Activists hail North Sea oil ‘death blow’ as Shell walks away

A major North Sea oil project which it was claimed would help secure UK energy supplies has been plunged into crisis after Shell pulled out citing doubts about its viability, amid a lack of political support in Westminster and Holyrood. The Cambo oil field off the Shetland Islands was set to create an estimated 1,000 […]

New Type of Price War is Brewing

A new and unchartered type of price war is brewing in the oil market, according to Rystad Energy’s senior oil markets analyst Louise Dickson. Dickson made the statement in a comment sent to Rigzone after the world’s biggest oil consumers announced plans to release strategic reserves onto the market. “The orchestrated release of what we […]

Musings on OPEC+ spare capacity

OPEC+ countries’ seaborne exports for October and the first half of November have seen a clear increase. Amid other factors, this has helped pause the oil price rally over the last couple of weeks. But the flip side of OPEC+ production increases is always a mirroring decline in spare capacity. A look at the details […]

OPEC+ Tells the World: Your Energy Crisis Isn’t Our Problem

OPEC+ ignored demands for a bigger oil-production increase, instead blaming their customers’ economic woes on soaring prices of natural gas and coal.   “Oil is not the problem,” Saudi Energy Minister Prince Abdulaziz bin Salman told reporters after a meeting on Thursday, when the cartel emphatically rejected President Joe Biden’s request to quicken the pace […]

Visualizing US Oil & Gas Production

This article contains still images from the interactive dashboards available in the original blog post. To follow the instructions in this article, please use the interactive dashboards. Furthermore, they allow you to uncover other insights as well. Visit ShaleProfile blog to explore the full interactive dashboard These interactive presentations contain the latest oil & gas […]

Canadian Oil Collapses at U.S. Hub as Refiners Shun Heavy Crude

  Canadian heavy crude’s price collapsed at the U.S. trading hub of Cushing as refiners shun heavy and higher-sulfur crude for lighter grades that are less expensive to process in refineries. Western Canadian Select’s discount for December to West Texas Intermediate widened to $9 a barrel at Cushing as of Wednesday, the steepest in about […]

Saudi Arabia announces net-zero by 2060

One of the world’s largest oil producers, Saudi Arabia, announced Saturday it aims to reach “net zero” greenhouse gas emissions by 2060, joining more than 100 countries in a global effort to try and curb man-made climate change. The announcement was made by Crown Prince Mohammed bin Salman in brief scripted remarks at the start […]

A late phase reflection on global oil

My basic beef with working in the oil industry has always been the obliviousness of the industry to the fossil fuel issue. I became quite disillusioned and began speaking up here and there in a reckless Clint Eastwood go ahead and make my day kind of way. Speaking up became a pastime. I did it […]

USA Oil Production Outlook Set to Grow

The U.S. oil production outlook is set to grow over the next five years from 10.96 million barrels per day (MMbpd) in the beginning of 2021 to more than 12.9 MMbpd by 2030. That’s according to GlobalData, which noted that the biggest growth is expected to happen in the Permian Basin. In a statement sent […]

The Key to U.S. Domination of Global Natural Gas Markets

One of the byproducts of U.S. oil fracking is lots of extra natural gas. But without a way to get it to coastal shipping locations, much of it is simply burned off, wasting the gas and adding to global warming. But if more pipelines could be built, the U.S. could become a much bigger force […]

Could we be hitting natural gas limits already?

Many countries have assumed that natural gas imports will be available for balancing electricity produced by intermittent wind and solar, whenever they are needed. The high natural gas import prices recently being encountered in Europe, and especially in the UK, appear to be an indication of an underlying problem. Could the world already be hitting […]

Texas adds 2,800 oil exploration and production jobs in August

Oil exploration and production companies in Texas added 2,800 jobs in August as the industry continues to recover from the pandemic-driven oil bust. The state’s upstream sector has recovered 19,700 jobs since employment bottomed out a year ago, about a third of the 60,000 jobs lost during the pandemic last year. The state has 178,500 […]

The U.S. Remained The World’s Top Oil Producer In 2020

Earlier this month BP released its Statistical Review of World Energy 2021. The Review provides a comprehensive picture of supply and demand for major energy sources on a country-level basis. Each year, I do a series of articles covering the Review’s findings. In the previous article, I discussed the trends in global carbon dioxide emissions. Today, I want to […]

Forget About Peak Oil – We Haven’t Even Reached Peak Coal Yet

Despite all the heavy dissemination of narratives and talking points about a “climate emergency” and the “energy transition” during 2021, the ongoing economic recovery from the COVID-19 pandemic proves that the world still heavily relies on fossil fuels to provide its constantly growing energy needs. Indeed, as the pushers of Peak Oil demand theory try […]

US May Oil Production Growth Surprises

All of the oil (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM. After the production charts, an analysis of three EIA monthly reports that project future production is provided. The charts below are updated to May 2021 for the 10 largest US oil producing states. U.S. […]

