This Is What The End Of The Oil Age Looks Like
The Oil Age has powered the world for well over a century. There have been two general schools of thought about how it will ultimately end. There were those who Continue Reading
Billions in Oil Royalties at Stake in Talks After Trump Meeting
Oil industry representatives will meet with Interior Secretary David Bernhardt, Energy Secretary Dan Brouillette and White House economic adviser Larry Kudlow Friday to discuss ways the Trump administration can help Continue Reading
The Largest Rig Count Collapse In 5 Years
Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 64, falling to 664, with the total oil and gas rigs Continue Reading
U.S. Shale Ready To Fire Back In The Oil Price War
U.S. shale oil companies have started a lobbying campaign with Washington to take a more aggressive stance against Russia and Saudi Arabia to force them to cut oil production, the Continue Reading
Mnuchin: Struggling Shale Firms Should Seek Help From The Fed
As part of the Coronavirus CARES Act, the $2 trillion fiscal stimulus meant to resuscitate the US economy, Congress allocated $454 billion to help underwrite the special lending programs from Continue Reading
US January Production Drops Again
A post by Ovi at peakoilbarrel Preparing this March post has been a surrealistic exercise. Here I am providing a January US production update when at a time, January, the Continue Reading
Trump aims to ease U.S. oil industry’s cash crunch, no plan to trim output: sources
U.S. President Donald Trump has directed his cabinet to find ways to ease a cash crunch in the drilling industry after oil company executives told him in a Friday meeting Continue Reading
Trump meeting with US oil executives ends without public commitment to cuts
A highly-anticipated meeting between US President Donald Trump and the country’s oil executives Friday ended without a new policy announcement or commitment toward domestic output cuts. Receive daily email alerts, Continue Reading
What Happens If The World Runs Out Of Oil Storage?
It was only a matter of time, really. With demand decimated by the coronavirus and Saudi Arabia on the oil warpath, the imbalance between oil supply and demand deepened dramatically, Continue Reading
OPEC, Trump, Saudi, Russia News: President to Meet Oil CEOs – Bloomberg
President Donald Trump will meet with titans of the oil industry Friday who are battling among themselves over whether he should slap tariffs on Saudi crude to get the kingdom to Continue Reading
Exclusive: Trump does not plan to ask U.S. oil producers for coordinated cuts – official
The United States will not ask U.S. domestic oil companies for a coordinated cut in production to counter a historic meltdown in global prices and is still awaiting the details Continue Reading
US Energy Department offers 30 million barrels of SPR space to US producers
After Democrats in Congress blocked efforts to buy US crude for the Strategic Petroleum Reserve, the Department of Energy announced Thursday that it was making 30 million barrels of space Continue Reading
Traders Eyeing Rail Cars for Oil Storage
Oil companies are turning to rail cars to stash the crude they can’t sell, as the world runs out of places to store a growing glut of cheap barrels. North Continue Reading
Why U.S. Shale Will Survive The Oil Price War
The future of the oil industry, it seems, all depends on who you ask. Many industry insiders and experts are crying armageddon, while others say that United States shale is Continue Reading
$5 Crude Could Put Canada’s Oil Sands Out Of Business
Over the last few weeks, the higher breakeven costs for oil and the lack of sufficient takeaway capacity has come back to haunt Canada’s oil patch. Two months ago, the Continue Reading
Texas Oil Rep To Discuss 10 Million Barrel Per Day Cut With Russia
Following US President Trump’s earlier tweet that he had discussed oil prices with Saudi Arabia’s Crown Prince, Texas Railroad Commissioner Ryan Sitton reports that he discussed with Russian Energy Minister Continue Reading
U.S. shale company Whiting becomes first major bankruptcy of oil-price crash
Whiting Petroleum Corp filed for Chapter 11 bankruptcy, the U.S. shale producer said on Wednesday, the first publicly traded casualty of crashing crude oil prices that are expected to bite Continue Reading
Massive New Mine Could Be Oil-Sands’ First Big Price War Victim
The last major oil-sands mine to start operating in northern Alberta could be Canada’s first big casualty of the Saudi-Russian price war and the Covid-19 pandemic. Teck Resources Ltd., one of Continue Reading
First Few Shale Bankruptcies Probably Would Have Happened Anyway
This year’s dramatic crash in oil prices will probably be blamed by many energy companies for their ultimate demise. But the first wave of U.S. shale producers to file for Continue Reading
Summary of Weekly Petroleum Data for the week ending March 27, 2020
U.S. crude oil refinery inputs averaged 14.9 million barrels per day during the week ending March 27, 2020 which was 0.9 million barrels per day less than the previous week’s Continue Reading
U.S. To Rent Out Federal Storage Space To Oil Industry
U.S. oil producers may soon have access to federal oil storage space to alleviate the glut that is threatening to overwhelm existing private storage capacity. Bloomberg reports , quoting three Continue Reading
Oil Giants Turn On Each Other As Crude Prices Plummet
Scott Sheffield of Pioneer Natural Resources blamed ExxonMobil for blocking help from the American government for the U.S. shale industry. Exxon’s refusal, Sheffield says, is because the oil major wants Continue Reading
Oilfield spending to fall 21% as producers slash outlays: report
Global spending on oilfield equipment and services this year will fall 21% from 2019 to $211 billion, the lowest level since 2005, according to a report to be released on Continue Reading
Oil’s Apocalyptic April Could Reverberate for Years to Come
Oil is entering a period of unparalleled demand destruction this month that promises to transform the industry for years to come. Daily consumption will plummet by 15 million to 22 million Continue Reading
Trump Says World’s Biggest Oil Producers to Meet on Market Crash
President Donald Trump said the U.S. would meet with Saudi Arabia and Russia with the goal of stanching an historic plunge in oil prices. Trump, speaking at the White House Tuesday, Continue Reading
The Inevitable Collapse Of Global Oil Production
The OVX index measures implied volatility of oil prices and is calculated by using movements in the prices of financial options for WTI. – The OVX reached 190 on March Continue Reading
The U.S. Is About To Lose Its Place As The World’s Largest Oil Producer
The United States may lose its top spot among oil producers globally this year, according to economists. With oil prices continuing their slide and Saudi Arabia reiterating its plans to Continue Reading
The U.S. Can’t Afford To Let Shale Fail
It’s no secret that the growth of U.S. shale oil has been a thorn in the sides of both Saudi Arabia and Russia. They have seen their market shares erode Continue Reading
Shale’s Comeback Could Be Better And Bigger Than Ever Before
Earlier this month global oil prices fell more sharply in one day than they have in nearly 30 years. The cause was a snowball effect driven by a series of Continue Reading
How Low Could U.S. Oil Production Actually Go?
