Cut will remove 375 MBOPD, or 8.7% OPEC isn’t the only group planning an oil production cut for 2019. Alberta Premier Rachel Notley announced temporary production cuts on Sunday as part of an effort to shore up pricing for ailing oil producers in her province. Canadian producers are grappling with punishing differentials, with the WCS-WTI differential reaching a staggering $50/bbl
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.
From Bloomberg A new threat looms for Canada’s largest oil producing province, even as it imposes mandatory output cuts to ease a glut that has driven down crude prices. A rule taking effect in 2020 aimed at reducing pollution by cutting the sulfur content of maritime fuel will make sulfur-heavy oil sands crude less desirable. The change may dampen the
From The Wall Street Journal Russia and Saudi Arabia have agreed to extend OPEC’s efforts to stabilize oil markets, Russian President Vladimir Putin said over the weekend, as the broader coalition of producers inches closer to a deal this week. Russia has yet to decide on how much production it would cut, Mr. Putin said, underscoring the remaining challenges ahead.
From Reuters The U.S. State Department will conduct another environmental review of TransCanada Corp’s long-pending Keystone XL oil pipeline, a U.S. official said on Friday, a move that could lead to additional delays of the project. The so-called supplemental environmental impact statement was ordered by Judge Brian Morris of the U.S. District Court in Montana in his ruling on Nov.
From Reuters Qatar’s decision to quit OPEC shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel, a top Iranian official said, adding that any supply cuts should come only from countries that had increased output. The comments underline tensions within the Organization of the Petroleum Exporting Countries ahead of this week’s meeting to
Louisiana rig count falls by four Drilling activity declined in the U.S. this week, extending the drop seen last week, according to the Baker Hughes Weekly Rig Count. A net three rigs shut down this week, meaning there are 1,076 drilling rigs currently active in the country. One land-based rig came offline, while two offshore rigs shut down. This leaves
Oil, gas reserves at all-time highs thanks to the liberal use of the drill bit and higher commodities prices Thank you shale revolution: oil and gas reserves are at an all-time high in the U.S., driven by the massive uptick in drilling and production associated with unconventionals—and improved prices. U.S. companies currently hold 42 billion BBL of crude oil and
From Bloomberg Shale boom, shipping rules weaken light and high-sulfur grades Crudes from Angola, Brazil may benefit from quality concerns There’s a rising star in the oil world, and it’s heavy and sweet. Dense, low-sulfur oil, known in industry parlance as heavy sweet crude, is fetching increasingly stronger prices relative to benchmark lighter grades. For example, Angola’s Dalia
Infrastructure build and industrial boom spark tensions, concerns with Texas coastline residents From The Texas Tribune PORT ARANSAS — Texas, home to the most prolific oilfield in the country, is at the epicenter of the frenzy. More than 80 plants, terminals and other projects are in the works or planned up and down the state’s Gulf Coast, from Port Arthur to
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
From Bloomberg Alberta is working to buy rail cars to help ship more crude as pipeline bottlenecks have the oil-rich province grappling with historic low prices. The province has engaged a third party to negotiate the purchases and a deal may be struck “within weeks,” Premier Rachel Notley said Wednesday in a speech in Ottawa. The province’s costs will be