IEA’s roadmap shows difficult journey to net zero

Polarised responses to the International Energy Agency report on achieving net zero emissions by 2050 reveal the enormous challenges of the goal and differences about whether it is realistic in the timeframe. Like the Rorschach inkblot test, reactions to the report reveal more about the reader’s own views on how energy and climate systems change […]

The Saudi prince of oil prices vows to drill ‘every last molecule’

A Boeing 767 passed over the Red Sea, turning east into Saudi Arabia. A commercial version of the aircraft can carry around 260 passengers. Inside, Saudi Energy Minister Prince Abdulaziz bin Salman and a dozen or more aides were on their way home from a tumultuous meeting at OPEC’s headquarters in Vienna the day before. […]

The “mother-frackers” of shale now resemble OPEC

AN HOUR AFTER dawn Scott Sheffield is at the window of his 2,300-acre (930-hectare) Forked Lightning ranch in New Mexico, contemplating a day’s fishing. The estate, formerly owned by Jane Fonda, has four miles of river running through it. It’s muddy at the moment, he says, but on a good day a fly fisherman can […]

US shale sees light at the end of a tunnel

The US oil and gas sector collapsed in the market turmoil caused by COVID-19 last year, but the US shale patch is back on track and looks still healthy. The US oil and gas sector is recovering from last year’s market downturn. But unlike the boom-and-recession cycle of the past, the industry has postponed production […]

Is The World Sleepwalking Into An Oil Supply Crunch?

Under-investment in oil supply will lead to a tight oil market later this decade. It’s a narrative that’s gained increasing traction as capital expenditure on upstream oil and gas has shrunk. Spend in 2021 is half the peak of 2014 after slumping to new depths in last year’s crisis. I asked Harry Paton of our […]

How Will USA Oil Production Evolve to 2023?

U.S. crude oil supply will only marginally increase this summer. That’s according to Rystad Energy’s latest analysis, which forecasts that U.S. crude output is forecast to grow by 60,000 barrels per day to 11.51 million barrels per day (MMbpd) in July and remain at the same level in August. A dip is then expected in […]

Visualizing US Oil & Gas Production

This article contains still images from the interactive dashboards available in the original blog post. To follow the instructions in this article, please use the interactive dashboards. Furthermore, they allow you to uncover other insights as well. Visit ShaleProfile blog to explore the full interactive dashboard These interactive presentations contain the latest oil & gas […]

US April Oil Production Flat – Peak Oil Barrel

All of the oil (C + C) production data for the US state charts comes from the EIAʼs Petroleum Supply monthly PSM. After the production charts, an analysis of three EIA monthly reports that project future production is provided. The charts below are updated to April 2021 for the 10 largest US oil producing states. U.S. […]

Iran Says It Can Quickly Hike Oil Output If Sanctions Are Lifted

Iran’s Oil Minister Bijan Namdar Zanganeh said his country has taken “many measures” to ensure it can raise crude production in “a very short time” if U.S. sanctions are lifted, the state-run Shana news agency reported. World powers have worked for months trying to broker an agreement between Iran and the U.S. that would restore […]

How colonialism’s legacy makes it harder for countries to escape poverty and fossil fuels today

While fossil fuels were powering wealthy nations’ economic growth in the 19th and 20th centuries, many countries across the Global South remained largely impoverished. Today, all that burning of oil, coal and natural gas has warmed the planet toward dangerous levels, and science shows that fossil fuel use must decline to slow climate change. At […]

Peak Oil: The Continuous Climb

Scientists, philosophers, and engineers have been predicting the eventual peak of oil production for decades, but each estimate has been incorrect. Was 2019 the year of peak oil? What are factors contributing to a decline in production? What are the newest estimates for peak oil? All of this and more in the first episode of […]

February Non-OPEC Oil Production Sinks

Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIAʼs International Energy Statistics and updated to February 2021. Information from other sources such as OPEC, the STEO and country specific sites such as Russia, Norway and China is used to provide a short term outlook […]

OPEC told to expect limited U.S. oil output growth, for now

OPEC officials heard from industry experts that U.S. oil output growth will likely remain limited in 2021 despite rising prices, OPEC sources said, giving it more power to manage the market in the short term before a potentially strong rise in shale output in 2022. Officials from OPEC’s Economic Commission Board (ECB) and external presenters […]

One day in May and Big Oil’s future

May 26, 2021 is not “a date that will live in infamy,” unless you work in the oil and gas industry. That day saw three events across the world being cited as the “end to Big Oil.” In The Netherlands, a Dutch court ruled Shell Oil must accelerate its carbon emissions reduction efforts to comply […]

IEA Tells OPEC To “Open The Taps”

Oil prices climbed on Friday as the IEA boosted optimism about global oil demand recovery. Friday, June 11th, 2021 Oil prices showed modest gains on Friday, after a selloff on Thursday. Oil prices drop after U.S. lifting sanctions on Iranian officials. The U.S. Department of the Treasury said on Thursday it is removing several Iranian […]

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