The oil-bears continue their romp across the energy markets with various grades of crude reaching lows not seen in almost twenty years. There will come a point where I can Continue Reading
Oil industry facing historic production shutdown
The world’s oil market once fixated on how Saudi-led Opec would tweak supply in small increments to boost prices. That concern suddenly feels quaint: the size of the global drop Continue Reading
Relentless Oil Price War To Cause Huge Number Of Well Shut-Ins
Plunging demand, surging supply, and strained storage capacity have put so much downward pressure on oil prices that producers are now considering shutting-in oil wells. The magnitude of these en Continue Reading
Goldman: The Oil Industry Will Never Be The Same After Coronavirus
The unprecedented oil demand plunge in the COVID-19 pandemic is poised to change the oil sector forever, as fewer companies holding high-quality assets emerge after the downturn, Goldman Sachs said Continue Reading
Two Shale Drillers Back Plan to Curb Output After Oil’s Crash
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. Pioneer Natural Resources Co. and Parsley Energy Continue Reading
Pipeline Operators In Texas Urge Producers To Stop Pumping
U.S. pipeline operators have issued a warning to some oil producers operating in Texas: reduce production rates because storage is filling up, a Texas Railroad Commissioner said in a tweet. Continue Reading
Oil CEOs Back Plan to Cut Texas Output
Two of the biggest drillers in America’s largest oil-producing state have asked Texas regulators to consider a cut to crude output after a historic price crash. (Bloomberg) — Two of Continue Reading
The Global Oil Market Is Broken, Drowning in Crude Nobody Needs
The global oil market is broken, overwhelmed by an unmanageable surplus as virus lockdowns cascade through the world’s largest economies. Onshore tanks in many markets are full, forcing traders to store Continue Reading
Pipelines Ask U.S. Oil Drillers to Curb Output as Tanks Fill Up
American pipeline operators have begun asking oil producers to voluntarily ratchet back their output in the clearest sign yet that a growing glut of crude is overwhelming storage capacity. Plains All Continue Reading
Russia’s Plan To Bankrupt U.S. Shale Could Send Oil To $60
As soon as U.S. shale leaves the market, prices will rebound and could reach $60 a barrel, Rosneft’s Igor Sechin said recently. As fate would have it, in what many Continue Reading
World Is Totally Unprepared For What’s Ahead
There’s more evidence finally surfacing in the media of the dire energy predicament the world is now facing. The negative ramifications of peak oil and the falling EROI were going Continue Reading
Petrostates Hammered by Oil Price Plunge and Pandemic’s Spread
Kazakhstan’s long-standing leader calls it a “perfect storm.” Venezuela’s government is shutting fuel stations across the country. Chad is paying its sovereign debts using cattle. Across the oil-rich states of Africa, the Continue Reading
Oil-Industry Collapse Accelerates as Scores of Rigs Go Dark
The oil industry’s meltdown is accelerating as explorers shut down scores of drilling rigs across the U.S. in response to cratering crude prices and expanding supply gluts. Oil companies idled 40 Continue Reading
Rig Count Crashes Most In 4 Years As Oil Shock Rocks U.S. Shale
Baker Hughes reported that the number of oil and gas rigs in the US fell again this week by 44, falling to 728, with the total oil and gas rigs Continue Reading
With oil prices down, some federal, state efforts to aid producers stumble
The collapse in oil prices has left many US oil and gas producers teetering on financial ruin, moving federal and state policymakers to take actions aimed at blunting the impact Continue Reading
Oil Braces for Biggest Idling of Wells Since 1986
Only the old hands at the Coffeyville oil refinery could remember anything like the prices posted this month. The small Kansas plant in the heart of rural America was offering Continue Reading
A Wave Of Downgrades Has Hit The U.S. Oil Patch
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
Is This The Beginning Of The End For Texas Oil?
Widespread misery was evident in the Dallas Fed’s latest survey , which included responses from 161 energy firms and took place from March 11-19. The quarterly survey offers a window Continue Reading
A Wave Of Downgrades Has Hit The U.S. Oil Patch
The riskier end of the energy bond market has lately suffered a sharp blow in response to an epic oil price crash as the coronavirus pandemic and oil price war Continue Reading
World’s Largest Oil Trader Says Demand Could Plummet By 20 Million Bpd
A dramatic change in oil demand coupled with an unexpected increase in production has upended the industry, Vitol’s chief executive Russell Hardy told Bloomberg in an interview. At its peak, Continue Reading
Oil Market Shows Fear That U.S. Is Running Out of Storage Space
The U.S. oil market is displaying worries that stockpiles are going to run out of storage space, with futures being whipsawed as a growing glut counters economic stimulus measures. While crude Continue Reading