This Historic Oil Price Crash Will Create A New Era For Energy

In the last couple of months, the global energy industry has been flipped on its head. As the novel coronavirus pandemic ravaged economies around the world, the energy industry took a particularly brutal hit, made infinitely worse by an oil price war between the leading OPEC+ countries of Saudi Arabia and Russia. In the severe […]

For Oil and Its Dependents, It’s Code Blue

If oil has been laid low by the coronavirus, then the nations whose economies most depend on it might soon be on ventilators. By any prognosis the great oil price collapse of 2020 has pushed the world’s most volatile commodity into Code Blue. No one expects oil, its peddlers or consumers to emerge wealthier or […]

Saudi Arabia’s pyrrhic oil war triumph

The kingdom may consider it has prevailed over Russia and US shale producers in the short-term, but its longer-term prospects are clouded in uncertainty Riyadh has scored some impressive victories in the month-long oil price war it and Russia unleashed, and which has ended in a three-way truce of sorts, crucially also involving the US. […]

When oil became waste

The magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel. FILE PHOTO: A 3D printed oil pump jack is […]

The Next Chapter of the Oil Crisis: The Industry Shuts Down

Negative oil prices, ships dawdling at sea with unwanted cargoes, and traders getting creative about where to stash oil. The next chapter in the oil crisis is now inevitable: great swathes of the petroleum industry are about to start shutting down. The economic impact of the coronavirus has ripped through the oil industry in dramatic […]

Are We Nearing Peak Oil Supply?

Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-U.S.$20 a barrel in this downturn and WTI sub-zero, albeit briefly and in somewhat freakish circumstances. Where are the signs of stress across the oil value chain? And what are the […]

Peak Oil, a Specimen Case of Apocalypic Thinking

Prophets of doom held that looming shortages of oil would plunge us back into a Paleolithic standard of living. What’s interesting is why the prophecies were accepted—and whether we’ve learned anything at all from it Photo: Khalid Guerdou/Getty Images Predictions of when we would run out of oil have been around for a century, but […]

U.S. crude oil storage is filling rapidly

— U.S. crude storage facilities are filling rapidly, albeit from a low starting level, and tank space will become a problem if the global oil market remains heavily oversupplied in June and beyond. With global lockdowns already sharply reducing demand for oil, a lack of storage would weigh further on already depressed prices, leaving producers […]

The Golden Age of Russian Oil Nears an End

Highlights In the next 10-20 years, Russian oil will become more expensive as extraction from less accessible basins becomes necessary to maintain current export levels.  Internal inefficiencies within Russia’s oil sector, as well as the remote locations of remaining reserves and potential shifts in future oil demand, add up to a murky future for the […]

Mexico Refuses to Cut Oil Output

Outside of Saudi Arabia and Russia, most oil producers are racing to deal with the historic oil price collapse by cutting back spending and in some cases production. But Mexico’s national oil company is acting like the crash never happened. Petroleos Mexicanos aims to nearly double drilling to 423 wells this year and accelerate development […]

Yergin: ‘Big Cut Is Here’

The energy sector was quick to take a red pen to the 2020 budget in March as the coronavirus turned into a pandemic and the price war continued overseas, but some operators are finding they have to cut deeper in the face of uncertain demand for oil and gas. For North American exploration and production […]

Is a US-Saudi-Russia Production Cut Viable?

It’s not impossible, but it does remain unlikely. That’s according to analysts at Fitch Solutions Country Risk and Industry Research, who outlined the view in a report sent to Rigzone on Monday. “From the perspective of both Saudi Arabia and Russia, such a deal would represent a major strategic win,” the analysts stated in the […]

Is the U.S. Fracking Boom Based on Fraud?

In a 2016 interview with Fraud Magazine, former Enron CFO Andrew Fastow explained what he thought made him so successful while at the former energy corporation that’s now infamous for financial scandal. “I think my ability to do structured financing, to finance things off-balance sheet and to find ways to manipulate financial statements — there’s no nice way to […]

Welcome to a Truly Free Oil Market

At the point we’re now at, postponing the oil-price war won’t make a lot of difference for an industry that’s already breaking down under the weight of demand destruction. It’s too late to use diplomacy and artful negotiations to share the burden of output cuts that are now inevitable. The pumping free-for-all unleashed by Saudi Arabia and Russia is […]

US and Saudi Arabia Talk Oil Stabilization

U.S. Secretary of State Mike Pompeo revealed Wednesday that he recently spoke with Saudi Crown Prince Mohammed bin Salman Al Saud and they agreed all countries need to work together to stabilize energy markets.   Spoke with Saudi Crown Prince Mohammed bin Salman Al Saud regarding the #coronavirus and we agreed all countries need to […]

When Will the Oil War End?

