North Dakota rig count at historic low
At 29, the rig count in North Dakota, the No. 2 oil producer in the United States, is at its lowest level in more than a decade, state data show. Continue Reading
If oil stays cheap, household spending could rise: Fed paper
Fuel prices are displayed on a pump at a Mobil gas station in the Brooklyn borough of New York February 3, 2016. The dramatic drop in the price of oil Continue Reading
Fossil Fuel Companies Need to Become Renewable Energy Companies
It seems clear that Exxon Mobil and other parts of the fossil fuel industry have tried to suppress the science of climate change. I am not surprised that these companies Continue Reading
British shale oil may be ready to boom
Report finds “Gatwick Gusher” inland shale oil basin could add billions of dollars to the British economy and potentially offset natural declines from the North Sea. Photo courtesy of U.K. Continue Reading
Italy’s gas imports from Russia hit new low, Algerian flows at steady
* Just 48 million cu m of Russian gas reached Italy Sunday * Supplies from northwest Europe at lowest since October 2015 * Algerian exports to Italy remain above 60 Continue Reading
A Personal Appreciation of M. King Hubbert
A recent vacation afforded me the opportunity to read The Oracle of Oil , Mason Inman’s excellent new biography of Marion King Hubbert. I strongly recommend it. But, rather than Continue Reading
Oil Prices Slide After Doha Talks Fail to Bring Production Freeze
A worker drilling for oil using a hand-powered winch at a field in the Bago… Oil prices slid on Monday after key producers failed to negotiate a curb on their Continue Reading
Botched Doha deal undermines OPEC credibility, oil prices tumble
Oil prices tumbled on Monday after a meeting by major exporters in Qatar collapsed without an agreement to freeze output, leaving the credibility of the OPEC producer cartel in tatters Continue Reading
No Agreement on Oil Freeze at Doha Meeting
Oil producers that supply almost half the world’s crude failed Sunday to negotiate a production freeze intended to strengthen prices. The talks collapsed after Saudi Arabia surprised the group by Continue Reading
Saudi Arabia Kills Doha Deal, Talks Fall Apart
By now everyone not living under a rock has heard the Doha talks have collapsed without a deal, but it is hard to overstate how surprising the outcome was to Continue Reading
5 Questions for Oil Markets After the Doha Meeting
It looks like a case of as you were. Major producers such as Russia and Saudi Arabia were already pumping oil at very high levels in January: Russia’s daily production Continue Reading
Five questions in the wake of Doha
How far will the price of oil fall? Crude oil has jumped more than 40 per cent since mid-February when Saudi Arabia, Russia, Venezuela and Qatar first announced plans for Continue Reading
Oman Offers to Bridge Saudi-Iran Gap in Oil Output Talks
Oman, the biggest non-OPEC oil exporter in the Persian Gulf, offered to narrow differences between Saudi Arabia and Iran that scuttled a planned crude output freeze. Futures fell as much Continue Reading
Saudi Prince Says Kingdom Working to Soften Blow of Subsidy Cuts
Saudi Arabia will limit the impact of subsidy cuts on its citizens as the world’s largest oil exporter overhauls its economy for the post-oil era, Deputy Crown Prince Mohammed bin Continue Reading
Bets on Saudi Devaluation Jump Most in 3 Weeks After Doha: Chart
In the end, the outcome of Sunday’s summit of 16 oil ministers at Qatar’s Sheraton hotel turned on one country that wasn’t there. Iran’s decision, on the eve of the Continue Reading
Brazil’s lower house of Congress votes to impeach President Dilma Rousseff
President Dilma Rousseff lost a crucial impeachment vote in Brazil’s lower house on Sunday evening, making her removal ever more likely and deepening the country’s political crisis less than four Continue Reading
200M Barrels Of Oil Sit In Idle Tankers Waiting To Unload At Chinese Ports
There is a new drama on the oil front: those who have it in excess can’t get it to those who want it—at least not quickly enough for everyone to Continue Reading
Exclusive: Chevron puts Myanmar gas block stakes worth $1.3 billion up for sale – sources
U.S. oil and gas major Chevron Corp has put all of its Myanmar gas block stakes up for sale, which at a combined likely valuation of $1.3 billion, would be Continue Reading
Big Oil’s `Rock Star’ in Congress Runs Rig Tours to Win Votes
Congressman Steve Scalise leaned over the railing of the Chevron Corp. oil rig floating in inky blue waters 250 miles off the Louisiana coast, and marveled to a cluster of Continue Reading
Canada’s Oil Industry To See 62% Decline In Investment
Canada’s oil production may see a small increase this year as new projects come online, but the good news stops there for the industry that has seen a 62 percent Continue Reading
Low oil prices having a chilling effect on Alaska’s economy
Alaska has long been a bastion of the US’ oil production, even giving dividend checks to residents from oil revenues. But oil price woes are having a major effect on Continue Reading
Ruble Drops Most Globally as Gains Unravel on Failed Oil Talks
The ruble fell the most worldwide and Russian government bonds headed for the biggest drop in two months as oil plunged after weekend talks between crude producers brought no deal Continue Reading
Oil Slips While All Eyes Are On Doha
When looking at some of the key figures for the oil and gas industry this week, in which we see that oil prices have lost some of their gains and Continue Reading
Oil Slides Ahead of High-Stakes Meeting – WSJ
Oil prices posted their largest slide in nearly two weeks on doubts that major producers can agree on supply curbs when they meet over the weekend. Three straight days of Continue Reading
Oil Falls Before Doha as Global Markets Brace for Weekend Risk
Oil fell for a third day before major suppliers meet in Doha to discuss an output freeze, sending bonds higher and leaving European stocks little changed, with investors wary of Continue Reading
Oil falls as investors expect little from Doha meeting
Oil prices fell on Friday in subdued trade as traders and analysts anticipate a weekend meeting of major oil exporters to do little to help to clear global oversupply quickly, Continue Reading
Are We On The Right Track To An Oil Price Recovery?
