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Jury slams Texas frac company with $100-million verdict, M&A deals proliferate, and Colorado oil and gas flirts with a setback disaster: 2018’s most read stories In addition to Oil & Gas 360’s coverage of oil and gas company financial and operating results, shifting C-suites, global industry trends, new technologies, and OPEC+, readers were alerted each day to most-read industry stories in[Read More…]
Iranian output down 380 MBOPD OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. OPEC production fell slightly in November, dropping by 11 MBOPD to 32,965 MBOPD. Saudi, Kuwait, UAE add 493 MBOPD Most of the regions that increased production did so to balance out U.S. sanctions on Iran,[Read More…]
OPEC+ agree to cut 1.2 MMBOPD U.S. shale received an early Christmas gift today, as OPEC and non-OPEC finally agreed to a new production cut agreement. OPEC, Russia and their allies have agreed to a combined cut of 1.2 MMBOPD, relative to October production levels. OPEC itself will decrease output by 800 MBOPD, while Russia will provide much of the[Read More…]
OPEC and its allies have recommended a production cut, but have not decided on a specific size, according to reports Wednesday. Ministers from OPEC will meet on Thursday to determine the specifics of the cut, including who should reduce output and by how much. Markets are, of course, watching closely for any signs of the scale of the cut. A[Read More…]
Qatar, OPEC member since 1961, says it’s time to split Just three days before the opening of its 175th “Ordinary Meeting” in Vienna, OPEC appears to be splintering. Even as the group works toward a second production cut, Qatar announced it will leave the cartel in January. Qatar joined OPEC in 1961, only one year after the cartel was formed.[Read More…]
Russia, Saudi discussing how much should be cut and how fast Oil prices swung sharply in trading today, dropping below $50/bbl for the first time in 14 months before rising to close up 2.25% on the day. WTI closed the day at $51.39/bbl, while Brent closed at $59.47/bbl. Several factors have been weighing on oil prices, contributing to the largest[Read More…]
With OPEC/non-OPEC conformity at 104% oil prices fall 7%-8% today The OPEC-Non-OPEC Joint Ministerial Monitoring Committee (JMMC) for November met this weekend in Abu Dhabi and noted that countries participating in the Declaration of Cooperation achieved a conformity level of 104% in October 2018. In today’s trading, Brent was off 7%. The international oil benchmark is off more than $20[Read More…]
What do you do with a one-trick-pony oil economy that is hiring about 5,000 oil workers, but you have 83 million people under 30 to find jobs for? Any nation’s leadership that has been lulled to sleep by decades of relying on a single successful product for virtually all of its very substantial revenues might be shocked to wake up[Read More…]
Total output up 132 MBOPD, Saudi pumping at highest rate since 2016 OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. OPEC produced a total of 32,761 MBOPD in September, representing a moderate increase in overall production compared to last month. Cartel production grew by a net 132 MBOPD,[Read More…]
U.S. will have its day, but after shale peaks, OPEC will dominate by supplying 40 MMBOPD by 2040 OPEC sees global demand at 111.7 MMBOPD by 2040 – a 15% increase from 2018 OPEC released its annual World Oil Outlook today, outlining the group’s long-term expectations for the oil industry. The cartel predicts the U.S. will supply much of the[Read More…]
30%+ of global maritime crude oil moves through the South China Sea: EIA The South China Sea is a major trade route for crude oil, and in 2016, more than 30% of global maritime crude oil trade, or about 15 million barrels per day (b/d), passed through the South China Sea, according to a new report by the EIA. Source: U.S.[Read More…]
Total cartel production up 40.7 MBOPD OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. OPEC produced a total of 32,323 MBOPD in July, up moderately from last month. Cartel production increased by a net 40.7 MBOPD in July, a smaller change than seen in the past month. Nearly[Read More…]
OPEC, driven by new 405 MBOPD of Saudi production, announces largest net production increase in 12 months OPEC has released its Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. The group produced an estimated 32,327 MBOPD in June, up significantly from last month. Net output is up 173.4 MBOPD, the largest single-month[Read More…]
Despite the surprise moderate build in U.S. crude oil stockpiles, analysts are worried of an impending price spike to $150 or more. Prices Today Crude oil stocks rose by 1,245 MBBL last week to 417,881 MBBL from 416,636 MBBL. This is 17% below the 502,914 MBBL that was in storage at this point last year, and is 2% below the[Read More…]
Current federal law provides that foreign governments cannot be sued for failing to comply with U.S. federal antitrust laws; NOPEC seeks to change that The No Oil Producing and Exporting Cartels Act (“NOPEC”) is quietly making its way through the U.S. House of Representatives–again. H.R.5904 – NOPEC’s latest incarnation – was introduced in May 2018 by Ohio Congressman Steve Chabot.[Read More…]
OPEC meeting result: oil production from OPEC member countries is to increase until the over-compliance with 2016’s agreed cuts has been eliminated The anticipated 174th Meeting of the Conference of the Organization of the Petroleum Exporting Countries (OPEC) concluded in Vienna today with an announcement that with the oil market in apparent balance, OPEC’s goal is to return production to 100%[Read More…]
