Saudi Arabia And Iran Reignite The Oil Price War

The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. The two countries are currently reigniting the market share and pricing war ahead of the returning U.S. sanctions on Iranian oil.

Multibillion-dollar deals show Permian’s dominance

The booming Permian Basin continues to reshape the Texas oil and gas industry, driving two more multibillion-dollar deals as local energy companies and investors move to cash in on producing, transporting and exporting the flood of crude and natural gas from West Texas.

BLOG: Reflections from My Visit to the Permian

While many oilfield workers are enjoying the higher wages and steady work, some West Texas residents are struggling with the adverse effects of the latest oil boom.

Locked Into Hedges, Shale Misses Out On Oil Price Rally

Shale drilling has historically been a loss-making proposition. The precipitous decline in output from shale wells meant that companies had to use the revenue from one well to drill the next well. Cash was continuously recycled back into new wells, and shareholders rarely saw any profits flow back to them.

BP buys big into Permian, U.S. shale with $10.5 billion deal

The sale represents a major turnaround for BP as it seeks to grow again after the 2010 Deepwater Horizon tragedy in the Gulf of Mexico. The deal includes all of BHP's acreage in West Texas' booming Permian Basin, South Texas' Eagle Ford shale and Louisiana's Haynesville shale.

West Texas company to build large Permian pipeline system

Midland-based Oryx Midstream Services II is adding an additional 180 miles to its under construction regional crude oil regional pipeline system. When complete the total system will include 400 miles of pipeline capacity, 650,000 barrels of pipeline capacity and 1.5 million barrels of crude oil storage.

U.S. crude oil output hits 11 million barrels per day for first time ever

The gains represent a rapid increase in output, as the data, if confirmed by monthly figures, puts the United States as the second largest producer of crude oil, just behind Russia, which was producing 11.2 million bpd in early July, according to sources.

U.S. To Slap Sanctions On All Iranian Oil Buyers

The United States intends to impose sanctions on all customers of Iranian oil, including China, the EU, and Russia, Treasury Secretary Steven Mnuchin said on Thursday, signaling that the U.S. will be working to cut off Iran’s access to the oil market.

EPA Scraps Detailed Plan To Force US Refiners To Blend More Biofuels

The plan would have boosted the renewable fuel blending obligation for the refining industry to 11.76 percent from 10.88 percent to offset volumes lost under the waiver program, which has been expanded sharply under President Donald Trump's EPA, and keep overall blended volumes on target.

Oil is likely to jump another 10 percent this summer

Kloza, who accurately called the 2015 oil collapse, reiterated his bullish case for oil three days after the commodity hit its highest price since 2014. However, he rolled back the odds of an oil shock to $100 this year.

Oil CEOs Are Making Their Case Against Being Sued Over Climate

“It’s sort of bizarre that the users of our products say: ‘Well actually we didn’t want your product. So why did you force it on us?”’ Shell CEO Ben van Beurden told reporters on Thursday in London. “I don’t think also that in the end it will solve anything other than maybe redistributing wealth to a certain class of the economy.”

USGS: Two earthquakes hit near Pecos

The 52 quakes reported in the last year around Pecos trails the 352 earthquakes reported near Wellington, Kansas, in the last 365 days, according to earthquaketrack.com. The USGS reported a 3.2 magnitude earthquake near Wellington on Wednesday morning. Wellington is about 29 miles south of Wichita, Kansas.

Oil prices face inventory, spare capacity test target="_blank" rel="nofollow">A survey of analysts from commodity pricing group S&P Global Platts this week revealed expectations of a 4.5 million barrel drain in U.S. crude oil inventories last week. Data published by the American Petroleum Institute was in line with the estimate from Platts.

Saudi King To Trump: We Will Boost Oil Output If Needed target="_blank" rel="nofollow">The U.S. President has been very active in urging OPEC to start pumping more oil in a bid to tackle rising prices at the pump at home ahead of mid-term elections. He began by berating the cartel and Russia for keeping prices artificially high by quashing production, but later he changed the tone and began urging them to co-operate.

Japanese firm buys into Texas shale fields target="_blank" rel="nofollow">Japan’s Oaska Gas said Friday it is buying into East Texas shale gas fields, acquiring a stake from Houston-based Sabine Oil & Gas.

Oil companies can’t be sued for climate change even though it’s real target="_blank" rel="nofollow">In his order to dismiss the case, Judge William Alsup, who was presiding over the lawsuit, agreed that burning fossil fuels has contributed to global warming and sea level rise. But, in his opinion, lawsuits aren’t the best solution for this planetary problem. “Nuisance suits in various United States judicial districts regarding conduct worldwide are far less likely to solve the problem and, indeed, could interfere with reaching a worldwide consensus,” he wrote.

Kinder Morgan proposes $2 billion gas pipeline target="_blank" rel="nofollow">The project is designed to utilize a 42-inch pipeline stretching about 430 miles from Waha to Gulf Coast and Mexico markets. Kinder Morgan reports that, given the level of producer inquiry, the company is evaluating the economic and hydraulic feasibility of a 48-inch pipeline to increase transportation capacity.

Goldman: Expect Another Bull Run In Oil target="_blank" rel="nofollow">The expected increase in oil production will not leave the market in a situation of oversupply, and in fact, barring no further action, the world could still be short of oil over the next year.

Future of oil majors increasingly shaped by fate of global gas target="_blank" rel="nofollow">Natural gas, seen as a clean bridge from coal to renewables, offers the best long-term demand growth among fossil fuels, particularly in its easy-to-transport liquefied form. At the same time, gas exploration comes with high upfront costs and long payback periods. How the majors handle those issues will become key drivers for success moving forward.

Equity Ramping Up to Target Unconventional Plays Including the Permian target="_blank" rel="nofollow">The past few quarters have seen a marked resurgence in activity and investment in unconventional oil and gas basins in the United States. So much so that discussions about decline curves and pipeline capacity have also resurfaced.