Shale Drives Uncertain New Geoeconomics of Oil

The emergence of fracking has modified the global market for fossil fuels. But the plunge in oil prices has diluted the effect, in a struggle that experts in the United States believe conventional producers could win in the next decade. The U.S. oil industry had peaked – when the discovery of new deposits and output […]

Oil Production ‘Falling Rapidly’

Bloomberg’s Scarlet Fu, Joe Weisenthal and Alix Steel weigh in on Energy Aspect’s report of the plummet in oil production. They speak on “What’d You Miss?”

United States Will Be Net Exporter of Natural Gas by 2017

The United States’ natural gas demand is currently growing at the fastest pace since the early 1970s, and demand growth has now supplanted supply growth as the cornerstone for the outlook of the U.S. natural gas industry over the next five years, according to a new CoBank research report. The newly issued report entitled “U.S. […]

Oil Depletion Likely Without Technology

Without the latest technologies to increase production, there is a good chance that Iranian oilfields will be exhausted in the near future, says the deputy for technology and international affairs at the Research Institute of Petroleum Industry. “Even if the country focuses all its energy on completing the value chain in oil and gas industries, […]

US Oil Production On Brink Of ‘Dramatic’ Decline

Oil executives warned on Tuesday of a “dramatic” decline in U.S. production that could pave the way for a future spike in prices if fuel demand increases. Delegates at the Oil and Money conference in London, an annual gathering of senior industry officials, said world oil prices were now too low to support U.S. shale […]

Russia Oil Giant Selling Assets

A refinery went to the Chinese. A stake in a Siberian oil field went to BP. And a large regional oil company widely expected to be gobbled up by Rosneft, the Russian state oil giant, remained on the balance of a government agency instead. With a powerful ally of President Vladimir V. Putin at the […]

Russia and Saudi Arabia to Continue Pumping Oil

Russia and Saudi Arabia—the world’s two biggest oil producers—indicated Friday they weren’t pulling back from huge crude output levels that have helped send prices tumbling. Russia said it produced oil in September at levels not seen since the fall of the Soviet Union, pumping an average of 10.74 million barrels a day, government data showed […]

US Shale Oil too Expensive, Peaks 1H 2015

According to EIA data, monthly US crude oil production peaked in April 2015 at 9.6 mb/d. Fig 1: US crude oil production to June 2015 http://www.eia.gov/dnav/pet/pet_crd_crpdn_adc_mbblpd_m.htm The above graph shows that US crude production increased by around 4 mb/d between mid 2011 and mid 2015, mostly from shale oil which took off – with a […]

The Shale Shock: How the world has changed

The world has changed. Although few yet understand it, the revolution in the production of oil and natural gas from shale has altered the course of global energy, affecting most of the world’s people. This is not a short-term event. Citizens, industries and nations will be impacted for decades to come. We are witnessing a […]

Will US/Canadian Oil Decline Go Global?

At the beginning of this year I noted that all of the growth in world oil production* since 2005 has come from two countries: the United States and Canada. And, I suggested that since the growth in production in those two countries came from high-cost deposits — tight oil in the United States and tar […]

JODI Data and Giant Field Depletion

I am starting this post off with a news article because it explains why JODI has U.S. production numbers wrong for July. No, U.S. Oil Production Probably Didn’t Rise in July The Joint Organizations Data Initiative (JODI) releases monthly oil supply-and-demand data for about 80 countries, which it gathers by directly surveying the countries. It is […]

EIA: Mexico among largest producers

Mexico is one of the largest producers of petroleum and other liquids in the world, the fourth-largest producer in the Americas after the United States, Canada, and Brazil, and an important partner in US energy trade. In 2014, Mexico accounted for 781,000 b/d, or 11% of US crude oil imports. Image from PEMEX. Mexico’s oil production has […]

JODI Data and Giant Field Depletion

I am starting this post off with a news article because it explains why JODI has U.S. production numbers wrong for July. No, U.S. Oil Production Probably Didn’t Rise in July The Joint Organizations Data Initiative (JODI) releases monthly oil supply-and-demand data for about 80 countries, which it gathers by directly surveying the countries. It is […]

Tight Oil Reality Check

Much of the cost-benefit debate over fracking has come down to the perception of just how much domestic oil and gas it can produce and at what cost. To answer this question, policymakers, the media, and the general public have typically turned to the U.S. Department of Energy’s Energy Information Administration (EIA), which every year publishes its Annual […]

Fracking Productivity Doubling Every Two Years

From fewer than 50 barrels a day in 2009 to 400 barrels today, fracking technology has advanced at a pace that has doubled oil well production every 2 years. That pace of productivity improvement is almost identical to the computer industry’s Moore’s Law, which expects the speed of processing chip to double every 2 years. […]

