Short-Term Energy Outlook
Forecast Highlights Global liquid fuels EIA delayed the release of the March STEO update by one day to incorporate recent significant global oil market developments. On March 9, Brent crude Continue Reading
Oil price collapse sours $310-million deal for failed shale producer
A court-ordered sale of one-time shale high-flyer Alta Mesa Resources Inc fell through due to a lack of financing on Monday, according to court filings, a day when oil prices Continue Reading
U.S. crude output growth to slow, oil prices to slump
U.S. oil production is expected to grow more slowly in 2020 and drop outright in 2021, forecasters said this week after U.S. shale producers cut investment plans further when OPEC Continue Reading
White House likely to pursue federal aid for shale companies hit by oil shock downturn
The White House is strongly considering pushing federal assistance for oil and natural gas producers hit by plummeting oil prices amid the coronavirus outbreak, as industry officials close to the administration Continue Reading
Can Russia use Saudi price war to strike a fatal blow on US shale?
A popular post on Russian social media this week depicts Karl Bryullov’s apocalyptic painting “The Last Day of Pompeii”, with Igor Sechin, head of Russia’s biggest oil company, added to Continue Reading
Historic Oil Crash Exposes Energy Firms That Binged on Debt
From Indian tycoon Anil Agarwal’s metals and mining company to American shale explorers, the historic crash in oil prices has left energy companies that loaded up on debt vulnerable. With a global Continue Reading
North American oil companies slash spending to cope with $30/bbl crude
Occidental Petroleum Corp ( OXY.N ) on Tuesday became the latest to join a growing list of hard-pressed North American oil producers slashing spending and drilling after crude prices slumped Continue Reading
Oil-producing U.S. states to lose revenue as crude prices collapse
Alaska, New Mexico and other states that benefited most from the nation’s energy boom may soon need to patch holes in their budgets due to a 45% dive in U.S. Continue Reading
Only 5 Shale Drillers Are Still Profitable At $31 Oil
Most shale oil wells drilled in the United States are unprofitable at current oil prices, Rystad Energy has warned. The Norwegian consultancy said, as quoted by Bloomberg, that drilling new Continue Reading
U.S. Shale Collapse Will Lead To Higher Oil Prices
U.S. shale growth is about to decline, becoming an immediate victim of the Saudi-Russian price war. Saudi Aramco said that it would increase oil production to 12.3 million barrels per Continue Reading
Offshore Oil Sector Slammed By Price Plunge, Coronavirus Fears
The fall, which in some cases wiped off almost a fifth of some rig builders’ market value in a single trading session, came after news that Saudi Arabia would go Continue Reading
The First Casualty Of Tanking Oil Prices
In the wake of one of history’s largest oil price declines in a single day, a Rystad Energy impact analysis shows that US drilled but uncompleted wells (DUCs) will be Continue Reading
Investor Exodus Leaves Oil Stocks In Disarray
Oil stocks have suffered a lot over the past half decade. First it was the 2014 oil price crash. Just as the oil industry emerged from the collapse, the energy Continue Reading
Shale’s New Reality: Almost All Wells Drilled Now Lose Money
America’s shale producers already had a profitability problem. It just got a lot worse. At a stroke, Saudi Arabia and Russia and their battle for market share have made almost all U.S. shale Continue Reading
Oil Price Crash: 50% Of U.S. Shale Could Go Bankrupt
It’s one for the history books. Oil opened on Monday down roughly 25 percent , the sharpest decline in decades, and broader financial markets fell so precipitously that the circuit Continue Reading
Can U.S. Shale Survive The Oil Price War?
On Friday, the oil market’s worst fears came true: OPEC+ failed to agree on how to deal with the coronavirus’ effect on oil demand, sending oil prices plunging. But with Continue Reading
Global Oil Producers Face Brutal Reckoning After Epic OPEC+ Fail
The alliance between Saudi Arabia and Russia was the only thing that kept the world oil market from tumbling into the abyss. Now its collapse threatens to plunge the industry into a generation-defining Continue Reading
What’s Next For North American Shale?
