. In 2013, I began warning of the risk to oil prices due to the ongoing imbalances between global supply and demand. Those warnings fell on deaf ears. Nobody wanted to pay much attention […]
How Oil Prices Could Go To $100
How Oil Prices Could Go To $100 “We’re in a deflationary moment that surpasses anything seen in most people’s lifetimes,” proclaimed a New York Times byline on Tuesday, the morning after oil prices went negative. The West Texas Crude Intermediate benchmark plummeted to previously unimaginable depths, closing the day at negative $37.63 per barrel. The novel coronavirus has […]
COVID-19 and oil at $1: Is there a way forward?
COVID-19 and oil at $1: Is there a way forward? Many people are concerned today with the low price of oil. Others are concerned about slowing or stopping COVID-19. Is there any way forward? I gave a few hints regarding what is ahead in my last post, Economies won’t be able to recover after shutdowns. We live in […]
