OPEC Is Still Some Way Off an Oil Deal With Russia

  Bit early to start celebrating’ amid OPEC differences: Lien Optimism of Saudis, Russians sent oil prices higher on Monday Norway, western Europe’s largest oil producer, said OPEC is still some way off forging a deal to limit supply even as optimism from Saudi Arabia and Russia sent crude prices higher. “It’s a little bit early […]

OPEC production cut: Just another Saudi head fake?

What do you do when everyone is bugging you to do something, but you don’t want to do it? The simple answer is that you make it look like you are doing something in order to get others off your back. It is not always easy to tell what people’s intentions are. But we can […]

Oil Glut? Here Comes Some More!

Global oil markets are flooded with cheap crude, and concerns about climate change are growing louder. The last thing the world seems to be craving is the discovery of new large oil and natural gas fields. But such fields have been found in the last month. And two of them are in the United States […]

What Hubbert Practitioners, Art Berman, And The EIA Agree On With Shale Oil

Summary The dramatic production resurgence of two countries that peaked over 30 years ago is ironically changing perception of peak oil today. US shale oil is an indispensable prop keeping us from high oil prices. There is close agreement among the minds that should know on the longevity of the US shale oil revolution. Oil […]

PIRA Energy expects oil surplus to be gone by second half of 2017

The surplus in crude oil supply that has led to a two-year price rout has been eroding since the second quarter and will be “gone” by the beginning of the second half of 2017, PIRA Energy Group founder Gary Ross told reporters on Wednesday. A massive glut in oil brought crude prices crashing from the […]

Iran Signs New Model Oil Deal as It Vows to Pump More

Iran on Tuesday clinched the first oil-field deal designed to boost its production, vowing to pump more crude despite a collective OPEC deal to curb output. Iran’s oil ministry news agency Shana said the government had signed a $2.2 billion contract with a unit of Iranian company Tadbir Energy, which is controlled by a religious […]

Utica And Marcellus Natural Gas Production Defying The Skeptics

The Utica and Marcellus shale natural gas plays based respectively in Ohio and Pennsylvania have provided 85-90% of U.S. shale gas production growth since start of 2012. Their ongoing drilling efficiency is a key driver. In fact, increases in shale drilling efficiency have contributed to the breakdown of traditional methods that use rig counts to estimate oil and natural gas […]

Michael Lynch: Shale Oil Didn’t Kill Off Peak Oil

A number of recent articles have noted that “peak oil” seems to have fallen off the radar of most media and the public, and suggested that the rise of shale oil in the U.S. bears a large amount of the credit.  Peak oilers respond that shale oil is unconventional and hard to produce, plus “the […]

Eagle Ford Output Estimate and Future Scenario

Eagle Ford output is difficult to estimate as there are 20-25 separate fields that need to be followed to get a full picture. To save time, I have used Enno Peters’ data for horizontal wells from Districts 1 to 5 in Texas from his website shaleprofile.com, he has data through June.  Enno’s data is combined […]

Will growing Costs of new Oil Supplies knock against declining Consumers’ Affordability?

In this post I present developments in world crude oil (including condensates) supplies since January 2007 and per June 2016. Further a closer look at petroleum demand (consumption and stock changes) developments in the Organization for Economic Cooperation and Development (OECD) for the same period and what this implies about demand developments in non OECD. […]

Oil in the Arctic

What are the potential risks of oil drilling in the Arctic and how prepared is the world to handle a catastrophic spill? For years, the Arctic has been a frontline in the battle over the future of energy and climate change. Temperatures in the Arctic are rising twice as fast as the rest of the […]

The Mysterious Case of Big Oil’s Disappearing Barrels

If you ever find yourself at a cocktail party with a bunch of oil executives, one phrase is a guaranteed mood-killer: “reserve replacement.” Not merely awkward to say, it is the industry’s bogeyman. Because in a business chiefly concerned with getting stuff out of the ground, you need to replace that stuff pretty consistently unless […]

OPEC Production Cut: Saudi Arabia’s Big Gamble

OPEC came to its first agreement in eight years to reduce production, sending oil prices 5.3 percent higher on Wednesday. Bloomberg’s Javier Blas examines what the agreement means for Saudi Arabia and looks forward to the next OPEC meeting in November. He speaks on “Bloomberg Surveillance.

Saudis See Oil-Freeze Deal Possible in November, Not This Week

A deal by major oil exporters to freeze output may have to wait another couple of months. As producing countries gather in Algiers for talks on Wednesday, Saudi Arabia signaled for the first time it may accept the idea that Iran keep output at maximum levels but doesn’t expect an accord to be reached this […]

US Shale Firms Are Ready to Pump More

When oil prices began to plunge two years ago due to a global glut of crude, experts predicted U.S. shale producers would be the losers of the resulting shakeout. But the American companies that revolutionized the oil and gas business with hydraulic fracturing and horizontal drilling are surviving the carnage largely unbowed. Though the collapse in […]

OPEC Production Deal May Be On Hold

Given recent chatter about expectations and what individual countries are willing to do, analysts are looking to a formal meeting Nov. 30 for a decision announcement. As chatter from member countries and non-OPEC nations alike has grown increasingly incompatible, analysts are considering whether the meeting in Algiers, ostensibly to discuss a crude production freeze, will […]

