Global crude inventories will decrease build rate through 2018, EIA predicts In its recently released Short Term Energy Outlook, the EIA outlined its predictions for global production and consumption through 2018. An increase in production and seasonal drop in consumption is expected to push an increase in global crude inventories of 2.0 million BPD in the fourth quarter of 2016,
Manitok Energy Inc. (Ticker: MEI) announced initial production test results from the second horizontal well of its Q4 drilling program. The 13-33-022-25W4 horizontal well, in which Manitok has 100% working interest, in Carseland, targeted the Lithic Glauconitic (“LG”) zone and was completed with a multi-stage fracture stimulation. In the last 24 hours of the production test, and after flowing back
Permian still on the rise The Permian basin now holds nearly as many active oil rigs as the rest of the United States combined, including both onshore and offshore rigs, according to the EIA. The agency projects that crude oil production from the Permian will increase for a third consecutive month in its upcoming reporting period. Last Friday’s rig count release from
Middle East Oil will account for Most of the World’s Demand Growth IEA Believes An updated analysis from the International Energy Agency (IEA) has determined that the current oil price environment has boosted the share of oil produced in the Middle East. At 31 million barrels per day, the region now accounts for 35% of global oil supplies, the highest
U.S. crude inventory build was big, but oil prices remain above $40 per barrel Crude oil inventories grew by 6.6 million barrels, far surpassing economist estimates which averaged just 733 thousand barrels for the week ended April 8, 2016. The build brought total U.S. inventories to 536.5 MMBO after a surprise weather-related draw last week. Oil prices fell on the
Oil production in December 2015 down 166 MBOPD from a year earlier The decline in crude oil prices took longer to pull production down than many expected, but it is happening, according to data from the EIA. Crude oil production in December 2015 averaged 9.3 MMBOPD, down 166,000 barrels from December 2014. The decline in December oil production represents the
Charles Cherington, Co-Founder and Chief Executive Officer of Intervale Capital, speaks to CNBC’s Squawk Box regarding the state of the U.S. and global oil markets. Intervale Capital is a private equity firm investing exclusively in oilfield manufacturing and service companies, and has offices in Boston and Houston.
OPEC gulf producers look to stay the course for now A global over-supply of crude oil has sent the price for the commodity down to historic lows since June of 2014, when the prices for Brent and WTI crude were above $115 and $107 per barrel, respectively. Much of the decline in the prices came following the decision from OPEC
Alta Mesa Holdings President & CEO Hal Chappelle talks to Oil & Gas 360 at The Oil & Gas Conference® 20 in Denver about his company’s holdings, operations and use of technologies to improve yields and reduce costs. View Alta Mesa Conference Presentation Webcast
Raymond James estimates U.S. production has been declining since March The oil market may be tighter than many realize, according to analysis from Marshall Adkins and researchers at Raymond James. In a follow up to the research they did on the International Energy Agency’s (IEA) 1.2 MMBOPD of missing production, Adkins and his team delved into the Energy Information Administration’s
“[ISIS] presents a whole new reality for the region, which just isn’t reflected in the oil market at the moment,” said Daniel Yergin, Vice Chairman of IHS, in an interview with The Telegram. “It’s an increasingly grave situation for most of OPEC and the Middle East. At some point the security issues will start to come back into the price
Iraq continues to increase production ahead of OPEC meeting Iraq’s oil production reached record levels in May. The country produced an average of 3.87 MMBOPD, the highest levels in decades, according to Bloomberg. This news comes just days before OPEC’s June meeting, in which the cartel is expected to maintain its current policy of defending market share. Iraq’s oil exports
