OPEC

Brent Price Slips Below $80 Two Weeks before OPEC Meeting, EIA Cuts Forecasts by 18%

Brent Price Slips Below $80 Two Weeks before OPEC Meeting, EIA Cuts Forecasts by 18%

On November 27, the nation’s attention will descend on the heart of Texas for another classic NFL Thanksgiving matchup between the Dallas Cowboys and Philadelphia Eagles. Cheap seats on StubHub are currently selling for $150 and up.

Also on Thanksgiving …

November 13, 2014 - 6:05 pm Commodity Pricing, Finance, Oil and Gas 360 Articles, OPEC
Colorado Wattenberg Field: Preparing a horizontal drilling rig - Oil & Gas 360

Oil Prices? Bearish for Now, but the Bulls are Coming

MS Executive Director Jeremy Friesen Sees Prices Unsustainably Low, As Both Demand And Supply Will Move At These Levels

At the November meeting of the Energy Finance Discussion Group in Denver on Nov. 11, Jeremy Friesen, Commodity Strategist for Morgan …

November 11, 2014 - 6:17 pm Commodity Pricing, Oil and Gas 360 Articles, OPEC
Saudi Arabia Wants to Become a Major Producer of Alternative Energy

Saudi Arabia Wants to Become a Major Producer of Alternative Energy

Saudi predicts it will need to burn 8.3 MMBOEPD to fuel its domestic electricity demands by 2028

The world’s No. 2 oil producer is starting to explore new ways to meet its growing internal energy needs. Unlike many countries which …

November 10, 2014 - 6:43 pm Oil and Gas 360 Articles, OPEC
“Don’t Panic” Over Oil Prices, Says U.S., OPEC

“Don’t Panic” Over Oil Prices, Says U.S., OPEC

How low can oil go?

Falling oil prices seemed to level off in mid-October, quelling fears from the market that has seen the S&P 500 index drop 5% in only one week. Just when the oil market was acclimating …

November 4, 2014 - 6:40 pm Commodity Pricing, Finance, Oil and Gas 360 Articles, OPEC
Who Will Drive Global Oil Prices in 2015 – U.S. Shale Producers, Saudi Arabia or OPEC?

Who Will Drive Global Oil Prices in 2015 – U.S. Shale Producers, Saudi Arabia or OPEC?

Falling oil prices have helped sell a lot of Rolaids lately, particularly in places like Houston where U.S. E&Ps are trying to plan their future drilling commitments, based on uncertain commodities prices in 2015.
On Monday, some NYMEX options traders …

October 28, 2014 - 4:28 pm Oil and Gas 360 Articles, OPEC
Another Dive for Oil Prices

Another Dive for Oil Prices

When and where will the dust settle?

Brent crude traded at $86.50 Tuesday morning, at the same time WTI was trading at $84.25.  By midday they were both down, to $86.00 and $82.66, respectively. By afternoon, Brent  was off …

October 14, 2014 - 6:46 pm Oil and Gas 360 Articles, OPEC
Energy Stocks Feeling the Heat

Energy Stocks Feeling the Heat

Energy stocks oil storage tankInvestors nervous as oil prices and energy stocks continue to decline

Oil and gas investors hoping for a recovery on Monday would have no such luck. Prices for crude continued to drop as trading concluded on October 13, 2014, and …

October 13, 2014 - 6:51 pm Oil and Gas 360 Articles, OPEC
Major U.S. Shale Basins are Economic at $75 per Barrel: Baird

Major U.S. Shale Basins are Economic at $75 per Barrel: Baird

With WTI crude oil trading between $83.59 and $86.29 per barrel on Friday, questions about a bear market for commodity prices linger. This morning, Oil & Gas 360® talked to the Baird energy research team about ramifications from this week’s …

October 10, 2014 - 6:07 pm Oil and Gas 360 Articles, OPEC
Oil Drops Further

Oil Drops Further

E&Ps and OilService companies are watching closely to see where oil ends up after a week-long price slide that has dragged down shares of oil and gas companies along with it. With OPEC output rising in recent months and both …

October 9, 2014 - 11:17 am Oil and Gas 360 Articles, OPEC
Saudi Arabia Sets the Pumps on ‘High’, Cuts its Price

Saudi Arabia Sets the Pumps on ‘High’, Cuts its Price

Oil’s persistent slide has moved some OPEC members into action.

