OPEC Oil Output Surge Boosts Surplus

OPEC said its oil output surged in March, adding to a global glut, despite more evidence that the producer group’s strategy of letting prices fall to hurt other producers is taking effect. OPEC’s report may reinforce the perception that major producers are staking out market share ahead of a potential rise in Iranian exports following […]

North Dakota Oil, Gas Production Declines Continue

For the first time in more than four years, oil/natural gas production in North Dakota’s Bakken Shale play declined for two consecutive months, but the state’s chief regulator said Tuesday he expects things to turn around when June statistics are released. In the meantime, further monthly declines of 1-2% are expected. In the latest report […]

Has The U.S. Reached “Peak Oil” At Current Price Levels?

Last night the EIA once again capitulated on the myth that rig counts don’t matter and the productivity of wells would largely offset, leaving the industry on a continuous path to higher output. The current consensus of 500,000 B/D additional growth in 2015 US production now appears very much at risk. Look how far we […]

Health Impacts of Shale – “Not A Single Case”

Dr. Theodore Them will be on WBNF tonight to discuss his rebuttal of Howard Zucker’s infamous health report – the one used to gut the Southern Tier’s future. Many NaturalGasNOW readers know Vic Furman and I do a radio show on WBNF Radion 1290 in Binghamton from time to time on behalf of the Joint […]

U.S. on track for record oil production in 2015

American oil production is booming — despite the crash in crude oil prices. Rystad Energy estimates U.S. oil production will average 9.65 million barrels per day in 2015, exceeding the previous all-time record set in 1970. It’s an unusual time to have a record-breaking year. The world currently has too much oil. The supply glut […]

Drilling for oil as water runs short

Manicured lawns will give way to arid, drought-tolerant landscaping. Homeowners will retrofit bathrooms with low-flow toilets. Golf courses, cemeteries, and college campuses will turn off the sprinklers. As the Golden State braces for a historic, four-year drought to continue into the summer, Gov. Jerry Brown (D) is imposing unprecedented measures to fight a water shortage […]

North America’s changed energy supply situation according to BP

In June 2014 BP presented its latest Statistical Review of World Energy. Now, in March, they have used these statistics to make estimates of future energy use. The results were presented in BP Energy Outlook 2035. This year, BP has made a special analysis of North America, i.e. Canada, the USA and Mexico. But before […]

China to built Pak-Iran natural gas pipeline

As Iran is about to sign a nuclear deal, Pakistan will also get the benefit of that in shape of Pak-Iran natural gas pipeline which is expected to be built by China. According to Wall Street Journalist, the agreement of building the pipeline will be signed when Chinese president Xi Jinping will pay a visit […]

The EIA’s International Energy Outlook 2014

Last year I posted a lot of data published in the EIA’s Annual Energy Outlook 2014 published in May of last year, and the next one is due out Tuesday April 14. We are looking forward to that. But the EIA’s International Energy Outlook 2014, published last September, completely slipped by me. How did I miss […]

U.S. oil production is probably peaking right now

U.S. crude production will peak this month, according to revised forecasts published by the country’s Energy Information Administration (EIA). Output will average 9.37 million barrels per day (bpd) in April and the same in May before falling to 9.33 million bpd in June and 9.04 million bpd by September, the EIA predicted in the April […]

America’s Top 100 Oil Fields

 With everyone’s attention in recent months falling squarely on the US oil industry, and specifically how much longer various shale companies will be able to keep operating now that Saudi Arabia is openly on a war path with US marginal producers, we thought it may be an opportune time to remind readers just where America’s […]

Saudi Arabia boosts crude oil production to highest level on record

Output reaches 10.3m barrels a day in March as kingdom responds to unexpectedly strong global demand. Saudi Arabia has revved up crude production to its highest rate on record, feeding unexpectedly strong demand from foreign refiners and increased capacity at home. The oil minister, Ali al-Naimi, said on Tuesday the country produced 10.3m barrels per […]

The Bakken bust continues

In North Dakota’s Bakken shale oil play, the drilling boom has gone bust. It may only be a temporary bust—but aren’t all booms, and all busts? Here I show a compilation of the latest data from North Dakota, assembled in advance of the state’s monthly release. Production was down 1.5 percent from January to February, […]

Oil production to decline 0.7 to 8 percent

The Federal Reserve Bank of Kansas City today forecasted that domestic oil production could fall by as much as 8 percent in 2015. The central bank said oil and gas production has increased by more than 50 percent since 2005, but things could be sliding backward with low prices. “With oil prices at about half […]

U.S. leads global oil and gas production for third year

For the third year running, the U.S. produced more crude oil and natural gas than any other country in the world in 2014. More oil than Saudi Arabia. More gas than Russia. And it’s happening at time when the U.S. is trying to take a leadership role in slashing greenhouse gas emissions to avert the […]

Underground Coal Gasification, the next extreme energy front?