The world has become accustomed to ever-increasing production from U.S. shale reservoirs. As you can see in the chart in the next section production from these tight reservoirs has increased Continue Reading
OPEC+ breakdown could cause US shale output to decline
The breakdown in OPEC+ negotiations for deeper output cuts in response to reduced oil demand stemming from the COVID-19 virus could send push oil prices below $40/b, causing US shale Continue Reading
Russia breaks Opec oil alliance as it takes on US shale
Just as the coronavirus outbreak wreaks havoc on the oil market, Russia has spotted an opportunity to hurt rivals in the US shale patch. Moscow’s partner’s in Opec now are Continue Reading
Oil Rig Count Increases Amid Price Rout
Baker Hughes reported that the number of oil and gas rigs in the US rose this week by 3 to 793, with the total oil and gas rigs clocking in Continue Reading
U.S. Net Petroleum Exports Hit Highest Ever In February
The United States was a net exporter of crude oil and petroleum products last month, with the four-week average net imports at a negative 907,000 barrels per day (bpd) in Continue Reading
Exxon Hits the Brakes on Permian After Virus Pummels Oil
It’s one of the first signs that the majors are throttling back on production in response to the recent price slump. (Bloomberg) — Exxon Mobil Corp. is slowing the pace Continue Reading
Global oil demand set to shrink first time in decade as coronavirus spreads
Oil demand is set to contract in 2020 as the coronavirus outbreak widened to 72 countries outside China as of Wednesday, threatening to put more pressure on the global economy Continue Reading
China independent refineries’ Feb crude imports fall to 6-month low at 2.8 mil b/d
Crude imports for China’s independent refineries fell 19.7% to a six-month low of 2.76 million b/d, or 10.9 million mt, in February, from a record-high of 3.43 million b/d in Continue Reading
In Major Upset, Texas Oil Regulator Loses Republican Primary
A gas flare burns in the Permian Basin area of Garden City, Texas. A member of the top energy regulator in Texas lost his place on November’s ballot to a Continue Reading
Kinder Morgan exec expresses uncertainty over future of Permian Pass natural gas pipeline proposal
Kinder Morgan cannot be sure its proposal to build a third natural gas pipeline serving the Permian Basin will move forward amid challenges securing commercial support and volatile energy markets, Continue Reading
US Oil Production Sets 2019 Record
Annual US crude oil production reached another record level at 12.23 million barrels per day in 2019, according to the EIA. Annual U.S. crude oil production reached another record level Continue Reading
Cash-strapped US shale producers pray for Opec aid
The sharp drop in the oil price since the coronavirus outbreak has left US shale producers hanging on for survival, and dependent on their big rivals in Opec to come Continue Reading
Coronavirus ‘to cut 2020 oil and gas investments by $30bn’
The outbreak of the coronavirus disease is to cause extensive staffing and supply shortages in the oil and gas industry, as well as a fall in investment of around $30 Continue Reading
The Age Of Canada’s Huge Oil Sands Projects May Be Over
After Teck Resources canceled its oil sands project, even approved oil sands projects could be difficult for Canada’s companies to bring online in the short term until more pipeline capacity Continue Reading
USA December Oil Production Drops
All of the oil production data for the US states comes from the EIAʼs Petroleum Supply Monthly. In the end, an analysis of three different EIA reports is provided. The Continue Reading
Shale Drillers Need A Miracle To Keep Production From Falling
With West Texas Intermediate falling below $45 a barrel after the latest burst in coronavirus panic, U.S. shale oil and gas producers are feeling growing heat. Except for the Permian, Continue Reading
U.S. Oil Rig Count Inches Lower Amid Coronavirus Panic
Baker Hughes reported that the number of oil and gas rigs in the US fell this week by 1 to 790, with the total oil and gas rigs clocking in Continue Reading
This Oil Major Expects Its Oil Production To Peak In 2025
Italy’s Eni expects its oil production to start declining after 2025 under its new long-term strategy to rely on natural gas, renewables, and new technologies to cut net greenhouse gas Continue Reading
Eni plans oil, gas production ‘plateau’ in 2025 under energy ‘evolution’
Highlights Sees gas making up about 85% of total production in 2050 Eni targets 80% cut in net GHG emissions by 2050 To convert all Italian refineries to biorefining sites Continue Reading
Vista bets on Vaca Muerta for 20% oil, gas production growth in 2020
Goal to reach 36,000-38,000 boe/d in December Vista’s wells are performing among best in the play Flexibility is key for handling volatility in Argentina Buenos Aires — Vista Oil & Continue Reading
Political appointees urged rollback of Deepwater Horizon-inspired safety regs over staff objections: report
Political appointees at the Department of the Interior overruled staff objections to a rule that eased offshore drilling regulations, according to a report from The Wall Street Journal on Wednesday. Continue Reading
Democratic candidates’ drilling ban would cost U.S. economy $7 trillion: oil group
Banning hydraulic fracturing and halting new drilling on federal land would cost the U.S. economy $7 trillion in the next decade and kill millions of jobs, the U.S. oil industry’s Continue Reading
Peak Permian Oil Production May Arrive Much Sooner Than Expected
In mid-January, Adam Waterous, who operates the private equity firm Waterous Energy Fund, made a prediction about the crown jewel of the U.S. shale oil industry, the Permian shale play Continue Reading
When Safety Rules on Oil Drilling Were Changed, Some Staff Objected. Those Notes Were Cut
As the offshore oil industry’s federal regulator completed its overhaul of a major well-drilling safety rule in 2018, the agency’s director picked up the phone to a staff engineer to Continue Reading
Schlumberger Chief: Crazy Shale Growth Is A Thing Of The Past
The crazy rate of production growth seen in US shale over the last five years is a thing of the past, Schlumberger CEO Olivier Le Peuch told Reuters on Tuesday Continue Reading
Weekly Petroleum Status Report
Summary of Weekly Petroleum Data for the week ending February 21, 2020 U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending February 21, 2020, Continue Reading
To Many’s Dismay, Permian Produces More Gas and Condensate Instead of Oil and Profits
As oil prices plummet, oil bankruptcies mount , and investors shun the shale industry, America’s top oil field — the Permian shale that straddles Texas and New Mexico — faces Continue Reading
Saudi Aramco launches largest shale gas development outside US
Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Continue Reading
Shale Decline Inevitable As Oil Prices Crash
The U.S. shale industry continues to show signs of slowing down, with production declining in major shale basins outside of the Permian. Financing stress has plagued the shale sector for Continue Reading
Canceled Teck oil sands project underscores global climate-energy policy tension
Teck Resources Ltd’s surprise decision to cancel a planned C$20.6 billion ($15.6 billion) oil sands mine in northern Alberta, citing uncertainty about Canada’s climate policy, underscores a global struggle to Continue Reading
Drilling Productivity Report
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
Teck Cancels $20 Billion Frontier Oil Sands Project
Teck Resources has withdrawn its application for a regulatory review of the Frontier oil sands project, the company said in a news release . “Investors and customers are increasingly looking Continue Reading
Canceled Teck oil sands mine extends uncertainty for Canadian upstream
Teck Resources’ withdrawal of its application for the major Frontier oil sands mine in Alberta exacerbates uncertainty for the Canadian upstream as the country’s political leaders clash over climate goals Continue Reading