WTI traded down again Wednesday, off almost $3.00 from the day’s high to close at $90.83, a 17-month low. Brent crude closed at $94.14, a 27-month low following …

October 1, 2014 - 6:03 pm International, Oil and Gas 360 Articles, OPEC
Brookings Study Finds Multiple Benefits from Immediately Lifting U.S. Crude Export Ban

Brookings Study Finds Multiple Benefits from Immediately Lifting U.S. Crude Export Ban

The Brookings Institute released a study last week comparing the effects of immediate lifting of the U.S. crude oil export ban vs. delaying till 2020.

The study data showed a positive uptick for the GDP in all cases, a 0.14 …

September 15, 2014 - 6:56 pm Oil and Gas 360 Articles, Oilfield Services, OPEC
International Fallout: Iraq, Russia Markets Face Unknowns in Midst of Turmoil

International Fallout: Iraq, Russia Markets Face Unknowns in Midst of Turmoil

Russia and Iraq are giants in the hydrocarbon industry. The two powerhouses were the third and sixth greatest oil producers in 2012, and Iraq’s oil reserves rank fifth in the entire world. Russia’s natural gas reserves are the highest on …

Obama Okays United States Atlantic Shelf Development

Obama Okays United States Atlantic Shelf Development

Coming: 280,000 jobs and $195 billion in private investment

The Eastern Seaboard of the United States is back on the oil and gas map.

On July 24, 2014, President Obama opened up sections of the Atlantic Ocean to hydrocarbon development …

Is OPEC Running Out of Gas?

Is OPEC Running Out of Gas?

Thanks in part to the U.S. shale oil boom, OPEC is predicting that its share of the world oil market will shrink in 2015 for a third year running, Reuters reported on Thursday. In its 2015 Oil Market Outlook, …

July 10, 2014 - 5:41 pm International, Oil and Gas 360 Articles, OPEC
Fueling Truck Fleet with Natural Gas Would Eliminate 3 MMBOPD of Crude Oil Imports: Pickens

Fueling Truck Fleet with Natural Gas Would Eliminate 3 MMBOPD of Crude Oil Imports: Pickens

Energy Entrepreneur T. Boone Pickens revisited CNBC on Monday, reiterating his call for natural gas as widespread transportation fuel. Pickens told CNBC that energy independence would come much faster if the country’s over-the-road truck fleet were converted to natural gas …

July 7, 2014 - 5:01 pm Oil and Gas 360 Articles, OPEC
Will North Dakota Push OPEC Members Out of the Top 20?

Will North Dakota Push OPEC Members Out of the Top 20?

Driving around the oil fields of North Dakota outside of Minot, you’re struck by the fact that you are surrounded by thousands of square miles of rich, expansive farmland—green fields as far as the eye can see. But it’s what …

June 25, 2014 - 5:26 pm International, Midstream, Oil and Gas 360 Articles, OPEC
Will There Be An Iraq Effect?

Will There Be An Iraq Effect?

In a research note issued June 16, Raymond James Equity Research Analysts Pavel Molchanov and Marshall Adkins said: “Given Iraq’s status as OPEC’s second-largest oil producer and fastest-growing oil producer outside the U.S., anything that runs the risk of disrupting …

June 17, 2014 - 6:12 pm Finance, Oil and Gas 360 Articles, OPEC
British Columbia Seeking Investment in its LNG Opportunities but Costs, Russia Raise Concern

British Columbia Seeking Investment in its LNG Opportunities but Costs, Russia Raise Concern

Liquefied natural gas (LNG) is being touted as the next major movement in the energy industry. Supermajors like Chevron (ticker: CVX), ExxonMobil (ticker: XOM) and Shell (ticker: RDS.B) are investing billions to build up LNG networks while …

June 2, 2014 - 10:56 am International, Midstream, Oil and Gas 360 Articles, OPEC
Mexico’s Oil Industry Update: Will Privatization Reverse Downward Trends?

Mexico’s Oil Industry Update: Will Privatization Reverse Downward Trends?

Petróleos Mexicanos, or Pemex, is Mexico’s sole producer of crude oil, natural gas and refined products. The company provides Mexico with one-third of government income and was the ninth largest oil producer in the world in 2012. The oil and …

The Price(s) of Operating in the Oil & Gas Business

The Price(s) of Operating in the Oil & Gas Business

Commodity prices are influenced by several factors, including short-term catalysts and long term stimulus. Supply and demand often dictates short term prices, while factors such as future demand expectations and production decisions by the Organization of the Petroleum Exporting Countries …

January 28, 2014 - 5:05 pm Offshore, Oil and Gas 360 Articles, OPEC
Debate over Crude Export Ban is Gaining Steam – Changes, Are they a’Coming?