After long delays, Kashagan oil to slowly come on stream

In about one month, the long-awaited production at the largest oil field of Kazakhstan – Kashagan – will finally be resumed. Earlier, the Minister of Energy of Kazakhstan Kanat Bozumbaev had announced October 23 of this year as the official start date of the Kashagan project. Kazakhstan’s largest oil field has proven to be quite […]

Fire breaks out on Pemex tanker in Gulf of Mexico

A fire broke out on an oil tanker of Mexican state oil company Pemex in the Gulf of Mexico on Saturday, forcing all the crew to be evacuated in the latest accident to plague the struggling firm. The blaze on the tanker “Burgos” occurred off the coast of Boca del Rio in Veracruz state and […]

Oil Investment Crash Could Continue For Another Year

Investment in upstream operations in the oil and gas industry shrank by a quarter last year and is expected to continue shrinking this year by another 24 percent. Next year could see a continuation of the trend, which will represent the longest investment decline period in the history of the industry, says the International Energy […]

Saudis Offer To Cut Production By 500,000 Barrels: “The Oil Market Situation Is Much More Critical”

Saudi Arabia’s oil policy, unveiled just under two years ago, at the November 2014 OPEC meeting where it effectively splintered the OPEC cartel by announcing it would produce excess quantities of oil in hope of putting shale and other high-cost producers out of business has backfired spectacularly: not only has OPEC failed to crush the […]

Why Iraq’s Oil Production Has Reached It Limits

Iraq has succeeded in ramping up oil production by more than 1 million barrels per day over the past two years, a remarkable achievement for a country that was torn apart by the lightning advances made by the Islamic State. But Iraq’s success could be running up against a wall at this point, as low […]

Iran Refuses To Cap Output, Clashes With Saudis Over Freeze

After oil spiked earlier on an anonymously-sourced Reuters “report” that Saudi Arabia has offered to cut production in exchange for an Iran production freeze, a proposal which was promptly shut down by third party observes, moments ago WSJ reporter Summari Said effectively killed this particular attempt to spike the price of oil when she reported […]

OPEC Production Freeze Never Likely To Happen

The Organization of Petroleum Exporting Countries (OPEC) will not impose a production freeze at a meeting next week, say oil and gas analysts at FirstEnergy Capital. “With some possibility that U.S. crude oil inventories have begun shifting lower and near-term negative price pressures seeing some relief, this might provide the basis for a non-decision by […]

Mexico, China and Beyond

This is a guest post by David Archibald. The opinions expressed in this post do not necessarily represent those of Dennis Coyne or Ron Patterson Mexico, China and Beyond Ron Patterson’s post asking if China’s oil production has peaked reminded me of Mexico which also produces mainly from supergiant fields. Mexico’s oil production peaked in […]

THE DEATH OF THE BAKKEN FIELD HAS BEGUN: Big Trouble For The U.S.

The Death of the Great Bakken Oil Field has begun and very few Americans understand the significance.  Just a few years ago, the U.S. Energy Industry and Mainstream media were gloating that the United States was on its way to “Energy Independence.” Unfortunately for most Americans, they believed the hype and are now back to […]

Can OPEC Remain the Ultimate Energy Superpower?

The 2016 OPEC (Organization of the Petroleum Exporting Countries) meeting in Algiers later this month has received undue importance from market analysts hoping that Kingdom of Saudi Arabia and non-OPEC producer Russia are seeking a freeze on production. Both have been fighting for market share in China, with Saudi Arabia unusually offering large volumes on […]

The Worst Oil Crisis Ever? IEA Sees Unprecedented Decline In Investment

“We see a broad shift of spending toward cleaner energy, often as a result of government policies,” Fatih Birol, the IEA’s executive director, said in a statement. “Our report clearly shows that such government measures can work, and are key to a successful energy transition. But while some progress has been achieved, investors need clarity […]

Global Oil Glut Set to Worsen as Nigeria, Libya Fields Restart

Exxon said to be on brink of resumption of top Nigeria grade Libya lifts export restriction on ports halted for months Amid the most enduring global oil glut in decades, two OPEC crude producers whose supplies have been crushed by domestic conflicts are preparing to add hundreds of thousands of barrels to world markets within […]

IEA Sees 8% Drop in World Energy Investment

Global energy investment in 2015 amounted to $1.8 trillion, down 8% (in real terms) from 2014, according to a survey published September 14 by the International Energy Agency. The drop mainly came from the upstream oil and gas segment, it said. “After three years during which the US was the largest destination for investment in […]

Iran studying Europe gas export plans

Iran says it is studying various options for exports of natural gas to Europe thus again reviving an ambitious plan that had been previously shelved due to sanctions as well as technical problems. Alireza Kameli, the managing director of the National Iranian Gas Export Company (NIGEC), was quoted by Iran’s media as saying that exporting natural gas […]

« Previous Page — Next Page »

LATEST NEWS HEADLINES

• Why the IEA is Wrong About Peak Oil Demand
• Did we inadvertently speed global warming?  
• Venezuela’s Oil Monopoly Eases
• Why Germany is Choosing Natural Gas Over Nuclear Power
• U.S. coal-fired electricity generation decreased in 2022 and 2023

• America Cracks Down on Methane Emissions from Oil and Gas Facilities
• Meet America’s Newest Oil Trader Extraordinaire: Joe Biden
• Is It Time To Refill America’s Strategic Petroleum Reserve?
• Oil prices set to end year 10% lower as demand concerns snap winning streak
• What’s Driving America’s New Oil and Gas Boom?
• China’s peak oil demand bombshell eviscerates Danielle Smith’s energy strategy