Big Oil’s Hottest Prospects In 2021
Judging by the first 3 months of 2021 it seems that this year has gone off into a wrong start, instead of economic rebounds we face a third rendition of Continue Reading
Spare production capacity to erode in absence of fresh investments, warns IEA
The world’s oil production capacity is expected to slow in the medium-term as the market digests the full impact of COVID-19 and the pivot toward cleaner energy, the International Energy Continue Reading
API Surprises Analysts With Unexpected Crude Draw
The American Petroleum Institute (API) reported on Tuesday a surprise draw in crude oil inventories of 1 million barrels for the week ending March 12. Analysts had predicted an inventory Continue Reading
World oil demand may have peaked in 2019 amid energy transition: IRENA
Global oil demand may have hit the peak in 2019 and natural gas will follow suit around 2025, the director general of International Renewable Energy Agency said March 16, as Continue Reading
Permian Production Set To Rise Despite Shale Decline
Oil production from the seven largest U.S. shale regions is set to decline by 46,000 barrels per day (bpd) in April, but output in the biggest and most prolific basin, Continue Reading
Shale Producers Find Themselves in Unusual Position
Shale’s newfound prudence after last year’s crash is putting producers in the unusual situation of reducing oil output just as prices surge. More focused than ever on keeping spending in Continue Reading
ANALYSIS: US crude oil inventory builds likely extend as refinery runs hold below normal
US crude oil inventory builds likely extended in the week ended March 12 as the Gulf Coast refinery complex continued to operate at reduced capacity in the wake of the Continue Reading
Drilling Productivity Report
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Sustained higher oil prices to spur U.S. output growth -JP Morgan
Sustained higher oil prices are expected to spur higher U.S. oil output this year, JP Morgan analysts said in a weekly note. “At current prices, most U.S. onshore operators are Continue Reading
Oil Prices Slip As U.S. Rig Count Falls
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States fell by 1 this week. The total number of active oil and gas Continue Reading
JP Morgan: U.S. Shale Production Set To Climb
Current oil prices are high enough to warrant increased U.S. shale activity in the second half of the year if prices hold around these levels, according to JP Morgan. “At Continue Reading
Shale Giants Proving OPEC Right
Saudi Arabia’s bet that the golden age of U.S. shale is over appears to be a safe one — for now, at least. A round-up of data on shale drillers Continue Reading
Why Are Investors Turning Their Backs On Fossil Fuel Projects?
Over the next five years, oil and gas companies will definitely see less investment as the world’s biggest institutional investors are increasingly looking at the environmental credentials of the companies Continue Reading
Argentina’s Shale Patch Is Poised For A Comeback
After a harsh 2020 and slow post-pandemic recovery Argentina’s hydrocarbon sector has come roaring back to life. A combination of substantially higher oil prices, government subsidies, favorable legislation and growing Continue Reading
Tight oil public E&Ps maintain 55% reinvestment rate in 4Q20
Rystad Energy Webinars We are adapting to the current digital workplace and hosting numerous webinars going forward, some on short notice. Follow our webinar page to make sure you don’t Continue Reading
US rig count grows by 1 on week to 492, led by increase in oil activity: Enverus
Highlights Permian basin rigs climb four to 226 Gas focused-rigs hit four-week low of 121 Chevron slowing activity in Permian, for now The US oil rig count pushed to an Continue Reading
Tight oil public E&Ps maintain 55% reinvestment rate in 4Q20
Rystad Energy Webinars We are adapting to the current digital workplace and hosting numerous webinars going forward, some on short notice. Follow our webinar page to make sure you don’t Continue Reading
US gasoline inventories plunge as demand outstrips storm-battered supply
Highlights Gasoline stocks fall 11.87 million barrels USAC stocks hit 15-week low Crude stocks surge 13.8 million barrels US gasoline inventories moved sharply lower for a second week in the Continue Reading
US interior advances plan to rewrite rules regarding oil, gas extraction
The US Department of the Interior delved deeper into its review of federal minerals, a move that affects 12% of natural gas and 22% of crude production, as it develops Continue Reading
Oilfield Services Job Losses Top 10,000 for February
An analysis of preliminary BLS data by the Energy Workforce and Technology Council shows a loss of 10,000-plus OFS jobs last month. Employment in the U.S. oilfield services and equipment Continue Reading
Why U.S. Shale Production Remains Stubbornly High
I have written on shale production in the U.S. a number of times over the past couple of years for OilPrice. My expectation that shale production would fall sharply to Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels The March Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Reduced economic activity related to the COVID-19 Continue Reading
U.S. Oil Production Saw The Largest Decline Ever In 2020
Due to plunging drilling activity amid low oil prices, U.S. crude oil production fell by nearly 1 million barrels per day (bpd) last year, registering the largest annual decline in Continue Reading
Chevron CEO Reveals Permian Surprise
Chevron Corp. revived aspirations to pump 1 million barrels a day in the Permian Basin after drastic budget and job cuts trimmed operating costs. Chevron plans to ramp up investment Continue Reading
Analysts Expect Further Growth For Booming Energy Sector
Since the vaccine-led recovery of oil prices, the energy sector has turned from the worst performer on the market to the top-performing sector, and analysts believe there is still upside Continue Reading
Oilfield Jobs Tank Again in U.S. After Brief Recovery Last Year
The hired hands of America’s oil patch have now lost all the job gains they made during a brief recovery last year, according to a trade group. The companies that Continue Reading
U.S. Oil Rig Count Sees Tiny Increase Amid Oil Price Rally
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 1 this week. The total number of active oil and gas Continue Reading
Oil Market Even Tighter As 500,000 Bpd Come Offline In Canada
Maintenance at three oil sands upgraders in Canada will take off some 500,000 bpd in production offline, helping tighten supply amid a price rally, Bloomberg reports. Canadian Natural Resources, Suncor Continue Reading
Offshore Oil & Gas Projects Set For Record Recovery
Operators are expected to commit to developing a record number of offshore oil and gas projects over the next five years, with deepwater projects set for the most impressive growth, Continue Reading
US oil, gas rig count leaps 30 to 491 on week, as oil prices climb further: Enverus
The US oil and gas rig count leaped 30 in the week ending March 3 to 491, rig data provider Enverus said, reaching the highest total since late-April 2020, as Continue Reading
Summary of Weekly Petroleum Data for the week ending February 26, 2021
U.S. crude oil refinery inputs averaged 9.9 million barrels per day during the week ending February 26, 2021 which was 2.3 million barrels per day less than the previous week’s Continue Reading
Will Private Shale Firms Crush The OPEC Oil Rally?
