US Shale Oil Output To Double By 2035

U.S. shale oil production will double over the next 20 years as drillers that became more efficient amid a slump in oil prices unlock new resources, British energy giant BP said on Wednesday. In its industry benchmark 2035 Energy Outlook, BP forecast global demand for energy to increase by 34 percent, driven by growth in […]

IEA sees global oil glut worsening

The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said. The agency, which coordinates energy policies of industrialised countries, said that while it did not believe oil prices […]

Concerns About Supply Persist As Conventional Crude Slides

At the outset of the global economic meltdown in 2008, the world was already bracing for another crisis: peak oil. Predictions that oil production would soon top out flooded the airwaves, stoking fears of a global oil shortfall and fueling speculation of prices at hundreds of dollars a barrel. “People have been trying very hard and […]

Oil Production Is Going To Drop And Oil Prices Are Likely To Increase

Rystad Energy, an independent oil and gas consulting services and business intelligence data firm in Oslo, Norway, has online, a wealth of information concerning upstream oil production projects and costs. Some of it is a bit dated but some of their charts date from late 2015. The two below Rystad charts were published by CNN Money […]

Will Non-OPEC Oil Production Collapse In 2016?

The IEA Oil Market Report, full issue, is now available to the public. Some interesting observations: Non-OPEC oil supplies are sharply lower in December. Overall supplies are estimated to have slipped by more than 0.6 mb/d from the month prior, to 57.4 mb/d. A seasonal decline in biofuel production, largely due to the Brazilian sugar […]

The IEA’s Oil Production Predictions for 2016

The IEA Oil Market Report, full issue, is now available to the public. Some interesting observations: Non-OPEC oil supplies are nevertheless seen sharply lower in December. Overall supplies are estimated to have slipped by more than 0.6 mb/d from the month prior, to 57.4 mb/d. A seasonal decline in biofuel production, largely due to the […]

The Most Prolific Natural Gas Region Is In Decline

Summary In this piece, I decided to examine the decline rates, rig counts, and rig productivity numbers to see what the future looks like for the Marcellus shale. According to my findings, it looks as though output in the region is slated to fall hard this year unless rig counts rise materially. As the most […]

Collapse Of Shale Gas Production Has Begun

This is a guest post by Steve St. Angelo of SRSroccoReport.Com. All opinions expressed in this post are his and do not necessarily reflect those of Ron Patterson. The U.S. Empire is in serious trouble as the collapse of its domestic shale gas production has begun.  This is just another nail in a series of […]

Venezuela Tries to Convince Oil Nations to Cut Production

Oil Minister Eulogio Del Pino meets Russia’s Novak Monday OPEC’s oil production hits record high after Indonesia joins Venezuela’s Oil Minister Eulogio Del Pino faces an uphill battle persuading Russia and Saudi Arabia to cooperate in cutting oil production amid a supply glut that has pushed prices down more than 30 percent in the past […]

Low oil prices produce calamity

Economic calamity is what to expect from a prolonged period of low oil and gas prices. In fact, it’s already happening. Job losses, corporate loan defaults, reduced investments and an end to the recent reshoring trend are all propelling the U.S. toward recession. While conventional wisdom suggests we celebrate low oil prices as a consumer […]

A Look At Millions Of Barrels Of Unaccounted For Oil

Summary Over the past few weeks, I’ve been trying to look at data that covers all of the U.S’ domestic oil production in an effort to plot out future output. Ultimately, I was able to conduct an analysis of most of the domestic oil picture but around 2.5 million barrels were left unaccounted for. In […]

Is Non-OPEC Beginning Serious Decline?

The EIA’s Monthly Energy Review just came out. They have the U.S. production numbers through December along with World, OPEC C+C, Non-OPEC and selected Non-OPEC nations through October. Notice: When I use the term “peaked” below, I am referring to the most recent peak, not the all time peak and not necessarily the final peak. […]

Saudi Aramco – the $10 trillion mystery at the heart of the Gulf state

Along the King Fahd highway in downtown Riyadh, signs of the country’s wealth glitter and dazzle. Monuments include the massive Kingdom Centre – instantly recognisable by the giant bottle-opener feature formed by its two wings – and the beautiful and futuristic Faisaliyah building. New ones are still rising, like the King Abdullah financial district, still […]

Iran’s Crude May Be Just another Drop in the Barrel

The world is awash in crude and overwhelming dwindling consumer demand. And just this week, the Western world responded by unleashing half a million barrels every day of Iranian oil, threatening to crush dismal commodities prices to stupefying lows. Or so many theories go. But the energy sector in 2016 is in a different world […]

A Closer Look at OPEC

Taking a closer look at OPEC. All OPEC and price data below is through December. All production data is in thousand barrels per day. Iran and Libya have had serious political disruptions in their production numbers. Simply adding them to the OPEC numbers distorts the picture. To try to figure out what has been happening […]

