As The U.S. Rig Count Continues To Plunge, Output Follows Suit
Baker Hughes published the latest oil rig count today—and although not surprising, the news that the oil rig count fell for the eighth straight week in a row is not Continue Reading
Brutus platform crude oil leak sees Shell shut-in US Gulf wells; Mars, Poseidon firm
Shell shut-in production from all wells connected to its Brutus platform in the US Gulf of Mexico Thursday after a leak was detected, leaving a two-mile by 13-mile sheen on Continue Reading
Why Pipelines Still Rule
When assessing U.S. oil production declines and what it means for midstream companies many times we are asked, “What happens to crude oil pipeline volumes if production declines as the Continue Reading
Crude soothsayers should recall cautionary tale of ‘Peak Oil’
This week at the annual conference in Montreal of the CFA Institute, a professional body for investors, there were some grand narratives about the future of oil. They should be Continue Reading
Oil Trims Weekly Gain as Surplus Persists Despite Supply Losses
Oil pared its weekly advance as investors weigh supply reductions from the U.S. to Nigeria against the return of some output from Canadian producers after wildfires eased. Futures slid as Continue Reading
Oil prices fall on stronger dollar; Russia warns of longer crude glut
Oil prices dipped in early trading on Friday as a stronger dollar weighed and Russia warned that a global crude supply overhang could last into next year. The dollar has Continue Reading
Oil Prices Up After IEA Report
Oil prices edged up Thursday after a top energy monitor said that the global market is near balance. The International Energy Agency said that global oil stocks will experience a Continue Reading
Oil prices fall as Canada oil sand fields gradually return
Oil prices fell on Thursday, dragged down by the gradual return of Canadian oil sands output, reversing a sharp rise the previous day when the U.S. government detailed an unexpected Continue Reading
Global Oil Glut to Shrink Despite Iranian Output Surge, IEA Says
A unit of South Pars Gas field in Asalouyeh Seaport, Iran. The Islamic Republic lifted… Iran’s oil production has risen faster than expected, reaching levels not seen since before Western Continue Reading
Global oil and gas job losses: 350,000 and counting
A total of 351,410 jobs have been slashed by oil and gas production companies worldwide, with the oilfield services sector bearing much of this burden, according to a new report Continue Reading
EIA projects 48% increase in world energy consumption by 2040
The U.S. Energy Information Administration’s recently released International Energy Outlook 2016 (IEO2016) projects that world energy consumption will grow by 48% between 2012 and 2040. Most of this growth will Continue Reading
Russia’s Novak: Global oil market won’t balance before H1 2017
Russian Energy Minister Alexander Novak told reporters on Thursday that the global oil surplus stood at 1.5 million barrels per day (bpd) and that the market might not balance out Continue Reading
Global oil demand surprises on the upside
Global oil consumption is growing much faster than most analysts expected at the start of the year but increases in demand remain very uneven geographically and by fuel. World oil Continue Reading
Iran’s Speedy Oil Revival Unlikely to Mean Change in OPEC Stance
Iran’s success in boosting crude output to the most since late 2011 is no incentive for it to join OPEC partners in curbing production to shore up prices. With crude Continue Reading
Glencore, Vitol Near Deal to Buy Iranian Crude – WSJ
Glencore PLC and Vitol Group, the world’s two largest independent oil traders, are close to signing a long-term deal to purchase Iranian crude, a top Iranian official said. The potential Continue Reading
ISIS Sabotage Continues To Cause Outages In Iraqi Oil Fields
Kirkuk Oilfield Two wells at the Khabaz oilfield near Kirkuk, in northern Iraq, sabotaged by ISIS last week are still on fire, with production suspended and losses amounting to some Continue Reading
Saudi Arabia is a kingdom on the cusp of transformation
Saudi Arabia is going through one of the most difficult periods in its modern history. Oil prices have dropped from a July 2014 high of $115 per barrel to less Continue Reading
Iran Hits Saudis Where It Hurts, Offers Discounts On Asian Crude
Oil storage and refinery Iran has introduced a discount on the June contract for its heavy crude going to Asia, just a few days after Saudi Arabia announced a price Continue Reading
U.S. establishes Libyan outposts with eye toward offensive against Islamic State
American Special Operations troops have been stationed at two outposts in eastern and western Libya since late 2015, tasked with lining up local partners in advance of a possible offensive Continue Reading
Full crude oil production from the Partitioned Neutral Zone
Full crude oil production from the Partitioned Neutral Zone between Saudi Arabia and Kuwait could restart in a year, head of research at Kuwait Petroleum Company Abdulaziz Al Attar said Continue Reading
Nigeria: Militants Give Oil Companies An Ultimatum
The Niger Delta Avengers militant group issued a two-week ultimatum to oil companies operating in Nigeria’s oil rich Niger Delta region, warning companies to shut down or risk attack, the Continue Reading
Nigeria’s crude output cut further by Exxon pipeline damage: trade
Damage to a pipeline has reduced supplies of Nigeria’s benchmark Qua Iboe crude oil, two traders said on Thursday, the latest setback for Africa’s top producer that has pushed output Continue Reading
Can Brazil’s Next President Rescue Petrobras?