“OPEC needs to fulfil its duty – none of us wants $80 to $100 oil” – Scott Sheffield OPEC’s meetings this week are mostly dominated by the heads of member countries’ national oil companies, but at least two top officers from American shale companies are also in attendance. In the run-up to OPEC’s meeting in late 2016, when cutting production[Read More…]
[EDITOR’S NOTE: this is the final installment of the OAG360 story in which Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED), discusses the changing political scene and the shifting geopolitical sands that are challenging the balance of oil producers in the Middle East. El Mallakh was keynote speaker at the Energy Finance Discussion[Read More…]
“The Middle East shapes energy politics, energy crises, and it has a huge impact on geopolitics” – Helen El Mallakh Ahead of the upcoming 174th OPEC meeting in Vienna, Austria, (scheduled for Friday, June 22, and immediately followed by the fourth OPEC/non-OPEC ministerial meeting Saturday), Helen El Mallakh, director of the International Research Center for Energy and Economic Development (ICEED)[Read More…]
Saudi output is up 85.5 MBOPD OPEC released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. The cartel’s production increased in May, with many countries reporting large changes in output. In total OPEC produced 3,1869 MBOPD in May up 35.4 MBOPD from April levels. Like last month, Saudi Arabia showed[Read More…]
Stats published by OPEC show $578 billion from oil exports in 2017; every member country saw revenue growth in 2017 OPEC’s output cut has played a significant role in rebalancing the oil market, bringing more than 1 MMBOPD off the market. Of course, the agreement was not motivated by some sort of altruistic motivations and OPEC has seen its revenues[Read More…]
Egypt is the largest non-OPEC oil producer in Africa and the third-largest dry natural gas producer on the continent, according to the EIA’s newest report on Egypt. In recent years, the country has seen political instability accompanied by growing power demand and a recovering energy industry. Natural gas supply shortages often cause frequent blackouts in Egypt – and 2011’s political[Read More…]
Except for a small drop in the amount of oil produced in 2016, with return to the upswing in 2017, American production has been on a steady increase ever since 2008. Even during the 2014-2016 price crash, U.S. E&Ps hunkered down, strengthened their balance sheets, made technological leaps and kept on producing oil and gas—without depending on the reappearance of[Read More…]
The production cuts may have erased the surplus, but for how long? Stored petroleum around the world fell through 2017 and the first quarter of 2018, ending a period of oversupply in the global market that began before OPEC began production cuts in November 2016, according to data from the EIA. The production cuts took effect in January 2017, reducing[Read More…]
OPEC and Russia looking hard at ending cuts, but maybe not till after end of the year Reacting to comments from the Saudi oil minister, crude oil prices fell more than $5 per barrel between Friday and Tuesday. Brent crude oil grew from about $73 per barrel at the beginning of May to kissing $80 last week, then falling to[Read More…]
On May 21, 2018 the United States president signed an executive order prohibiting certain transactions with the government of Venezuela. The order restricts transactions involving debt owed to the Venezuelan government. Source: WhiteHouse.gov According to law firm Akin Gump, the new prohibitions target three categories of transactions: The purchase of any debt owed to the government of Venezuela, including accounts receivable Any[Read More…]
Supply disruptions threaten in coming months After orchestrating the most successful coordinated action by the group in decades, OPEC is now considering whether to phase out its supply cuts. Since its implementation in January last year, the OPEC cut agreement has seen compliance well above previous attempts at coordinated action by the cartel. The group reconfirmed its commitments to the[Read More…]
Iran’s energy sector will feel the repercussions of renewed sanctions Iran has the world’s fourth-largest proved crude oil reserves and the world’s second-largest natural gas reserves, but production in the country has been suppressed by international sanctions and underinvestment. Although some sanctions targeting the energy industry were temporarily lifted, and oil production reached ~3.8 MMBOPD in 2017, growth has remained[Read More…]
Inventory declines have brought prices to three-year highs The International Energy Agency (IEA) released its monthly Oil Market Report today, outlining the group’s analysis of the overall oil market. In March 2018, OECD stocks declined by 27 million barrels to 2,819 million barrels – 214 million barrels below year-ago levels. This is the lowest level in three years, the IEA[Read More…]
Largest OPEC member adds another 46.5 MBOPD OPEC released this month’s Monthly Oil Market Report, outlining the cartel’s assessment of the state of the international oil industry. Total OPEC production rose slightly this month, though most countries reported only minor changes. The group produced a total of 31,930 MBOPD in April, up by 12.1 MBOPD from the March production level.[Read More…]
EERC drops sharply EnerCom has released its latest Effective Rig Count, linking the state of drilling activity and the reported production from the major shale basins. The Effective Rig Count dropped by 83 in December, meaning the effective rig count now stands at 2,762. This means that the new production in December would have required 2,762 rigs from January 2014[Read More…]
