Saudi-Russia Reassurance on Oil Supply Lacks Solid Guarantees

U.S. President Donald Trump’s demand that OPEC take rapid action to reduce oil prices got a tepid response, with the group saying it would boost output only if customers requested it. In contrast to the dramatic policy U-turn that Trump’s tweets provoked earlier this year, Saudi Arabia, Russia and their allies signaled less urgency and […]

Is The Bakken Close To Breaking?

While the Permian has experienced a drilling boom and has received tons of media attention, a lesser-known but still remarkable revival has been underway in the Bakken this year. At the same time, the increased rates of drilling in North Dakota are starting to reveal signs of strain on the basin, as drillers are increasingly […]

Russian Oil Production Hits Post-Soviet Record

While there has been no love-loss between the U.S. and Russia in recent years, news coming out of Moscow yesterday was sure to cheer the most ardent Russian naysayers in both Washington and especially the U.S. energy patch. A Russian government official, according to a Bloomberg report, asking to not be named since the information […]

Venezuela to significantly increase oil exports to China

Venezuela will increase its oil exports to China to one million barrels a day, President Nicolas Maduro has said, following a visit to Beijing. Already a strong economic partner, China had agreed to invest an additional $5bn in Venezuela, Maduro said on Tuesday, adding that the investment would help it boost production and nearly double […]

Is Oil On Its Way To $80?

Bullish news on both the supply and demand side sent oil prices up again on Friday morning, with Brent falling back after flirting with $80. (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) Oil prices gained this week on outages in Iran […]

The Great Permian Capital Reallocation Begins

A new report from the U.S. Energy Information Administration (EIA) indicates that the growing shortage of pipeline takeaway capacity in the Permian Basin of West Texas and Southeast New Mexico is resulting in some companies reallocating capital initially earmarked for Permian drilling to other areas in which they produce. The report points out that “As […]

Russia is Only 3 Years Away From Peak Oil

Russia is only three years away from maximizing oil extraction output before costs and taxes drive down production, Russia’s energy minister has warned. The Russian economy has relied on its key export oil in the face of Western sanctions that drove down prices and weakened the ruble. “We expect about 553 million [metric] tons of […]

Iran: There Is No Spare Oil Capacity

The United States won’t be able to bring Iranian oil exports to zero because the other producers can’t offset the loss of all of Iran’s oil barrels in an already tight market, Iran’s OPEC governor Hossein Kazempour Ardebili told Reuters on Friday. According to Kazempour—whose position as Iran’s OPEC governor makes him the second most […]

Ron Patterson: OPEC August Production Data

Data for the OPEC charts below are from the OPEC Monthly Oil Market Report. All OPEC data are through August 2018 and in thousand barrels per day. OPEC 15 crude only production was up 278,000 barrels per day in August to 32,565,000 bpd. Most of that increase was Libya, up 256,000 bpd. July OPEC production […]

The Biggest Challenge Facing Shale Oil Could Be Overcoming Its Own Success

If you follow energy markets at all, you know that prices on the Brent global oil benchmark have traded within a robust band of $70 to $80 a barrel for the last five months. But such prices are a pipe dream – literally – for U.S. shale producers, particularly those in the prolific Permian Basin […]

Permian Auction Doubles 2008 Record with near Billion-Dollar Sale

The price to access unexplored shale assets on the New Mexico side of the Permian Basin soared to $95,001 an acre in a federal government auction, a record high for North America’s biggest oil field. The state’s previous record was $40,001 an acre set in December, according to a statement yesterday by the U.S. Department […]

Iraq Pumping Oil at Record Levels, Unaffected by Protests

Iraq is pumping crude at record levels and the violent street protests that engulfed the oil-rich south have not affected energy facilities in OPEC’s No. 2 producer. The country’s crude exports reached a record of 3.59 million barrels a day, Oil Minister Jabbar al-Luaibi said after a meeting with representatives of foreign oil companies working […]

EIA’s Latest USA & World Oil Production Data

These first charts are taken from the EIA’s Monthly Crude Oil and Natural Gas Production. The data is through June 2018 and is in thousands of barrels per day. (Click to enlarge) US C+C production was up 231,000 barrels per day in June to 10,674,000 bpd, an all-time high. (Click to enlarge) Texas was up 165,000 barrels per […]

Iraq Is Facing A Major Internal Crisis

Despite the fact that production and export figures presented by Iraqi sources are showing a significant improvement, optimism should be tempered. Iraq continues to head towards a major showdown between the two main political rival blocks, led by Prime Minister Al Abadi and former PM Al Maliki. Both are currently in a race to lead […]

Houthis Claim Successful Attack On Aramco Oil Facility

Yemen’s Houthi rebels have claimed a successful attack on an unidentified oil facility of Saudi Aramco in Jizan, according to a report in Iranian state news agency IRNA. The strike with Badr 1 missiles took place on Monday, two days after an earlier one that targeted a Saudi frigate in Jizan. That earlier attack, IRNA […]

