Texas energy regulators began debating Tuesday whether the state should impose 20% crude oil output cuts on producers to help stabilize prices amid the global coronavirus pandemic. The issue is Continue Reading
The US Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its SPR. (Bloomberg) — The U.S. Energy Department is negotiating Continue Reading
Any argument that the Texas Railroad Commission (RRC) should not even consider proration is simply misinformed. That’s what RRC commissioner Ryan Sitton believes, according to a statement posted on the Continue Reading
Oil and gas production in the United States has peaked and is already in decline. The latest data from the EIA’s Drilling Productivity Report sees widespread production declines across all Continue Reading
China’s oil imports may have declined in March, a Reuters poll of 31 economists showed on Monday, while experts expect China’s economy to have sharply contracted in the first quarter Continue Reading
President Trump promised the U.S. would curtail oil output in a pact with major producers over the weekend. There isn’t much for him to do: The dismal economics and strained Continue Reading
Baker Hughes Co. said it is pursuing a restructuring plan that will result in about $1.8 billion in charges and expects to book a roughly $15 billion goodwill impairment charge Continue Reading
The Drilling Productivity Report uses recent data on the total number of drilling rigs in operation along with estimates of drilling productivity and estimated changes in production from existing oil Continue Reading
Shortly after Mexico won a historic “Mexican standoff” with Saudi Arabia on Sunday afternoon, and was exempt from a historic 9.7mmb/d oil production cut by OPEC+ member states (which Mexico Continue Reading
US shale oil production will fall to 8.53 million b/d in May, down 183,000 b/d from April, with declines seen in every major basin, the Energy Information Administration said Monday. Continue Reading
Baker Hughes said Monday it will report a $15 billion impairment charge, larger than the company’s current market capitalization value, as the decimated oilfield services sector adjusts to demand collapse Continue Reading
The U.S. is only in the FIRST STAGE of the country’s oil demand destruction. Since the nationwide shutdown announced by the U.S. Government in mid-March, domestic oil demand has fallen Continue Reading
With crude prices plummeting to 20 year lows and a local industry in shambles, Texas oil regulators are contemplating the unthinkable : cutting statewide oil production for the first time Continue Reading
The EIA expects U.S. shale oil production to drop next month to 8.526 million barrels per day in the seven most prolific shale basins in the United States, according to Continue Reading
With crude prices plummeting to 20-year lows and tens of thousands of oil workers already laid off, the Texas agency that oversees the oil and gas industry will meet Tuesday Continue Reading
By many accounts, EIA crude oil forecasts appear tame compared to what other independent analysts are predicting, and the deal-no-deal that has so far come out of Thursday’s virtual ‘OPEC’ Continue Reading
President Donald Trump said the “big Oil Deal” sealed on Sunday will save hundreds of thousands of American jobs. But the agreement he brokered depends on a sharp downturn in Continue Reading
Ever since the oil shocks of the 1970s, the idea of energy independence, which in its grandest incarnation meant freedom from the world’s oil-rich trouble spots, has been a dream Continue Reading
The world’s largest oil producers were closing in on a deal to rescue crude markets from a coronavirus-induced collapse after U.S. President Donald Trump stepped in to broker a truce. An Continue Reading
The US and the G20 are preparing to back plans for the largest oil supply agreement in history, throwing their weight behind production cuts by Opec and Russia and offering Continue Reading
The leaders of Russia, Saudi Arabia and the U.S. each badly miscalculated the pain caused by the collapse in oil prices. Now they are trying to rescue their economies and Continue Reading
U.S. President Donald Trump said on Friday that the United States would “help Mexico along” with oil production cuts that it is meant to make under a global deal to Continue Reading
A deal between OPEC and nations including Russia to boost oil prices involves a 10 million barrels per day cut until July, then an 8 million barrels per day cut Continue Reading
Russian energy minister Alexander Novak said Friday that OPEC+ expects producers outside the group to cut another 5 million b/d of crude production in May and June, in an interview Continue Reading
The world’s biggest economies were poised Friday to endorse the largest coordinated oil production cut in history to combat the coronavirus pandemic’s market meltdown. Receive daily email alerts, subscriber notes Continue Reading
