(BOE Report) – LONDON, May 29 – Oil drillers in the U.S. shale heartland are slowing down operations, a sign that OPEC’s high-stakes price war is starting to pay off, but Saudi Arabia will need to exert a lot more pain to make a lasting impact on market share. U.S. oil producers upended the global market in the early 2010s, as
(World Oil) – A top executive at Diamondback Energy Inc. called on President Donald Trump’s administration to explain how the global trade war will help shale producers, a rare instance of public pushback from a U.S. oil boss. “This administration better have a plan @SecretaryWright,” Kaes Van’t Hof, president of Diamondback, said April 6 in a post on X. He added
(Oil Price) – U.S. shale needs much higher oil prices than $50 per barrel, and even higher than the current WTI Crude price in the high $60s, for a “drill, baby, drill” boom, oil tycoon and Trump campaign donor Harold Hamm says. American producers, especially those pumping crude outside the Tier 1 inventory in the best Permian locations, would need an
(Investing)– LONDON – OPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and difficult to deepen supply cuts because some members want to pump more, sources and analysts said. The Organization of the Petroleum Exporting Countries and its allies led by Russia, the group
Oil Price HSBC’s recent forecast suggests U.S. shale oil production will keep rising for another four years before peaking, but the real story is more complex. Wood Mackenzie highlights a new era of efficiency gains in shale, yet these advancements come with significant costs that could hinder future growth. Despite last year’s impressive 1 million barrels per day increase, driven by unexpected efficiency improvements,
Oil Price Since 2008, the shale boom has grown U.S. oil production by about 9 million barrels per day. In the early days of the shale boom, when it wasn’t clear whether this development would have a significant impact, it was largely ignored by OPEC. By late 2014, as U.S. oil production growth was approaching 5 million BPD, OPEC decided
Houston Chronicle Is it really over? So soon? Russia’s unwillingness to go along with Saudi Arabia’s emergency supply cut fuels speculation the whole OPEC+ thing is done. I don’t agree. OPEC+ has always been largely a marketing and political tool. Formally ditching it now would merely make obvious the underlying truth: OPEC+ wouldn’t exist in the first place unless OPEC on its
CNBC A group of oil-producing nations known as OPEC failed to reach a deal with its allies over oil output cuts following a meeting in Vienna on Friday. This led OPEC kingpin Saudi Arabia to slash its official selling prices for April and reportedly prepare for an increase in production. The shocking move came after OPEC ally Russia rejected the 14-member organization’s
From Forbes Jason Bordoff, the Founding Director of the Center on Global Energy Policy at Columbia University, noted on Twitter early Monday morning that “Everyone who’s been writing for years that shale is the new swing supplier, this is what spare capacity looks like. Shale can’t do that. It can grow remarkably (and has) but still takes time to respond and then does
Worldwide, government policy decisions will be prime determinant of world’s energy direction In a new report, the International Energy Agency outlines new scenarios regarding fuels use and supply and demand, saying government policy decisions will determine what happens in the energy space, and that to meet global energy demand, investment in new supply of $2 trillion per year will be
From CNBC A sustained upswing in U.S. shale growth is likely to offset global production problems over the coming months, energy analysts told CNBC on Wednesday. The mood music in the energy market has been heavily influenced by a flurry of demand-side developments of late, with investors continuing to monitor an escalating trade war between the U.S. and China, the financial crisis in
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 said they viewed $80 as a bottom, even on the heels of Goldman’s revised bearish oil forecast it released over the
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