How Close Are We To Peak Oil Demand?
In 2020, BP shocked energy markets, declaring the world was already past peak oil demand. Now, when analysts talk about peak oil, they are referring to that point in time Continue Reading
Is the world heading towards Peak Oil?
Let’s park up all the environmental downsides of oil usage for the moment. Because despite all of oil’s sins, most of humanity depends on it for everything from the clothes Continue Reading
Biden Has ‘Only Bad Options’ for Bringing Down Oil Prices
When President Biden meets Crown Prince Mohammed bin Salman in Saudi Arabia, he will be following in the footsteps of presidents like Jimmy Carter, who flew to Tehran in 1977 Continue Reading
Oil Set for Sixth Weekly Gain as OPEC+ Supply Boost Disappoints
Boost to Tight Market Oil headed for a sixth weekly advance after a keenly anticipated OPEC+ meeting delivered only a modest increase in output that failed to assuage concerns over Continue Reading
OPEC+ higher quotas, SPR releases may compensate for loss of Russian crude: Vitol’s Muller
Saudi Arabia, UAE may pick up the slack of other OPEC+ members Iranian nuclear agreement and oil deal are unlikely this year the US may turn a further blind eye Continue Reading
A Week Of Turmoil For Oil Markets
The week has seen quite a lot of turmoil in oil markets. With China finally coming out of its three-month lockdown nightmare, oil prices were moved by reports that Saudi Continue Reading
US East Coast Fuel Crisis Deepens Ahead of Peak Season
The supply crisis on the East Coast is growing worse, raising the specter of fuel rationing just as the US enters what is typically the heaviest time of year for Continue Reading
U.S. Interior must weigh climate impacts of oil, gas leasing -settlement
The Biden administration must thoroughly analyze the climate impacts of oil and gas leasing on nearly 4 million acres (1.6 million hectares) of federal land in five states before drilling Continue Reading
US oil, gas rig count adds three on week for 821 as totals approach pre-pandemic levels: Enverus
No large rig adds; Marcellus loses 2, leaving 41 Rig count additions to appear to be slowing Despite high oil prices, the discipline still strong The US oil and gas Continue Reading
Saudi Arabia ready to pump more oil if Russian output sinks under ban
Saudi Arabia has indicated to western allies that it is prepared to raise oil production should Russia’s output fall substantially under the weight of sanctions, according to five people familiar Continue Reading
U.S. light, heavy oil-price spreads widen as gasoline demand grows
Price differences between U.S. light and heavy crude oil grades have been widening, pricing data showed, as refiners around the world have been snapping up less-dense crude grades for more Continue Reading
The Oil Industry’s Downstream Nightmare Is Here To Stay
There appears to be no end in sight for the current fuel supply crisis, with summer demand set to spike while refineries run at an unsustainable rate. While refineries have Continue Reading
Permian Leaves Rivals Behind As Production Continues To Grow
All U.S. shale basins are expected to see growth this year. Permian is on track to account for about half of all U.S. output in 2023. The Permian has produced Continue Reading
EU ban on Russian seaborne oil to intensify shifts in trade flows
Highlights Russian oil supply losses seen reaching at least 2 million b/d EU looks to US, Middle East, WAF suppliers to replace Russian oil Asian buyers eager for discounted Russian Continue Reading
Why U.S. Shale Firms Aren’t Likely To Change Their Growth Plans
Sky-high oil prices haven’t been able to bolster shale spending. Shale firms are sticking to their guns, prioritizing shareholder returns over everything. “Whether it’s $150 oil, $200 oil, or $100 Continue Reading
U.S. oil & gas rig count falls for first time in 31 weeks -Baker Hughes
U.S. energy firms cut oil and natural gas rigs this week for the first time in 31 weeks, but the rig count rose for a record 22nd month in a Continue Reading
Rystad: Oil And Gas Investment To Rise 20% In 2022
Rystad: Global oil and gas investment is set to rise by 20% this year. In the United States, investment in shale is set to increase by 35%. Oil frontiers like Continue Reading
Gulf of Mexico update
Through 2021 the federal waters of the northern Gulf of Mexico (OCS) have cumulative production of 23.4 Bbo and 193 Tcf. The deepwater (water depths > 1000’ as defined by Continue Reading
Offshore oil rig rates lifted by pandemic recovery, race to replace Russian crude
Rental rates for offshore oil and gas rigs have rocketed higher, boosted by a race to lift production because of the war in Ukraine and a recovery in demand after Continue Reading
Permian Frackers Blame Supply Chain Bottlenecks For Stymied Growth
The Permian is expected to be the main driver of U.S. production growth in 2022. Supply chain snarls are starting to weigh on Permian production growth. Oilfield service companies are Continue Reading
Oil Climbs as Report Shows Tightening US Gasoline Stockpiles
IEA’s Birol Says Oil Prices May Rise Further Oil rose after a two-day decline as an industry report showed US gasoline stockpiles shrunk further ahead of the summer driving season Continue Reading
Putin’s State Oil Champion Suffers Biggest Production Drop
The state-run oil champion led by a close ally of President Vladimir Putin has seen the largest drop in production since the invasion of Ukraine. Rosneft PJSC , whose Chief Continue Reading
Oil Inventories Down to Dangerously Low Point
Only China appears to have a reasonable inventory cushion against the unexpected, according to a new BofA Global Research report. Crude oil inventories are down to a dangerously low point Continue Reading
IEA warns against energy crisis deepening fossil fuel reliance
The energy security crisis since Russia’s invasion of Ukraine must not lead to a deeper dependence on fossil fuels, International Energy (IEA) chief Fatih Birol said on Monday. The right Continue Reading
Biden Exploring Release of Diesel Fuel Reserves Amid High Prices
