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IEA: US$ 40 oil means 3 mp/d less oil by 2020
IEA: US$ 40 oil means 3 mp/d less oil by 2020 You want $40 oil? Yes, please. But according to the World Energy Outlook 2015 of the International Energy Agency, recently released in London, that would mean 3 mb/d less US tight (shale) oil by 2020. That’s about 4% of global crude production. Fly less […]
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 […]
The Biggest Threat To Oil Prices: 2-Mile Long Stretch Of Iraq Oil Tankers Headed For The U.S.
The Biggest Threat To Oil Prices: 2-Mile Long Stretch Of Iraq Oil Tankers Headed For The U.S. After some initial excitement, November has seen crude oil prices collapse back towards cycle lows amid demand doubts (e.g. sllumping China oil imports, overflowing Chinese oil capacity, plunging China Industrial Production) and supply concerns (e.g. inventories soaring). However, […]
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 […]
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 […]
Oil Market Showdown: Can Russia Outlast The Saudis?
Oil Market Showdown: Can Russia Outlast The Saudis? “Two men enter, one man leaves, two men enter, one man leaves, two men enter…” Mad Max: Beyond Thunderdome November 27, oil consuming countries will celebrate the first anniversary of the Saudi decision to let market forces determine prices. This decision set crude prices on a downward […]
Goldilocks and the three prices of oil
Goldilocks and the three prices of oil We all know Goldilocks from the story of Goldilocks and the Three Bears in which the young maiden wanders into the home of the bears and samples some porridge that happens to be sitting on the dinner table. The first bowl is too hot, the second is too cold and […]
Is The Oil And Gas Fire Sale About To Start?
Is The Oil And Gas Fire Sale About To Start? Much has been written about the mounting pile of debt for U.S. oil companies (not to mention the well-known Brazilian oil giant). Not that long ago, many oil and gas companies secured at least a part of their revenue by hedging contracts. Bloomberg already reported in June that many of […]
US shale oil too expensive, peaks 1H 2015
US shale oil too expensive, peaks 1H 2015 According to EIA data, monthly US crude oil production peaked in April 2015 at 9.6 mb/d. Fig 1: US crude oil production to June 2015 http://www.eia.gov/dnav/pet/pet_crd_crpdn_adc_mbblpd_m.htm The above graph shows that US crude production increased by around 4 mb/d between mid 2011 and mid 2015, mostly from […]
The Shale Delusion: Why The Party’s Over For U.S. Tight Oil
The Shale Delusion: Why The Party’s Over For U.S. Tight Oil The party is over for tight oil. Despite brash statements by U.S. producers and misleading analysis by Raymond James, low oil prices are killing tight oil companies. Reports this week from IEA and EIA paint a bleak picture for oil prices as the world production surplus continues. EIA […]
The Biggest Red Herring In U.S. Shale
The Biggest Red Herring In U.S. Shale Rig productivity and drilling efficiency are red herrings. A red herring is something that takes attention away from a more important subject. Rig productivity and drilling efficiency distract from the truth that tight oil producers are losing money at low oil prices. Pad drilling allows many wells to […]
Fallout From Petrodollar Demise Continues As Qatar Borrows $4 Billion Amid Crude Slump
Fallout From Petrodollar Demise Continues As Qatar Borrows $4 Billion Amid Crude Slump Early last month in “Cash-Strapped Saudi Arabia Hopes To Continue War Against Shale With Fed’s Blessing,” we noted the irony inherent in the fact that Saudi Arabia, whose effort to bankrupt the US shale space has blown a giant hole in the […]
The “Great Accumulation” Is Over: The Biggest Risk Facing The World’s Central Banks Has Arrived
The “Great Accumulation” Is Over: The Biggest Risk Facing The World’s Central Banks Has Arrived To be sure, there’s been no shortage of media coverage regarding the collapse in crude prices that’s unfolded over the course of the past year. Similarly, it’s no secret that commodity prices in general are sitting near their lowest levels […]