Oil prices have increased 60 percent since late January. Is this an oil-price recovery? Two previous price rallies ended badly because they had little basis in market-balance fundamentals. The current Continue Reading
Saudi Prince Reiterates Oil Freeze Depends on Others Joining
Saudi Arabia won’t restrain its oil production unless other producers, including Iran, agree to freeze output at a meeting this weekend in Doha, the kingdom’s deputy crown prince said. The Continue Reading
Iran insists it will not be party to any freeze, as Zanganeh to skip Doha meeting
Iranian oil minister Bijan Zanganeh will not attend Sunday’s high profile gathering of OPEC and major non-OPEC producers in Doha, given that Iran has no intention of participating in any Continue Reading
Why the Saudis Want a Deal in Doha
Perhaps the biggest discussion in the oil industry right now is whether Saudi Arabia and other members of OPEC will freeze production or not. That’s a topic of major interest Continue Reading
Barrel Breakdown
Cost of producing a barrel of oil and gas Average cash cost to produce a barrel of oil or gas equivalent in 2016, based on data from March 2016. The Continue Reading
Oil Producers to Address Crude Glut at Weekend Meeting
The royalty of the global oil world descends on this Persian Gulf outpost this weekend to discuss freezing its collective output, a gambit to end a nearly two-year price rout. Continue Reading
Iran Will Send OPEC Governor, Not Oil Minister, to Doha Talks
Iran ended weeks of speculation by confirming it will send a representative, though not its oil minister, to talks between crude producers in Doha this weekend . Hossein Kazempour Ardebili, Continue Reading
How OPEC lost control of the oil market
This weekend, 13 countries with little in common will attempt to act as one – by coming to an agreement to curb oil production and prop up prices. But the Continue Reading
Iran’s Central Bank Chief Warns Banking-Access Issues Jeopardize Nuclear Deal
Iran’s central bank governor, in a rare visit to Washington, demanded the Obama administration take more steps to facilitate his country’s banking transactions world-wide and warned the landmark nuclear agreement Continue Reading
Saudi Prince Says He Could Add a Million Barrels Immediately
Saudi Arabia could raise crude production by more than a million barrels a day immediately, said the kingdom’s Deputy Crown Prince, as he reiterated the nation would only agree to Continue Reading
Saudi Arabia Warns of Economic Fallout if Congress Passes 9/11 Bill
Saudi Arabia has told the Obama administration and members of Congress that it will sell off hundreds of billions of dollars’ worth of American assets held by the kingdom if Continue Reading
China’s March coal output down 4.5% on year
China mined 293.8 million mt of coal in March, down 4.5% on year, according figures released Friday the National Bureau of Statistics. In January-March, China mined a total of 811.27 Continue Reading
China GDP: out with the old economy
China’s economic growth rate last year was its lowest in 25 years and is continuing to decrease. But while the “old China” is in decline, newer sectors of the economy Continue Reading
As China’s Growth Slows, Banks Feel the Strain of Bad Debt
For Chinese banks, the decision to lend to companies like Bohai Steel was for years a no-brainer. Lenders took heart from its state backing, which appeared as solid as the Continue Reading
Peak Oil: Are We Not Better Than This? Pt 3
We will have to transition to a post-fossil-fuel economy eventually, either out of wisdom or chaos [1] Discussions about the future of fossil fuel production and supply have to become Continue Reading
US Oil Drillers Cut Rigs to November 2009 Lows
U.S. energy firms cut oil rigs for a fourth week in a row to the lowest level since November 2009, oil services company Baker Hughes said on Friday, as energy Continue Reading
Bakken Update – April 2016, Little Decline So Far
North Dakota data from the NDIC is out. Bakken Three/Forks data shown in chart above (NDIC Data) with a Red Queen Model (based on Rune Likvern’s original work) using data Continue Reading
U.S. natural gas production reaches record high in 2015
Monthly U.S. natural gas production reached a record high level of 79 billion cubic feet per day (Bcf/d) in 2015, an increase of 5% from the previous year, even as Continue Reading
Banks Build Rainy-Day Funds Due to Energy Slump
It took a huge slump in the energy industry to make it happen, but big banks are finally adding to their rainy-day funds again. The big national banks added a Continue Reading
Despite Bounce in Oil Prices, Most U.S. Energy Producers Remain Leery
Oil prices are up 50% since February when they hit their lowest price in more than a decade, but most U.S. energy producers aren’t buying the bounce. The rise in Continue Reading
North Dakota Oil Production Falls for Third Month in a Row
North Dakota crude oil production fell for the third month in a row, ticking down 0.4% in February and hitting its lowest level in 18 months. Slumping oil prices are Continue Reading
Goodrich Petroleum Files For Chapter 11 Bankruptcy Protection
The company has filed for chapter 11 bankruptcy protection. Troubled U.S. oil and gas firm Goodrich Petroleum Corp. said on Friday it has filed for chapter 11 bankruptcy protection, joining Continue Reading
Clinton, Sanders spar over fracking
Democratic presidential candidates Hillary Clinton and Bernie Sanders debated for the ninth time Thursday in New York. Photo by Ray Stubblebine/UPI NEW YORK, April 15 (UPI) — Hillary Clinton said Continue Reading
Wall Street’s Oil Crash, a Story Told in Charts
Here’s Why Wells Fargo Profit Fell This is what it looks like on the down side of the biggest oil boom in U.S. history. JPMorgan Chase & Co., Wells Fargo Continue Reading