Short-Term Energy Outlook
Forecast Highlights Global Liquid Fuels North Sea Brent crude oil spot prices averaged $65 per barrel (b) in February, a decrease of $4/b from the January level and the first Continue Reading
IEA Does Not Believe Steel Tariffs Will Affect Global Oil Trade
“I think the impact on the global oil markets will be limited if any,” Executive Director Fatih Birol told CNBC during the ongoing CERA Week conference in Houston. “We may Continue Reading
ExxonMobil sees hydrocarbons production growth of 1 million b/d by 2025
ExxonMobil expects to increase hydrocarbons production by more than 1 million b/d of oil equivalent by 2025, from 3.985 million boe/d in 2017, as output from the Permian Basin grows Continue Reading
ESTIMATING TEXAS PRODUCTION-BRIDGING THE GAP
) The Texas Railroad Commission (RRC) had the oil and gas production reported online in early 2005, and became fully online for producers and the public on Feb 14, 2005. Continue Reading
US Refinery Workers Head To Washington To Urge Biofuels Reform
A delegation of workers from U.S. oil refining companies that oppose the nation’s biofuels policy converged on Washington on Wednesday to lobby lawmakers to find a way to lessen the Continue Reading
EROEI: A Useful Measure Or A Distraction?
EROEI = Usable Acquired Energy / Energy Expended It seems so simple. If the amount of energy produced relative to the amount of energy utilized in producing that energy tends Continue Reading
44 Things You Didn’t Know About Oil
Whenever you see a headline like this, you know it will go along the lines of “did you know that petroleum stands for rock oil?” Yes you did, goes the Continue Reading
U.S. Oil Export Boom Boosts Pipeline Demand
Most of the new supply will come in the form of light sweet and ultra-light oil. But because refineries along the Gulf Coast are largely equipped to handle medium and Continue Reading
The Only Oil Major Not Buying Into The Permian
The Permian has been attracting independent U.S. drillers and oil majors who want to capitalize on short-cycle returns in the world’s hottest shale play, but one of the world’s supermajors Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the Week Ending March 2, 2018 U.S. crude oil refinery inputs averaged over 15.9 million barrels per day during the week ending March 2, Continue Reading
Shell’s gas production could be triple oil by 2050:
Royal Dutch Shell could boost its share of natural gas production to triple that of oil in order to meet self-imposed goals to halve carbon emissions by 2050, Chief Executive Continue Reading
Russia Not Joining OPEC, But Need To Cooperate Is ‘Obvious’
Russia sees no reason to join OPEC, but the need to continue the OPEC/non-OPEC cooperation in some form after the production cuts end is obvious , Russia’s first deputy minister Continue Reading
Shell To Enforce 3:1 Ratio For Gas And Oil Output
CERAWeek . “Over time, this net carbon footprint ambition will transform our company’s product mix,” van Beurden said. The company’s targets aim to lower emissions from its own operations and Continue Reading
Oil caught in broader market downdraught as concern grows over U.S. trade
Oil fell on Wednesday, in line with a broad decline on global financial markets, after a key advocate for free trade in the U.S. government resigned, feeding concern that Washington Continue Reading
Oil futures settle nearly flat ahead of weekly US inventory data
Oil futures were little changed Tuesday, tracking US stock market fluctuations in positive and negative territory as traders await further signs on the White House’s direction on trade policy. US Continue Reading
Oil Prices Fall After API Reports Major Crude Build
The American Petroleum Institute (API) reported a huge build of 5.661 million barrels of United States crude oil inventories for the week ending March 2, according to the API data. Continue Reading
What’s Driving Oil Prices Back Up?