Debate over Crude Export Ban is Gaining Steam – Changes, Are they a’Coming?

Decades ago, the Organization of the Petroleum Exporting Countries (OPEC) was THE lifeline to the United States’ thirst for oil. Now, record production, horizontal drilling, advanced seismic and completion technologies, and increased spending rates have the U.S. primed to become …

Natural Gas – Where We’ve Been and Where We’re Going

Natural Gas – Where We’ve Been and Where We’re Going

Natural gas has come a long way since the Chinese first transported it in 500 B.C. through bamboo shoots to boil sea water, and make drinkable.

Nowadays, natural gas is the world’s fastest growing fossil fuel, with global consumption expected …

January 17, 2014 - 10:26 am Fracing, International, Oil and Gas 360 Articles, OPEC
2013 in Review: Horizontal Drilling & Increased Efficiency Paces Historic Year for the United States

2013 in Review: Horizontal Drilling & Increased Efficiency Paces Historic Year for the United States

2013 is winding to a close, and the United States oil and gas industry will cement the year as one of the most productive in history. In October, the Energy Information Association predicted the U.S. will surpass Russia as the …

Egypt Increases Attention on Oil & Gas Sector by Auctioning 22 Concessions

On December 30, 2013, Egypt’s state-owned petroleum corporation and natural gas holding company announced an internal auction for 22 concessions intended for oil and gas exploration. The concessions, located in the Suez Canal, Mediterranean Sea, Nile Delta and western desert, …

December 30, 2013 - 5:29 pm Midstream, Oil and Gas 360 Articles, OPEC

OPEC Maintains 30 MMBOPD Output Goal for 2014 Despite Global Surplus and Record U.S. Production

Oil ministers from the Organization of the Petroleum Exporting Countries (OPEC) announced the group’s target output for 2014 will remain unchanged at 30 MMBOPD. Ministers of Iraq, Saudi Arabia and Kuwait made the announcement following a meeting between the exporters …

December 23, 2013 - 4:11 pm Midstream, Oil and Gas 360 Articles, OPEC, Politics & Opinions
Harvest Natural Resources Announces Agreement to Sell Venezuelan Properties

Harvest Natural Resources Announces Agreement to Sell Venezuelan Properties

Harvest Natural Resources, Inc., (ticker: HNR) headquartered in Houston, Texas, is an independent energy company with primary assets in Venezuela, exploration assets in Indonesia, West Africa and China.

On December 16, 2013, Harvest Natural Resources confirmed it had closed the …

December 16, 2013 - 4:40 pm International, Offshore, Oil and Gas 360 Articles, OPEC, Regulatory

Trust, Yet Verify: Long-Term Oil Markets Not Expected to be affected by Iran Pact

On November 24, 2013, the United States and Iran reached a diplomatic accord in hopes of soothing tensions existing since the Carter administration. As part of the deal, Iran agreed to freeze its entire nuclear program in exchange for the …

AP Reports U.S. Rig Seizures in Venezuela

Associated Press (AP) reported on November 1, 2013 that Venezuelan officials seized two rigs operated by Houston-based Superior Energy Services (ticker: SPN).

The report says a state judge was joined by four members of the police and National Guard …

November 5, 2013 - 5:01 pm Oil and Gas 360 Articles, OPEC

Pioneer Natural Resources Sells Alaska Subsidiary for $550 Million, Shifts Focus to Core Wolfcamp Assets

Pioneer Natural Resources Company (ticker: PXD) is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. Pioneer is one of the most active drillers in Texas’ Spraberry/Wolfcamp oil field …

October 25, 2013 - 4:44 pm Arctic, Mergers & Acquisitions, Oil and Gas 360 Articles, OPEC

Petrobras Announces Production Sharing Contract with Four Companies, Prepares to Develop Libra Basin

Petróleo Brasileiro S.A., or Petrobras (ticker: PBR), is the state-run oil company of Brazil and has operations in 24 countries across five continents. It is the largest producer in South America and participates in E&P, refining, trade, transportation, petrochemicals, oil …

October 23, 2013 - 3:00 pm Oil and Gas 360 Articles, OPEC, Regulatory