When Russia Conquered the World With White Oil

Russia is one of the world’s hydrocarbon superpowers, rich in coal, oil, and natural gas. The autocratic state’s economic and political power relies heavily on these natural resources. This history goes back to the early nineteenth century, when the Tsarist empire began conquering the Caucasus and Transcaucasian regions, capturing the oil-rich Baku region from the Persians. Russian oil […]

Saudis Said to Duel Rivals by Curbing Heavy Oil Over Light Crude

Saudi Arabia is staying in the battle for market share by continuing to pump the type of oil that’s similar to rival U.S. and African supply, while fulfilling its promise to cut output by focusing curbs on other varieties. The nation plans to idle some fields producing the Arab Medium and Arab Heavy grades to […]

Saudis, Russia To Diverge On Speed Of Oil Output Cuts

OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of 2017. Saudi Arabia and its Gulf allies are expected to implement most of their cuts immediately, but other producers both within and outside the Organization […]

2017: A Quiet Year For Oil?

After several years of turmoil, 2017 could provide investors with the mercy of a relatively quiet year for oil prices. There are reasons to be optimistic about prices going into the start of the year. The OPEC production cuts have shored up sentiment and set the stage for restrained production in the first half which […]

Saudi cabinet stresses need to implement oil output cut

Saudi Arabia stressed on Monday the importance of co-operation among oil producers to abide by a decision in November to cut production. OPEC agreed in November its first oil output cuts since 2008 after Saudi Arabia accepted “a big hit” on its production and dropped its demand that arch-rival Iran slash output. “The council (of […]

IEA Oil Market Report- December 2016

The IEA released highlights for the December Oil Market report in mid December. I have used information from the November report and assumed OPEC crude output will be 32.7 Mb/d and non OPEC output will be 500 kb/d below the November report supply estimate. I have also used the demand estimates from the December highlights.Based […]

OPEC cuts: ‘It’s inevitable. Somebody’s going to cheat”

‘It’s inevitable’: OPEC will cheat on output cuts, says analyst   23 Hours Ago | 00:53 OPEC’s first oil output cuts since 2008 take effect next week, but analysts see little chance members of the producer group will stick to their quotas. “It’s inevitable. Somebody’s going to cheat,” ClearView Energy Partners managing director Kevin Book told […]

Reservoir Damages May Stop OPEC From Cheating

OPEC oil production comes primarily from conventional reservoirs. These reservoirs require reservoir pressure management. Some have suggested that Saudi Arabia’s rationale for cutting production was to reverse the reservoir damage that overproduction has, or may have, caused. Preservation of reservoir integrity may ultimately limit “immediate” increases to inventories from OPEC. The temptation to cheat on […]

Has tight oil put ‘peak oil’ to rest? Not so fast: Fuel for Thought

Eighteen years ago, the International Energy Agency made an alarming and, by its own admission, controversial prediction. Global conventional oil output would peak well before 2020, it said, based on global oil reserve modeling of the day. Pondering the potential repercussions of Peak Oil for the first time, the West’s energy watchdog concluded that the […]

U.S. Shale Is Now Cash Flow Neutral

Oil prices are probably already high enough to spark a rebound in shale production. The IEA says that in the third quarter of 2016, the U.S. shale industry became cash flow neutral for the first time ever. That isn’t a typo. For years, the drilling boom was done with a lot of debt, and the […]

Peak Oil? Food For Thought

Some great statistics in this article. The theme: despite the current glut in oil, much of that due to the shale revolution, demand is likely to put stress on supply in the future. It appears, bottom line, IEA has simply moved the “peak oil” concern from 2020 to 2040. Some data points: 1998: IEA forecast […]

Why Oil Markets Don’t Have To Worry About Libya

In the wake of recent developments, Libya’s National Oil Corporation now has full control over all its oilfields and export terminals. After the recapture of the Eastern region export terminals by the Libyan National Army (LNA) last September, and the recent announcement by the Petroleum Facilities Guard (PFG) to reopen the Al-Ryayna oil pipeline, the […]

Glancing at 2017 Bakken Activity Expectations

Short updates from major Bakken operators and drilling rig providers on early 2017 investment plans, DUC strategies and outlooks on the current state of the industry. By The Bakken Magazine Staff | December 20, 2016 With $400 million budgeted for all of its operations in 2017, Enerplus will spend roughly 70 percent in North Dakota. […]

The Oil And Gas Situation – 2016 Year In Review

In the history of the oil and natural gas industry in the United States, 2016 will be remembered as one of the most eventful in terms of major market developments, asset transactions and developments in public policy. As we approach year’s end, I thought it would be interesting to take a look at some of […]

Libya Halts Relaunch of Oil Production at Western Fields

Libya’s National Oil Co. has for now stopped the relaunch of production at oil fields in the country’s west, Libyan officials said Sunday, after a militia threatened to block the petroleum from reaching the market. The aborted restart is a blow for Libya’s oil industry, which has been counting on the country’s big western fields […]