How long can the vicious oil-price war between Saudi Arabia and Russia last? If history is any guide, the battle will be a long one. Riyadh has waged four price wars, including the current one, over the last 35 years. All of them lasted at least a year, and prices plunged at least 50%. This […]

Why Oil Prices Could Fall to $20 and Saudi Arabia Will Emerge on Top

Oil markets have been rocked by two simultaneous events. The novel coronavirus has knocked out millions of barrels worth of demand for oil, and a supply war between Saudi Arabia and Russia has added millions of barrels of supply. For the past week, most analysts have treated these developments as disconnected events. The supply war […]

OPEC and IEA warn developing countries could lose up to 85% of oil and gas income this year

Developing countries’ oil and gas income could fall to their lowest levels in more than two decades if current energy market conditions persist, the IEA and OPEC have warned in a rare joint statement. IEA Executive Director Fatih Birol and OPEC Secretary General Mohammed Barkindo expressed “deep concerns” about the coronavirus pandemic on Monday, warning […]

Saudi Arabia Starts All-Out Oil War: MbS Destroys OPEC By Flooding Market, Slashing Oil Prices

With the commodity world still smarting from the Nov 2014 Saudi decision to (temporarily) break apart OPEC, and flood the market with oil in (failed) hopes of crushing US shale producers (who survived thanks to generous banks extending loan terms and even more generous buyers of junk bonds), which nonetheless resulted in a painful manufacturing […]

The Great Saudi Shale Swindle

Saudi Arabia’s oil and gas giant, Aramco, has been given the go-ahead to launch the Jafurah shale gas field project, which will be the biggest shale gas development outside the U.S. The official reason is that the project will boost domestic gas supply and end the burning of oil at its power generation plants. The […]

Saudi Arabia arrests at least 3 members of royal family

Mohammed bin Salman, the Crown Prince of Saudi Arabia, left, speaking to his father King Salman in 2018 © AP Saudi Arabia has arrested at least three members of the royal family members in a new crackdown that appears to be part of Crown Prince Mohammed bin Salman’s efforts to further shore up his control […]

Is The US Shale Boom Over? Four Major Threats To The Fracking Revolution

The U.S. is awash in cheap shale oil and gas. After decades of declining U.S. oil output, the fracking revolution unlocked vast oil and gas deposits and made America the world’s No. 1 oil producer. The once-massive U.S. petroleum deficit — $436 billion in 2008 — turned into a surplus last September. “We do not […]

USA December Oil Production Drops

A Post by Ovi at peakoilbarrel All of the oil production data for the US states comes from the EIAʼs Petroleum Supply Monthly.   At the end, an analysis of a three different EIA reports is provided. The charts below are updated to December 2019 for the 10 largest US oil producing states (Production > 100 kb/d). […]

Saudi Arabia seeks bigger oil cut as coronavirus slashes demand

Saudi Arabia is pushing to make a substantial cut in oil production when Opec and its allies meet next week, as global energy producers scramble to respond to the coronavirus outbreak that has crippled demand. The kingdom is asking producers including Russia to sign up to a collective production cut of an additional 1m barrels […]

Saudi Aramco launches largest shale gas development outside US

Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday. The world’s top crude oil exporter has for years battled for market share with rapidly expanding […]

‘Nail in the Coffin’: Era of Big Oil Sands Mines May Be Over

Canada’s oilsands industry may have already built its last big mine. The cancellation of Teck Resources Ltd.’s Frontier project in northern Alberta —which envisaged producing more crude than OPEC member Gabon — epitomizes the struggles of an industry that has already seen most foreign investors flee. It’s not clear that any other proposed mine would […]

No OPEC Oil Cut Decision Yet Says Saudi Minister

OPEC hasn’t made a decision yet on whether to extend or modify its agreement to cut oil output, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said. The Organization of Petroleum Exporting Countries and its allies are to meet next week in Vienna to assess their global cuts and output policy. Prince Abdulaziz is confident […]

Nigeria’s oil reserves to be depleted in 49 years – DPR

The nation’s crude oil reserves of 37 billion barrels, two per cent of which is being produced annually, will be depleted in 49 years, according to the Department of Petroleum Resources. The reserves, which stood at 37.45 billion barrels in 2014, fell to 37.06 billion barrels in 2015 and 36.74 billion barrels in 2016. It, […]

Non-OPEC Output Reaches New High

Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIA’s International Energy Statistics and updated to October 2019.  Information from other sources such as the IEA and OPEC is used to provide a short term outlook for future output and direction. Non-OPEC production increased by 382 […]

Have We Passed ‘Peak Growth’ For Tight Oil?

Has U.S. oil production growth hit the buffers? Supply has boomed over the last decade, disrupting the market, domestically and internationally. But weak commodity markets and corporate strategies are now taking their toll, undermining the expected growth path in the near term. I spoke with our North American market expert, John Coleman, principal analyst, crude […]

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