Saudi Increasing Domestic Oil Costs

As Saudi increases domestic Costs, are we going to be seeing an ‘Arab Spring’ event in Saudi ? msn.com

OPEC At Peak Production

The OPEC Monthly Oil Market Report is out. OPEC took a hit in December, down 205,000 barrels per day. After examining the past and present production numbers, I believe that OPEC, except Iran, has peaked. That is, the combined production from all the other OPEC nations, has peaked. And any additional production from Libya is likely […]

The Fracking Year 2015

On New Year’s Eve the players in the fracking industry popped their champagne corks but it was not to celebrate wonderful success as they had done the year before. Rather it was to drown their sorrows. The USA’s Energy Information Administration (EIA) has now released this year’s first Drilling Productivity Report so we can now […]

OPEC Sees Deeper Decline in Rivals’ Supply as US Shale Falters

OPEC forecast a steeper decline in supplies from rival producers this year as the oil-price crash hits the U.S. and Canada. Production outside the Organization of Petroleum Exporting Countries will drop by 660,000 barrels a day, the group said Monday in its monthly market report, deepening the decline from its previous estimate by 270,000 barrels […]

Iran Orders Oil Output Boost

Iran has ordered a rise in oil output by 500,000 barrels a day following the lifting of sanctions, official media reported, but fellow OPEC member the United Arab Emirates said any extra crude would delay the market’s recovery. Iranian officials have said repeatedly in recent days that they were ready to raise output by half […]

The great condensate con: Is the oil glut just about oil?

My favorite Texas oilman Jeffrey Brown is at it again. In a recent email he’s pointing out to everyone who will listen that the supposed oversupply of crude oil isn’t quite what it seems. Yes, there is a large overhang of excess oil in the market. But how much of that oversupply is honest-to-god oil […]

Half of US shale drillers may go bankrupt

Half of U.S. shale oil producers could go bankrupt before the crude market reaches equilibrium, Fadel Gheit, said Monday. The senior oil and gas analyst at Oppenheimer & Co. said the “new normal oil price” could be 50 to 100 percent above current levels. He ultimately sees crude prices stabilizing near $60, but it could […]

Meet Manifa (And Other Giant Oil Projects) That Will Add To The Global Oil Glut

World oil consumption is more than 90 million barrels a day. Between 2009 and 2014 oil was traded for about 110 dollars a barrel; now oil is changing hands for 32 dollars a barrel. Roughly a 7-billion-dollar cash flow a day is vanishing from the global market. Norway’s sovereign wealth fund that has accumulated a […]

Automation of Oilfield Operations to Double by 2020

IDC Energy Insights, a market provider of intelligence for the global technology industry, forecasts that the top 50 percent of oil and gas companies will double down on oilfield operation automation to double the productivity of those operations by 2020. The digital oilfield initiatives of the last decade spawned an investment in greater instrumentation and […]

Where Actually is that Much-hyped Global Oil Glut?

The media is full with news that there is a global oil glut. There are now more than 3bn barrels of excess oil in the world 13/11/2015 Record oil glut stands at 3bn barrels 13/11/2015 It was parroted by the Australian public broadcaster ABC TV, using this (unsuitable) opportunity to take a swipe at peak oil: Peak […]

BAKKEN – Single Well Economics

This is a guest post by Ciaran Nolan Disclaimer The opinions and views expressed in this presentation are solely those of the author and not necessarily those of any organisation. Introduction This presentation builds upon earlier work carried out by the author in May 2015 on the North Dakota (ND) Bakken / Three Forks Light Tight Oil (LTO) Play […]

Thanks to technology, we’re not going to run out of oil

If you read Stephen Moore’s column, he noted how the consensus over oil is wrong. We’re not running out of oil. In fact, many have been saying we’re going to run out since the 1930s: These stupid predictions of the end of oil have been going on for most of the last century. Just over […]

Saudi Arabia won’t stop pumping oil

Saudi Arabia will continue to pump record amounts of oil in the face of decade-low energy prices, the kingdom’s oil minister has said. The world’s largest single producer of crude oil said it would not relent in its policy to flood the world’s oil markets, and had additional capacity to meet further global demand. “We […]

$10 Trillion Investment Needed To Avoid Massive Oil Price Spike

OPEC says that $10 trillion worth of investment will need to flow into oil and gas through 2040 in order to meet the world’s energy needs.  The OPEC published its World Oil Outlook 2015 (WOO) in late December, which struck a much more pessimistic note on the state of oil markets than in the past. On the […]

Saudi Arabia’s vice minister of petroleum and mineral resources on the state of the global oil industry

“Around $200 billion of investments in energy have been canceled this year, with energy companies planning to cut another 3 to 8 percent from their investments next year. This is the first time since the mid-1980s that the oil and gas industry will have cut investment in two consecutive years.” Prince Abdulaziz bin Salman al […]

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