The IEA warned that the oil industry was not investing enough in new supply, a problem that could become clear in the 2020s. – Spending on conventional oil fields jumped Continue Reading
OPEC FEB CRUDE OIL OUTPUT 32.39 MIL B/D, DOWN 70,000 B/D FROM JAN: PLATTS SURVEY
OPEC production well below ceiling of 32.73 million b/d Saudi output 9.98 mil b/d, Iraq 4.43 mil b/d, Iran 3.83 mil b/d Libya crosses 1 mil b/d threshold, Nigeria hits Continue Reading
Global oil sector needs $20 trillion investments over 25 years: Aramco CEO
The global oil and gas industry needs to invest more than $20 trillion over the next 25 years to meet expected growth in demand and compensate for the natural decline Continue Reading
Nigeria Can Produce Oil At $20 A Barrel
The Nigerian National Petroleum Corporation can produce crude oil at around US$20 a barrel, but there are plans to bring this even lower, to US$15 a barrel, the company’s group Continue Reading
Aramco IPO venue in the balance as Saudi prince embarks on trip
Saudi Crown Prince Mohammed bin Salman’s upcoming trip to Britain and the United States could shape the decision on where to list oil giant Aramco, at a time when sources Continue Reading
Saudi Aramco CEO ‘Not Losing Any Sleep Over Peak Oil Demand’
The head of Saudi Arabia’s state-owned oil company dismissed predictions that demand for oil could peak in coming decades, saying that forecasts for the growth of electric vehicles and renewable Continue Reading
Nigeria Has Lost U.S. Oil Export Market Forever
Minister of State for Petroleum Resources, Dr Ibe Kachikwu, has said Nigeria has forever lost United States of America, USA, as a significant crude export market. Up until the early Continue Reading
Mexico’s Pemex eyeing partners for heavy oil projects: CEO
Mexico’s state-run Pemex [PEMX.UL] might bring partners into two heavy crude oilfields in the Gulf’s shallow waters, the company’s chief said on Tuesday, a move that could help ease a Continue Reading
Shakes and superstition: Exxon faces backlash in Papua New Guinea
A deadly earthquake that struck ExxonMobil’s $19 billion gas project in the mountains of Papua New Guinea is sparking a backlash against the U.S. energy giant that could prove harder Continue Reading
China’s two big oil majors urge tax breaks for building gas storage and imports
Top officials from China’s two largest oil and gas producers have urged the government to offer tax breaks for the building of gas storage facilities and importing liquefied natural gas Continue Reading
China aims to produce record coal, natural gas volumes this year
China will cut its coal consumption to around 59 percent of the nation’s primary energy mix while raising natural gas consumption to 7.5 percent of the mix in 2018, the Continue Reading
Former EOG CEO Papa questions forecasts of soaring U.S. oil production
U.S. oil production will not keep growing as fast as the market seems to think, as most of the best drilling locations in North Dakota and south Texas already have Continue Reading
The U.S. Oil and Gas Industry Is Howling About Donald Trump’s Steel Import Tariffs
The $4.75 per gallon sign I saw at a gas station on Santa Monica Boulevard two weeks ago still stings, even though the price has since dropped to $3.90. (A Continue Reading
EIA raises U.S. oil output growth forecast for 2018
The U.S. government said on Tuesday it expects domestic crude production in 2018 to rise over 120,000 barrels per day (bpd) more than previously expected as shale output surges. Shale Continue Reading
Chevron backs 2018 production rise, eyes share buybacks
Oil major Chevron Corp ( CVX.N ) said on Tuesday it should be able to raise production as planned by between 4 and 7 percent in 2018 and buy back Continue Reading
Chevron expects LNG supply shortage by 2025
Chevron Corp said on Tuesday it expected supply shortage in the global liquefied natural gas (LNG) market by around 2025, echoing comments made last month by top LNG trader Royal Continue Reading
Oil Investors See Renewables As Unattractive
Pressured by investors who expect to see higher returns after the oil price downturn, oil and gas companies are finding themselves without much incentive to invest in renewable energy technologies, Continue Reading
U.S. Sets New Monthly Oil Production Record
In a recent post , I wrote that the U.S. would almost certainly set a new oil production record this year. I noted that the most recent data from the Continue Reading
The Secret To More Efficient Batteries
New research published in Nature Communications reveals that manganese has a novel chemical state. According to the U.S. Department of Energy’s Lawrence Berkeley National Laboratory, this new state enables a Continue Reading
Scientists Confirm Century-Old Speculation on the Chemistry of a High-Performance Battery
An array of solar panels and windmills. (Credit: PxHere) Scientists have discovered a novel chemical state of the element manganese. This chemical state, first proposed about 90 years ago, enables Continue Reading
Chevron Expects Up To 7% Production Growth In 2018
Chevron expects its 2018 net production to grow by between 4 percent and 7 percent at oil prices at $60 a barrel, the U.S. oil supermajor said in its annual Continue Reading
New U.S. Record-Level Oil Production! Peak Oil Theory Disproven! Not.