After over a century of coal ash and colliery waste dumping, the Tyne and Wear coastline is no stranger to industrial pollution. But soon a horrific new technology – underground coal gasification (UCG) – will endanger human health and the environment, backed by unflinching Government support and generous lashings of taxpayers’ money. The toxic by-products […]

Safe, Responsible Arctic Drilling For Our Future

News that the Interior Department has reaffirmed Shell’s right to drill in the Chukchi Sea off the Alaskan coast is an important step toward to Arctic energy development. While the company still must secure individual drilling permits and overall federal approval of its exploration plan, this week’s action advances the larger objective of safe and […]

ExxonMobil CEO Says Arctic Oil Is Needed to Meet Future Demand

The Arctic is the next great frontier for oil and gas — and one of the most environmentally fragile places on Earth. An Energy Department advisory council study adopted last week said the U.S. should start exploring for oil and gas in the Arctic soon in order to feed future demand, and that the industry […]

What Will The Death Of The Great Bakken Oil Field Look Like?

Very few Americans realize just how bad the domestic energy situation will become in the next several years.  While U.S. shale oil production has surged over the past five years giving Americans a false sense of energy security, the next five years will certainly destroy this myth once and for all. Unfortunately, there still seems […]

How the Eastern Mediterranean Could Supply Natural Gas to Europe

As Europe is seeking sources of natural gas to serve as an alternative for the politically sensitive Gazprom supply, a massive gas source presents itself for exploration and production. Whether this will happen or not depends on Turkey, a potential transit country. The development of the Leviathan field offshore Israel and of the Aphrodite natural-gas […]

Russian oil output hits post-Soviet high

Russia’s oil output hit a post-Soviet record high monthly in March, Energy Ministry data showed on Thursday. Below are details about Russia’s oil output: * Production reached an average of 10.71 million barrels per day (bpd) in March, up 0.6 percent from February, helped by higher production at Gazprom and Rosneft. * Previous monthly high […]

Goldman Sachs: US needs to cut, not OPEC

The onus for restoring the oil price back to an equilibrium lies squarely on the shoulders of countries like the U.S. and not on the Organization of the Petroleum Exporting Countries (OPEC), a top Goldman Sachs analyst told CNBC. Michele Della Vigna, head of European energy research at Goldman Sachs, said non-OPEC oil producers had […]

Pemex platform fire kills one worker, injures 45

A fire at a shallow-water oil platform in the Gulf of Mexico has killed four workers, injured 16 and forced the evacuation of 300, Mexico’s state-owned oil company said Wednesday. Petroleos Mexicanos, or Pemex, said on its Twitter account that the death toll had risen from one to four. In an earlier statement, the company […]

Oil Drilling: another Seneca Cliff

The concept of an impending “Seneca cliff” seems to be making inroads in the debate, even though it may not be given that name. For example, watch the animation above on “Bloomberg.com” The crash in oil prices kicked off intense debate over when, and how, American producers would react. So far they’re still cranking out […]

EIA Forecasts 2015 Natural Gas Production

Weather – a major catalyst The weather is the major driver of natural gas prices. By watching the weather, investors can get an idea of how prices will likely move in the short term. These prices in turn drive short-term movements in stock prices of natural gas producers such as Chesapeake Energy (CHK), QEP Resources (QEP), […]

Kuwait Seen Missing 2020 Oil-Production Target

Stymied by political opposition to foreign oil companies, Kuwait oil officials have privately acknowledged the country won’t meet a goal of boosting oil-production capacity 25% by 2020, people familiar with the matter said. The delay throws a spotlight on the fractious politics of a rare Middle Eastern country where an elected parliament holds real power, […]

US enters undulating crude oil production plateau in 2015

This is a post on the EIA Short Term Energy Outlook March 2015 (STEO). The following graph shows total US crude production according to EIA statistics until Feb 2015 and then a forecast until Dec 2016. A clear kink in the production curve can be seen in the 2nd quarter of 2015. An increase of production […]

First Oil, Now Shale Gas Set To Crash Amid “Orgy Of Over-Production”

Spending cuts for oil-directed drilling have dominated first quarter 2015 energy news but rig counts for shale gas drilling are too high. Investors should pay attention to this growing problem. Bank of America fears sub-$2 gas prices now that winter heating worries are over. Low natural gas prices affect the economics for gas-rich oil production […]

Closing the “fracking valve”

Since last autumn there has been overproduction of oil in the USA compared to what the market, OPEC and Saudi Arabia had planned. I have previously discussed how there is insufficient storage for this excess oil. It is fairly easy for the producers in the Middle East to close the taps and reduce production but […]

U.S Production to Last Generations

Whether you blame technology, politics, softening demand or a mix of all three, the recent oil price plunge is testament to the dynamic nature of energy markets and the huge risks that emerge in a period of profound volatility. The most important question for energy market participants however, is how they can minimise our exposure? […]

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