The Biden administration is considering a release of diesel fuel from federal reserves to address skyrocketing prices and the threat of supply outages on the East Coast. Officials have drafted Continue Reading
ExxonMobil Selling Shale Assets for $750MM
The transaction is expected to close in the second quarter of this year. ExxonMobil has announced that it has signed an agreement with subsidiaries of BKV Corporation for the sale Continue Reading
DOI Provides Offshore Leasing Program Update
The U.S. Department of the Interior (DOI) has posted an update. The Department of the Interior (DOI) will release the proposed program, the next step in the five-year offshore energy Continue Reading
Five Major Challenges Facing The Energy Industry
Record-high prices at the pump, a looming diesel shortage right when the summer season is starting, and an uncooperative OPEC are probably reasons for many headaches among government officials around Continue Reading
U.S. crude stockpiles slide as refining ramps up ahead of summer- EIA
U.S. crude oil inventories fell last week as refining activity picked up ahead of the busy summer driving season, even as the United States continued to release barrels from its Continue Reading
U.S. Shale Drillers Cautious Despite Record Earnings
Only few shale executives have committed to significant increases in capex. 2022 total cash flow for shale drillers may top all they’ve earned over the past 20 years. Inflationary pressure Continue Reading
USA Oil and Gas Employment Set to Rebound
The total number of jobs in 2027 is expected to hit 1.09 million. Employment in the U.S. oil and gas industry is set to rebound in the coming years and Continue Reading
Russian oil output up 200,000-300,000 b/d in May, recovery to continue in June
Highlights Ukraine invasion affecting Russian oil output Russia redirecting crude supplies from Europe to Asia Russian deputy prime minister Alexander Novak said May 19 that after a fall of 1 Continue Reading
API Reports Inventory Draws In Crude, Gasoline Despite SPR Release
The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build. The draw comes Continue Reading
USA Lease Sale Cancellation Leaves Industry in Limbo
The move leaves the industry in limbo, according to Fitch Solutions. The cancellation of lease sales 258 (Cook Inlet) and 259, 261 (Gulf of Mexico) that were planned under the Continue Reading
Permian growth outlook brightens as brownfield gas pipeline expansions advance
Highlights Open season or FID declared for 1.7 Bcf/d capacity Projects delays gas pipeline constraints to late 2025 Crude constraints unlikely before late 2025 or later Permian Basin producers are Continue Reading
US shale companies enjoy ‘tsunami of cash’ on high oil prices
America’s shale oil companies are enjoying a cash bonanza, as soaring oil prices and months of capital restraint transform the fortunes and balance sheets of a sector once notorious for Continue Reading
Permian oil output forecast to hit record high in June -EIA
Oil output in the Permian in Texas and New Mexico, the biggest U.S. shale oil basin, is due to rise by 88,000 barrels per day (bpd) to a record 5.219 Continue Reading
U.S. Strategic Petroleum Reserve drops to lowest level since 1987
The amount of crude oil in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13, data from the U.S. Department of Energy Continue Reading
No Offshore Oil Auctions Devastating To Americans, NOIA Says
NOIA President Erik Milito has issued a response to the decision not to move forward with planned GoM and Alaska oil and gas lease sales. National Ocean Industries Association President Continue Reading
We Can’t Drill Our Way to Energy Security
Thanks to a remarkable oil and gas boom, the United States has achieved the long-sought goal of energy self-sufficiency: We now produce more oil and refined products, natural gas and Continue Reading
U.S. Rig Count Continues To Rise As WTI Hits $110
The number of total active drilling rigs in the United States rose by 9 this week, on top of the 7 rig increase in the week prior, according to new Continue Reading
Soaring Costs Set To Hurt U.S. Shale Production
Soaring Production Costs Stoke Fears of US Shale Slowdown – Just as US shale producers were poised to capitalize on high crude prices and bring new production to the markets, Continue Reading
US oil, gas rig count gains three, totaling 806 on week; Bakken highest since April 2020: Enverus
Highlights Permian adds most rigs on week, up 4 to 329 Most basins gain rigs; only DJ loses a rig Total rig count is approaching pre-pandemic levels The US oil Continue Reading
Oil Prices Slip As Crude Inventories Jump
Crude oil prices fell slightly today after the Energy Information Administration reported inventories had risen by 8.5 million barrels in the week to May 6. This compared with an inventory Continue Reading
In U-turn, IEA sees world weathering lost Russian oil supply
The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted Continue Reading
Biden Scraps Offshore Oil Auctions
The Biden administration is scrapping planned auctions of drilling rights in the Gulf of Mexico and Alaska’s Cook Inlet. The Biden administration is scrapping planned auctions of drilling rights in Continue Reading
U.S. crude output to rise 720,000 bpd in 2022 -EIA
U.S. crude oil output is expected to rise 720,000 barrels per day to 11.91 million bpd in 2022, the government said in a monthly forecast on Tuesday. U.S. crude output Continue Reading
US Crude Output Growth Expected to Slow Amid Soaring Costs
American drillers will increase oil production at a slower pace than previously expected amid surging costs, stymieing the Biden administration’s hope that the industry will boost output to tame fuel Continue Reading
Short-Term Energy Outlook
Forecast Highlights Global liquid fuels The May Short-Term Energy Outlook (STEO) is subject to heightened levels of uncertainty resulting from a variety of factors, including Russia’s full-scale invasion of Ukraine. This STEO Continue Reading
EIA again raises US fuel price outlook as demand destruction looms
Cuts global oil demand growth by 200,000 b/d on China, US Trims US oil supply by 100,000 b/d to 11.91 mil b/d in 2022 EU oil ban would lead to Continue Reading