Saudi Aramco loses its ‘in perpetuity’ oil and gas rights

Saudi Arabia has cut the length of time that its state energy company has exclusive rights to the kingdom’s vast oil and gasfields, raising questions about Saudi Aramco’s long-term production and revealing a power struggle between the company and the government. Saudi Aramco’s concession agreement with the state has limited the amount of time in […]

Alaska is witnessing an oil renaissance

Crude oil output at Alaska’s North Slope could increase by as much as 40% in the next eight years. Fewer bureaucratic barriers and recent technology advancement continue to make North Slope popular among oil exploration operators. Alaska has the infrastructure for oil production, and was responsible for almost a fourth of US oil in 1997. […]

A Plan to Unlock Billions of Barrels of Oil From Utah’s Sands

Utah is a yawn amid the drilling frenzy that has upended the energy picture in recent years. It accounts for just one of every 100 barrels of oil produced nationwide. But a couple of executives who have spent decades hunting for oil across the Middle East, South America and Canada are betting that the next […]

Michael Lynch: North To Alaska! The Next Oil Boom

The media was all atwitter about the announcement that Alaska might be the next oil boom province, based on a new report from IHSMarkit which estimated that 28 billion barrels of recoverable resources remain in the Alaskan North Slope (where supergiant Prudhoe Bay lies), as well as significant amounts of natural gas (geologically significant, but […]

‘Peak Coal’ is Getting Closer, Latest Figures Show

Total global coal capacity continues to inch up, but a peak is on the horizon. In the first half of 2018, retired capacity has nearly matched newly operating plants and the global pipeline for proposed coal is quickly eroding. This is according to CoalSwarm’s latest Global Coal Plant Tracker results, which we completed in July 2018. Our figures confirm […]

Mexico Production and Reserves, 1H2018

Mexico oil production is in decline though, at the moment, not as steep as it was expected to be (at least by me – IEA predictions are closer). Data is through June and comes from Pemex and National Hydrocarbons Information Center (CNIH) (both sites are pretty good). For June C&C was 1870 kbpd, down 25 […]

BIG TROUBLE BREWING AT THE BAKKEN: Rapid Rise In Water Production Signals Red Flag Warning

Big trouble is brewing in the mighty North Dakota Bakken Oil Field.  While oil production in the Bakken has reversed since it bottomed in 2016 and increased over the past few years, so has the amount of by-product wastewater.  Now, it’s not an issue if water production increases along with oil.  However, it’s a serious […]

Oil Price Rise to Drive Up Drilling Globally

The rise in oil prices is feeding through into higher spending in the oil and gas sector and will continue to drive up drilling activity globally over the second half of the year and 2019, according to oil and gas analysts at Fitch Solutions Macro Research. “Globally, rotary rig counts have averaged 183 rigs higher […]

Saudi Aramco committed to meeting future oil demand

Saudi state oil giant Saudi Aramco remains committed to meeting future oil demand through continued investments, the kingdom’s Energy Minister Khalid Al Falih said in a company report on Friday. Saudi Energy Minister Khalid al-Falih attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia May 25, 2018. REUTERS/Sergei Karpukhin Aramco, which is […]

Is Deepwater Drilling More Profitable Than Shale?

Just as the U.S. shale patch is starting to look a little crowded, deepwater drilling could see a comeback. Royal Dutch Shell says that offshore drilling is now more competitive than onshore shale drilling, upending what has become conventional wisdom since the 2014 oil market meltdown. The downturn was thought to place a premium on […]

After Billions in Blowouts, Mega Oil and Gas Projects Are Back

Investors are about to find out whether the world’s largest oil companies have learned their lesson from $80 billion of cost blowouts in major projects during the era of $100 crude. From liquefied natural gas in Mozambique to deep-oil in Guyana, the world’s biggest energy companies are gearing up to sanction the first slate of […]

Saudi Arabia And Iran Reignite The Oil Price War

The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil. Saudi Arabia, OPEC’s largest producer, has been boosting oil production to […]

Rapid Depletion of Oil Reserves Continue to Influence Growth

Well interventions are used to avoid future problems in oil and gas wells, safely suspend production during storms or planned maintenance, clean and remove debris before completion and stimulation to rejuvenate production. In this regard, the well intervention market is anticipated to witness moderate CAGR during 2018 to 2026. This insight has been mentioned in […]

BP Is ‘On The Cusp’ of Delivering Huge Oil and Gas Results

Goldman Sachs reminded us just how bullish it is on BP PLC  (BP) . With a “buy” rating on the oil giant, analyst Michele Della Vigna wrote in a note to clients that “BP is on the cusp of delivering one of the industry’s strongest pipelines of new oil & gas projects.” That, coupled with several […]

Exxon Said to be Close to Hitting ‘Huge’ Oil Reserves Near Pak-Iran Border

ExxonMobil is “very hopeful” of success in discovering a “big cache” of oil off the Indus Delta, the Pakistan minister for maritime affairs and foreign affairs, Abdullah Hussain Haroon, has said in a press statement. “ExxonMobil has purchased a block of Pakistani deep sea drilling rights off the Indus Delta for exploration. Their drilling is […]

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