Well, I’m amazed and impressed. Tight oil production has pushed total United States petroleum output to more than 10 million barrels a day, a rate last seen almost a half-century Continue Reading
U.S. shale and OPEC share steak in uneasy truce at Houston dinner
Around the room at Houston’s The Grove restaurant on Monday, at several tables, sat a group of shale executives, interspersed with energy ministers and officials representing OPEC members, where they Continue Reading
Exxon CEO struggles to reverse Tillerson’s legacy of failed bets
Exxon Mobil Corp’s ( XOM.N ) $200 million write-downs last month on abandoned ventures in Russia – once its next big frontier – points to challenges facing Chief Executive Darren Continue Reading
Is The Sky The Limit For U.S. Shale?
The IEA’s forecast that U.S. shale will dominate the oil market over the next three years because of skyrocketing shale production made global headlines on Monday, but the conclusions should Continue Reading
Beleaguered GE Hopes Energy Storage Is Its Next Big Business
General Electric Co. GE 1.53% plans to unveil a new battery platform Wednesday as it seeks to become a leader in the emerging market of storing electricity. GE is set Continue Reading
Shale Trailblazer Turns Skeptic on Soaring U.S. Oil Production
One of the pioneers of the U.S. shale boom plans to deliver a surprising message at a major energy conference here this week: U.S. oil production won’t keep growing as Continue Reading
Exec: Statoil Has Room To Grow More In North Dakota’s Bakken
Statoil has plenty of growth opportunities left in North Dakota’s Bakken shale formation, an executive says. Statoil ASA, the Norwegian state-controlled oil producer, has plenty of growth opportunities left in Continue Reading
Russia must speed up European gas pipeline projects due to Ukraine dispute: Novak
Russian Energy Minister Alexander Novak said on Tuesday Moscow should speed up work on gas export pipeline projects to Europe due to tensions with Ukraine over the transit of gas. Continue Reading
Oil inches up on strong demand forecasts, OPEC-led output cuts
Oil futures rose on Tuesday for a third session, underpinned by robust demand forecasts and as ministers from OPEC touted the strength of its agreement to cut output to bolster Continue Reading
Oil prices rise on forecasts for growing demand, OPEC concerns
Crude prices rose on Monday along with the U.S. stock market on forecasts for robust oil demand growth and concerns that output from OPEC producers would grow at a much Continue Reading
Rystad Energy: Mature Fields Grew By 151 Billion Barrels In Four Years
Rystad Energy estimates that liquid resources from mature assets grew 151 billion barrels over the last four years, which is almost 17 percent more than the amount produced in those Continue Reading
Opec says hedge funds lack ‘basic understanding’ of oil
Hedge funds are an important players in the oil market, but some do not comprehend how it works, a senior Opec official has said. Mohammad Barkindo, the cartel’s secretary-general, met Continue Reading
IEA Predicts Nightmare Scenario For OPEC
Over the next three years, the U.S. will cover 80 percent of the world’s demand growth, the IEA says in its newly-released Oil 2018 annual report. Canada, Brazil and Norway Continue Reading