Petrobras Office Brazil’s Senate voted to approve impeachment proceedings against President Dilma Rousseff, forcing her to step down in order to stand trial. Vice President Michel Temer will now succeed Continue Reading
India April Oil Product Demand Grows at Slowest Pace in 4 Months
India’s oil product sales grew 10 percent in April, the slowest since December as growth in diesel demand decelerated. Total fuel consumption increased to 16.2 million metric tons in the Continue Reading
CNPC to Start Laying Second China-Russia Oil Pipeline in June
China National Petroleum Corp., the country’s biggest oil and gas producer, will start laying a second domestic oil pipeline in June to allow for increased Russian crude supplies to flow Continue Reading
For Oil Drillers, Obama Methane Rule Is Worse Than Proposed
The Obama administration, yielding to environmentalists demanding action to address climate change, issued limits on methane emissions from oil and gas wells that are even tougher than those it proposed Continue Reading
More oil services back online in fire-ravaged Canada
More facilities were returning to normal in the Fort McMurray area of Alberta, with Enbridge the latest to return some infrastructure to regular service. Enbridge crews confirmed two of its Continue Reading
Chesapeake Energy Swaps Debt for Stock
Chesapeake Energy Corp. CHK -4.13 % on Thursday said it would swap 4.1% of its shares outstanding for debt, the latest move by the beleaguered energy company to ease its Continue Reading
EPA Issues Final Rules Cutting Oil, Natural Gas Methane Emissions
The Environmental Protection Agency on Thursday issued the first-ever federal standards aimed at curbing methane emissions from the oil and natural gas industry, the latest in a series of regulations Continue Reading
Crude-Oil Production Drops Again in North Dakota
The Bakken formation is one of the highest-cost sources of U.S. oil production. Shown, workers… North Dakota crude-oil production fell for the fourth month in a row, dropping about 1% Continue Reading
Energy Sector Hit With Two More Big Bankruptcies
Oil Rig Sunset According to data compiled by Haynes and Boone, in just the first four months of 2016 there had already been double the amount of bankrupt energy debt Continue Reading
Oil Sands Slowly Coming Online Again, But Thermal Projects Face Risks
Tar Sands As the fire continues to rage, now moving to more sparsely populated areas, oil sands producers who saw some 1.3 million barrels per day taken offline are now Continue Reading
Alberta Oil Camps Set for Staff Invasion as Production Returns
Corey Smith got the call Tuesday night that Canada’s energy industry had been anxiously awaiting: it’s time to get back to work in the oil sands. Smith, the head of Continue Reading
Gas Firms Rally on Signs Glut Is Easing
Indications that supply was easing helped natural-gas prices rebound 31% in the past two months. Shares of natural-gas producers, among the market’s worst performers in recent years, are now among Continue Reading
North Dakota oil production falls 9,846 B/D in March
North Dakota’s crude oil production fell less than 1% or 9,846 b/d in March from the previous month, the state’s department of mineral resources said Thursday, a smaller decline than Continue Reading
US gas production dips to lowest since December 28
US dry natural gas production fell to 70.4 Bcf Tuesday, marking its lowest level since late December as drilling activity in associated gas production continues to decline, according to Bentek Continue Reading
North Dakota Oil Production Declining But Slowely
The North Dakota Oil Production Stats are out. North Dakota crude oil production was down just less than 10,000 barrels per day. Bakken crude oil production was down 7,743,000 bpd Continue Reading
British share of renewables setting records
A provisional estimate from the British government shows the amount of electricity generated from renewable energy set a record last year. A monthly update from the British Department of Energy Continue Reading
No call to sit with OPEC in June, Russia says
There’s been no invitation extended to the Russian government to attend next month’s summit of members of OPEC, Russia’s energy minister said. Russian Energy Minister Alexander Novak said cooperation with Continue Reading
The real oil limits story; what other researchers missed
For a long time, a common assumption has been that the world will eventually “run out” of oil and other non-renewable resources. Instead, we seem to be running into surpluses Continue Reading
WTI Bumps Against Double Top After Surging on Supply Cuts: Chart
Oil in New York is falling after forming a so-called double top pattern on technical charts, a bearish signal for prices, according to Angus Nicholson, an analyst at IG Ltd. Continue Reading
Oil Spikes After EIA Reports Surprise Draw
As the market tries to weigh up supply losses, the return of said supply losses, and weekly inventory changes, prices have been bopping betwixt gains and losses thus far today. Continue Reading
Nymex Crude Settles at New 2016 High
U.S. oil prices jumped to a new 2016 high Wednesday as weekly inventory data showed a surprise drop in domestic crude stockpiles. Light, sweet crude for June delivery settled up Continue Reading
IEA’a Oil Market Report
Crude prices firmed on the back of unscheduled supply outages in Nigeria, Ghana and Canada that exceeded 1.5 m/d by early May. This more than offset bearish sentiment in the wake Continue Reading
Global Oil Glut to Shrink Despite Iranian Output Surge, IEA Says
A unit of South Pars Gas field in Asalouyeh Seaport, Iran. The Islamic Republic lifted… Iran’s oil production has risen faster than expected, reaching levels not seen since before Western Continue Reading
EIA Sees Brent Oil Prices Rebounding to $76 Per Barrel in 2017
The price of Brent crude oil should rebound in the next year to about $76 a barrel as consumption continues to increase in coming years, a key US energy agency Continue Reading
Proved Oil Reserves Lost $840 Billion In Value
I spent a lot of time in 2015 warning that at year-end we would see a huge decline in crude oil reserves. As I have explained in the past, the Continue Reading
OPEC Production Up 140,000 Bpd in April
OPEC oil production rose by 140,000 barrels per day in April to 32.52 million barrels per day, according Wednesday’s S&P Global Platts survey. Iran and Iraq each boost output by Continue Reading
June OPEC meet to focus on dialog, not market action: Kuwait
OPEC member Kuwait does not expect any coordinated action to be decided during the group’s upcoming meeting in Vienna on June 2, the country’s acting oil minister said on Thursday. Continue Reading
Kuwait Plans To Ramp Up Oil Production By 44% Before 2020
Kuwait Oil Refinery A senior Kuwait Petroleum Corp official has confirmed to media the company’s plans to increase production by 44 percent to almost 4 million barrels a day in Continue Reading