Rig Count Plunges For The Fifteenth Straight Week
Baker Hughes reported on Friday that the number of oil and gas rigs in the US fell again this week, by 13, to 266. Canada’s overall rig count fell this Continue Reading
Bankruptcy And Write Downs In The Oil Patch
The oil industry continues to struggle with some of the biggest names in the sector being forced to drastically cut costs Chesapeake faces the very real prospect of bankruptcy, having Continue Reading
Oil’s Rally Sparks Concern U.S. Production Returning Too Fast
Oil continued its comeback, buoyed by signs of increasing demand as cities emerge from lockdown. But fears of a second wave of the virus, combined with record-high stockpiles in the Continue Reading
U.S. Oil Dominance Is Coming To An End
U.S.’ energy dominance agenda is dead as the country’s shale industry is looking at a steep production decline. The U.S. tight oil or shale rig count has fallen 69% this Continue Reading
Lower For Longer: A Nightmare Scenario For Oil Producers
Oil producers all over the world are struggling with a slump in demand that has driven the lower-for-longer price forecasts. High-cost producers are between a rock and a hard place Continue Reading
Nearly 85,000 Jobs In U.S. Oilfield Services Lost To Oil Crisis
Nearly 85,000 people in the U.S. oilfield services industry have lost their jobs due to the pandemic-driven oil price crash and demand destruction, Houston-based Petroleum Equipment and Services Association (PESA) Continue Reading
Global oil demand could hit record growth rate next year, IEA warns
Fatih Birol, executive director of the International Energy Agency, forecasts that the world’s daily oil demand will climb by 5.7m barrels next year. The world’s oil demand could climb at Continue Reading
Underinvestment Could Send Oil Prices Soaring
The most recent edition of the Energy Information Agency monthly Drilling Productivity report confirmed what news reports had anecdotally told us. U.S. domestic shale production is on a decline, and Continue Reading
Prospect Of Peak Oil Demand Puts Cap On Total Global Oil Reserves
The 2020 release of Rystad Energy’s annual global energy outlook reveals that the Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas Continue Reading
Oil Limits Losses with Inventory Drop at Key U.S. Storage Site
Crude nearly erased all losses after a U.S. government report showed inventories at the nation’s key storage hub in Oklahoma declined. Stockpiles at the Cushing site declined for a sixth straight Continue Reading