This year’s rally in oil prices brings back an all-too-familiar question for the oil market and the OPEC+ group: Will U.S. shale come back faster than expected to ruin the Continue Reading
Spotlight: After the thaw: US shale production quickly recovers, refinery outages to take longer
Temperatures dipped far below normal levels in the mid-region of the US during the week ending Feb. 19, causing substantial production freeze offs and power outages at refineries, terminals, and Continue Reading
CERAWEEK: Permian Basin oil growth may hinge on ExxonMobil, Chevron activity: Sheffield
Highlights Basin capable of 200,000 b/d growth for some years Pioneer, with Parsley add, now has 20 rigs in basin Majors greatly reduced Permian rigs in past year Houston — Continue Reading
Dying oil companies’ parting gift: millions in cleanup costs
When Weatherly Oil and Gas filed for bankruptcy in February 2019, the company was walking away from several hundred Texas wells. Many hadn’t produced a drop of oil in years. Continue Reading
Oil executives expect crude demand to climb, even as renewables are in vogue
Oil company executives at CERAWeek by IHS Markit were adamant on Monday that crude demand will rise over the coming decade and that the fossil fuel will remain a crucial Continue Reading
Baker Hughes: Long-awaited Energy Market Recovery Has Begun
The long-awaited, much-anticipated energy market recovery has begun, Baker Hughes CEO Lorenzo Simonelli said on Monday during CERAWeek, according to Reuters . The oil and gas industry suffered last year Continue Reading
CERAWEEK: Fossil fuel demand seen growing through 2030s: panels
The energy transition took off in a big way just as the coronavirus pandemic was overtaking the globe in 2020, but fossil fuels are still seen growing at least through Continue Reading
Oil Workers Move To Renewable Jobs, But The Pay Is Lower
As thousands of oil and gas jobs disappeared during the oil price and demand crash last year, more and more former oil workers moved to jobs in the clean energy Continue Reading
U.S. Oil Production Fell To 11 Million Bpd In December
U.S. crude oil production fell in December to an average 11.063 million barrels per day, according to the Energy Information Administration’s latest monthly report . U.S. crude oil production fell Continue Reading
Oil Rig Count Inches Higher As Prices Drop
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States rose by 5 this week. The total number of active oil and gas Continue Reading
Texas, Midwest refiners thaw out their plants after polar vortex
US refiners are restarting their plants after the recent deep freeze stretching from the Texas Gulf Coast north through the Midwest impacted refinery operations across a broad swath of the Continue Reading
Oil Crash Pushed 2020 U.S. Output to First Drop in Four Years
U.S. crude production decreased for the first time in four years in 2020 as the pandemic crushed global oil demand. American crude output averaged 11.313 million barrels a day last year, Continue Reading
US oil, gas rig count steady at 461; Permian total at 9-month high: Enverus
Highlights Permian operators add 5 rigs week on week Potential DAPL shutdown widens Willison-Clearbrook spreads EcoPetrol to triple Permian investment The US oil and gas rig count stood steady at Continue Reading
Gasoline Crisis Paralyzes One Out of Every Seven Texas Stations
One in every seven Texas gas stations is without fuel a week after the historic freeze crippled refineries and trucking, prompting at least one major retailer in the second-largest U.S. Continue Reading
A Key Fracking Indicator Just Hit Record Lows
Oil prices have staged an extraordinary rally in the last three months, rising by 50%. Biden’s presidency, the vaccine rollout, a weak dollar, low interest rates, no inflation, and hopes Continue Reading
U.S. Shale’s Struggles Will Be Help OPEC Stabilize Oil Prices
OPEC and its allies could find managing supply to the oil market easier this year, as U.S. shale producers are still not rushing to accelerate output at $60 oil, OPEC Continue Reading
Oil producers eye long road to recovery as Texas begins to thaw
Shale oil producers in the southern United States could take at least two weeks to restart the more than 2 million barrels per day (bpd) of crude output that shut Continue Reading
OPEC, U.S. oil firms expect subdued shale rebound even as crude prices rise
OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC Continue Reading
November Non-OPEC Oil Production Jumps
Below are a number of oil (C + C ) production charts for Non-OPEC countries created from data provided by the EIAʼs International Energy Statistics and updated to November 2020. Continue Reading