Exxon says it can more than double output in Permian Basin
ExxonMobil, the world’s largest listed oil company, has said it will be able to more than double its output in the Permian Basin region of the US and maintain it Continue Reading
EIA: US Oil Production Rose 105,000 Bpd In November
U.S. crude output rose for the second consecutive month in November, according to a U.S. government report released Tuesday. Evidence of the growth in U.S. production comes as the oil Continue Reading
This Is Who Will Pay for Shutting Down North Sea Oil Rigs
Royal Dutch Shell Plc’s $3.8 billion sale of North Sea oil and gas fields creates a model for further transactions in a region where the question of who pays to Continue Reading
End of the “Oilocene”: The Demise of the Global Oil Industry and of the Global Economic System as we know it.
In 1981 I was sitting on an eroded barren hillside in India, where less than 100 years previously there had been dense forest with tigers. It was now effectively a Continue Reading
Trump’s Drilling Frenzy Could Upend OPEC Deal
In just thirteen words, a U.S. judge has summed up the problem with almost everything that’s happened since Donald Trump became US President: “I think the government hasn’t had a Continue Reading
BP Forecasts 50-Year Oil Glut
Oil markets mostly ignored the glum forecast from BP that the world is facing a long-term oil glut that won’t disappear for 50 years. Now that is a forecast and Continue Reading
Big Oil Firms Look to Save, While Smaller Upstarts Want to Spend
Big oil companies and smaller U.S. upstarts are plotting sharply divergent paths as they plan spending for 2017 after a modest recovery in crude prices. While shale-oil drillers are boldly Continue Reading
U.S. Oil-Rig Count Climbs by 15, Baker Hughes Says
The number of rigs drilling for oil in the U.S. rose by 15 in the past week to 566, according to oil-field services company Baker Hughes Inc. The U.S. oil-rig Continue Reading
U.S. Shale Won’t Pilfer OPEC, Russian Markets, Former Energy Minister Says
A former Russian energy minister on Friday dismissed concerns U.S. shale oil companies may try to use production cuts by Russia and nations in the Middle East to swoop in Continue Reading
Oil oversupply double world’s needs for 50 years
The world has access to more than twice as much oil as it will need between now and 2050, which will dampen the long-term outlook for prices, according to BP. Continue Reading