In a Mideast upset by cheap oil, more crude may enter market

Across a Mideast fueled by oil production, low global prices have some countries running on empty and scrambling to cover shortfalls, even as more regional crude is on tap to enter the market. While some Gulf nations rest on ample reserve funds, embattled Iraq is desperate to scrounge up more money for its fight against […]

Is This The End Of The U.S Shale Gas Revolution

While everyone is watching the oil bust, there is another bust going on – one for natural gas. Before there was a boom in oil production in the United States, there was the “shale gas revolution.” That is where we all became familiar with terms like “fracking.” And the Marcellus, Haynesville, and Barnett Shales were […]

Decline Rates Will Ensure Oil Output Falls in 2016

“It takes all the running you can do to keep in the same place. If you want to get somewhere else, you must run at least twice as fast,” the Red Queen told Alice in Lewis Carroll’s novel “Through the Looking-Glass”. Oil companies have to invest heavily simply to offset the impact of natural decline […]

OPEC August Production Flat

The latest OPEC Monthly Oil Market report is out with OPEC production numbers for August 2015. All charts below are in thousand barrels per day with the last data point August 2015. Not much has happened since June, OPEC 12 production was up 12,000 bpd in August that is well within the margin of error. All […]

Oil Production Is Likely To Fall Much Faster Than The IEA Predicts

Summary According to the IEA, oil production is due to fall by 0.5 million barrels per day next year in non-OPEC nations. While this is bullish for long-oriented investors, I believe it’s a big undershoot compared to what is likely to happen. With oil production in the U.S. alone having already taken a beating and […]

Gulf Oil Producers Ramp Up Price War as China, Supply Concerns Persist

The Persian Gulf’s biggest oil producers appear to be intensifying their price war in a competition to maintain their share of the Asian market amid uncertainty about the direction of the oil market in 2015. Saudi Arabia, Iran and Iraq all cut their official prices for October deliveries to Asia this month, amid new concerns […]

OPEC Is “Studying” a Proposal for Emergency Meeting

OPEC has made it clear: It will not cut oil production alone. However, it will consider a cut if other non-OPEC members join in. That, however, is easier said than done as other major non-OPEC producers simply can’t shut off their oil pumps quite as easily as some in OPEC can. Still, where there is a […]

US Collapse from Shale Oil

US Collapse from Shale Oil – Oil Wars Vol. 2 – #OilWars @FutureMoneyTren

Global Shale Output Decline Will Stabilize Oil Market

Russia’s energy minister expects that cuts in global shale oil production, which has been hard hit by lower oil prices, will help stabilize the fragile oil market. Alexander Novak also reaffirmed that Russia, one of the world’s top oil producers, would not cut its own production as it would lead only to a short-term recovery with […]

US Oil Production to Fall

Government forecasters on Wednesday said U.S. oil production fell to a nearly one-year low and that low crude prices are likely to keep U.S. production falling through 2016. The U.S. Energy Information Administration, in its monthly short-term energy outlook, said that production fell by 140,000 barrels a day in August from the prior month. Production […]

North Sea oil at ‘serious risk’ of shutdown

There is a “serious and urgent risk” that parts of the North Sea oil industry will be abandoned unless energy companies join forces to become more efficient, the man in charge of reviving the sector has warned. Andy Samuel, the head of the new Oil and Gas Authority, told the Financial Times that companies need […]

How Fracking Changed the Economics of Oil Production Around the World

The ‘fracking revolution’ has transformed the economics of oil production globally, with the US becoming a bigger producer than Saudi Arabia and – after decades of dependency on oil imports – even being able to export some of its surplus production. US shale oil is unusual, too, in being privately owned: most of the world’s oil reserves (over 70 […]

‘Strippers’ Pose Dilemma for Oil Industry

Steve Plants, vice president of Plants & Goodwin Inc. in Shinglehouse, Pa., still pumps crude oil from wells drilled in the 1890s. But with the price of crude below $50 a barrel, some of those low-producing wells, known as stripper wells, don’t turn a profit. Mr. Plants has permanently closed 10 wells, he says, and […]

Millennials: What they Really Think of the Oil, Gas Industry

While most of the news surrounding the oil and gas industry this year has involved the price of oil, a fair amount of conversations have included the Great Crew Change and how the new workforce majority – millennials – will fare in an industry led by seasoned professionals. Millennials have already surpassed baby boomers and […]

The EIA Changes Data Collection Methods

EIA begins monthly survey-based reporting of U.S. crude oil production With the release of today’s  Petroleum Supply Monthly, EIA is incorporating the first survey-based reporting of monthly U.S. crude oil production statistics. Today’s Petroleum Supply Monthly includes estimates for June 2015 crude oil production using new survey data for 13 states and the federal Gulf of Mexico, […]

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