Russia sets up oil-production monitoring group

A handful of Russian oil companies are expected to form a working group to monitor coordination with production agreements, the Russian oil minister said. Russian Oil Minister Alexander Novak said representatives from 12 oil companies in the country agreed to work together to monitor the terms of an agreement to cut oil production during the […]

David Hughes: 2016 Tight Oil Reality Check

Every year, the U.S. Department of Energy’s Energy Information Administration (EIA), publishes its Annual Energy Outlook (AEO) in which U.S. energy supply is forecast through 2040. The EIA’s yearly AEO has enormous influence with policymakers, the media, and through them the general public. The AEO influences government policy and industry investment. In 2014, Earth Scientist […]

Unconventional Approach To Conventional Pressure Pumping

Increasing environmental regulatory pressures to reduce emissions and noise have operators looking for unconventional solutions to provide relief. Technology advancements are addressing these issues in a cost-effective and efficient manner in this lower-for-longer market. One solution is through the use of next-generation electric-powered hydraulic fracturing systems. As a full service electric-hydraulic fracturing company, Evolution Well […]

Bakken Oil Production Up Over 70,000 BPD

North Dakota just released their production numbers for the Bakken as well as for all North Dakota The numbers are shocking. The Bakken is up 70,798 bpd to 991,722 bpd and all North Dakota was up 71,447 bpd to 1,043,207 bpd. The EIA’s drilling productivity report really missed the ball on this one. Bakken bpd […]

OPEC, Non-OPEC Agree First Global Oil Pact Since 2001

OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of […]

ExxonMobil says to return to Russian Arctic once sanctions lifted

Glenn Waller, the head of ExxonMobil operations in Russia, said on Tuesday that the company will return to its joint oil project with Rosneft in the Russian Arctic once sanctions against Moscow are lifted. The oil major had to withdrew from the drilling project with Rosneft in 2014 when the West imposed sanctions against Moscow […]

EIA’s Short-Term Energy Outlook

The EIA has just released its Short-Term Energy Outlook. Some of their projections should be taken with a grain of salt because they usually change every month. Nevertheless… All US production is Crude + Condensate. All other production numbers are total liquids. The data is in million barrels per day. The EIA has US production […]

Iran says it can sell as much oil as it wants

Iran can sell as much crude oil as it wants to thanks in part to a multilateral nuclear agreement that eased crippling sanctions, the country’s president said. Iran has been opening its economic doors to potential investors after so-called Implementation Day, when the country was verified as meeting the terms of a U.N.-backed nuclear agreement, […]

How Does US Shale Oil Respond to OPEC Cuts?

Pierre Andurand, founder and chief investment officer at Andurand Capital, examines the expected gains in U.S. shale oil production as prices rise in response to OPEC’s production cut. He speaks on “Bloomberg Daybreak: Americas.”

Trump’s Cruel Promise to Bring Jobs Back to Coal Country

Paul Lewis and Tom Silverstone asked out-of-work coal miners why they supported Donald Trump. The answer was simple. Hillary Clinton literally promised that if she were elected, there would be “a lot of coal miners out of work.” Donald Trump promised to reopen the coal mines and get miners back to work. But that’s unlikely […]

Decommission Spending May Skyrocket 540% to $210 Billion

Decommission spending for aging offshore oil and gas assets is on track to increase dramatically from $2.4 billion in 2015 to $13 billion each year by 2040, according to an IHS Markit study. Currently, the industry decommissions an average 120 projects around the world. During the next five years alone, more than 600 projects are […]

America can double its oil production, says fracking pioneer Harold Hamm

U.S. drillers have the ability to double the country’s oil production to 20 million barrels a day, but doing so too soon would tank oil prices, Continental Resources CEO Harold Hamm said Thursday. Hamm, who made his fortune by pioneering new drilling methods in North Dakota’s Bakken Formation, did not offer a timeline for when […]

US and Saudi Arabia establish new relationships with oil

When gasoline prices spike over the next few days, find some comfort in knowing that the extra money will benefit struggling Texas companies and the U.S. economy. Admittedly, the idea that higher oil prices could benefit the U.S. is radical. Historically, higher oil prices have dragged down the economy by taking more money from American […]

Economic Reality Won Out in OPEC Deal: Yergin

Daniel Yergin, vice chairman at IHS Markit, examines OPEC’s agreement to cut production for the first time in eight years and how the deal may affect the global oil market and producers. He speaks on “Bloomberg Daybreak: Americas.”

Crude Cut Could Push Oil to $75 Per Barrel in 2017

Following months of global oil market angst, OPEC has pledged to cut its production by almost 1.5 million barrels per day (MMbpd) – a greater target than proposed when the cartel last met in Algeria. This first OPEC accord in eight years is designed to accelerate the rebalancing of a market that has shown some […]

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