One of the most dramatic global oil production agreements in history has been left hanging on the approval of an unlikely character: Mexican President Andres Manuel Lopez Obrador. For weeks Russia Continue Reading
A virtual summit of Group of 20 energy ministers failed on Friday to devise a detailed plan to help resolve an unprecedented oil glut partly triggered by the coronavirus pandemic. Some producers continue Continue Reading
Right now, it is understandably difficult for anything to interrupt the coronavirus news cycle, even in the focused world of energy and commodities. This week, however, one thing managed to Continue Reading
Argentina’s state-held energy firm YPF slashed by 50 percent the oil production from its key development area in the vast Vaca Muerta shale play this week due to tumbling fuel Continue Reading
Baker Hughes reported on Thursday that the number of oil and gas rigs in the US fell again this week by 62, falling to 602, with the total oil and Continue Reading
US commercial crude storage could hit its capacity in mid-May as refinery demand and US oil exports each plunge about 30%, triggering widespread production cuts and shut-ins throughout the country, Continue Reading
A deal between OPEC and nations including Russia to boost oil prices involves a 10 million barrels per day cut until July, then an 8 million barrels per day cut Continue Reading
It was going to be a reasonably good year for oil. OPEC+ would continue to keep a lid on production to keep prices above dangerous levels, and U.S. shale would Continue Reading
The Organization of the Petroleum Exporting Countries, Russia and other countries reached a tentative agreement on Thursday to temporarily cut production. OPEC and the other oil-producing countries agreed to cut Continue Reading
Among the world’s biggest oil producers, state-run giants in China and Russia don’t need a bailout in the traditional sense. Oil industry giants in the United States aren’t likely to Continue Reading
Among the world’s biggest oil producers, state-run giants in China and Russia don’t need a bailout in the traditional sense. Oil industry giants in the United States aren’t likely to Continue Reading
UK-based oil exploration firm Pantheon Resources believes it has a huge 1.8-billion-barrel oil discovery in Alaska after evaluating an old exploration well with modern technology, the company’s top executives told Continue Reading
Occidental Petroleum is opposing a Texas-wide mandated production cut, but it is asking the U.S. Administration for federal financial assistance for the U.S. oil industry which can’t make any money Continue Reading
The world’s largest oil producers moved closer to an unprecedented deal to ratchet back production and rescue crude markets from a pandemic-driven collapse, after Russia signaled it’s ready to make Continue Reading
Expectations for future activity also fell, as most firms do not expect energy prices to return to profitable levels this year. The Federal Reserve Bank of Kansas City’s first-quarter Energy Continue Reading
Crude oil production in the United States could fall by about 2 million bpd from current estimates of daily averages, according to the Energy Information Administration. In its latest Short-Term Continue Reading
The company is reducing spending this year to about half of 2019 levels, joining a parade of shale drillers doing the same. (Bloomberg) — Marathon Oil Corp. is reducing its Continue Reading
US shale drillers are engaged in a bitter test of wills as sinking oil prices force the weakest operators to retreat. (Bloomberg) — U.S. shale drillers are engaged in a Continue Reading
The G20 group of leading world economies will host an extraordinary energy ministers’ meeting Friday to discuss OPEC-led plans for a global crude production cut accord aimed at shoring up Continue Reading
The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically. While the forecast reflects Continue Reading
Permanent changes to social behavior in the wake of coronavirus lockdowns are likely to hit long term oil demand forecasts and accelerate the shift to cleaner fuels but may be Continue Reading
The U.S. cut its 2020 oil production forecast by more than 1 million barrels a day, as collapsing crude prices and plummeting demand threaten to shutter production in the country’s Continue Reading
Almost 40% of oil and natural gas producers face insolvency within the year if crude prices remain near $30 a barrel, according to a new survey by the Federal Reserve Bank Continue Reading
Exxon Mobil Corp. more than doubled the budget cuts announced by any other shale company on Tuesday amid an historic crude-market crash. In all, nearly three dozen shale explorers have slashed Continue Reading
U.S. production of crude oil will fall 13% by year’s end, according to a government forecast Tuesday—numbers the White House hopes to use to convince Saudi Arabia and Russia to Continue Reading
