INDUSTRY NEWS
Brent may rise toward $100/bbl as Saudi output cut could worsen supply gap – analysts
A global shortfall in crude oil supply is set to deepen in the third quarter as the world's top exporter Saudi Arabia pledged extra output cuts from July in a move likely to push Brent towards $100 a barrel by the end of the year, analysts said.
Saudi Arabia Suckered Again By Russia In OPEC+’ s Output Cut
The genesis of the Russia-Saudi Arabia relationship as it pertains to the transition of ‘OPEC’ to ‘OPEC+’ (the major ‘+’ in this context being Russia, of course) is core to understanding why Saudi Arabia keeps being suckered in to doing stupid things in the oil markets by Russia.
USA Crude Oil Output Growing But Slowing
“We estimate West Texas Intermediate (WTI) crude oil prices will average $83 per barrel over the three years from 2022 to 2024, while annual growth in U.S. crude oil production over the same period will average 0.4 million barrels per day,” the EIA said in its June STEO.
U.S. Shale Still Not Convinced To Invest More In Growth
Even with prices above $100 last year, U.S. shale drillers went about production growth cautiously. They continued to go about it cautiously even when the federal government pleaded with them to boost output. But was this caution the result of a deliberate decision or was it forced by factors outside the control of the industry?
Oil Soars Nearly 4% Ahead Of Fed Rate Decision
The oil markets continue to be volatile and unpredictable, with WTI and Brent crude making significant gains on Tuesday’s morning session just a day after prices took a big plunge on growing Wall Street bearishness.
The US is getting its first new nuclear reactor in 40 years
The first new nuclear reactor built in the United States in more than 40 years is now up and running in Waynesboro, Georgia. After more than a decade of construction and spiraling costs, Plant Vogtle Unit Three, the first of two new reactors at the site, started producing power at its full capacity in May.
Biden Interior Department Cuts Off Navajo Nation From Oil And Gas Development
On Friday, Interior Secretary Deb Haaland announced a 10-mile radius around the Chaco Cultural National Historical Park now cut off from new oil and gas leases despite local opposition to the new regulations.
Traders Aren’t Buying The Oil Deficit Story
The price movements that followed that meeting were proof that this attitude was correct. The initial price jump that every production cut announcement from OPEC+ causes fizzled out less than a day after the announcement.
Does the Global Drug Trafficking Industry Affect Oil and Gas?
Although international drug trafficking does not have a tangible effect on the overall supply or pricing of the hydrocarbon trade, it may present issues for the transportation of oil and gas as well as its extraction.
ExxonMobil: New Fracking Technology Can Double Oil Output
“There’s just a lot of oil being left in the ground. Fracking’s been around for a really long time, but the science of fracking is not well understood,” Exxon Chief Executive Officer Darren Woods said Thursday at the Bernstein Strategic Decisions conference. Woods has revealed that Exxon is currently working on two specific areas to improve fracking."
Oil Prices Climb As U.S. Rig Count Sees Another Double-Digit Decline
The total number of total active drilling rigs in the United States fell by 15 this week, according to new data from Baker Hughes published Friday, falling by 52 over the last four weeks—the largest 4-week dropoff in activity since June 2020.
Exxon and Chevron Shareholders Reject Toughening Climate Goals
Roughly 90% of investors in North America’s two largest oil producers shot down a proposal by environmental group Follow This that urged executives to set targets for reducing so-called Scope 3 emissions. For Exxon and Chevron, support for the measure slipped by more than half from a year ago.
US crude March output hits 3-yr high as Texas production grows -EIA
U.S. field production of crude oil rose in March to 12.696 million barrels per day, the highest since March 2020, when the COVID-19 pandemic began to decimate global energy demand, Energy Information Administration data showed on Wednesday.
Gasoline Demand Over Memorial Day Weekend Lower Than In 2022
U.S. gasoline demand over the Memorial Day weekend is estimated to be 1.1% lower than demand for the same weekend last year, despite the surging gas prices at the start of the driving season in 2022, data from fuel-saving app GasBuddy showed early on Tuesday.
OPEC+ Cuts Fail To Boost Middle East Oil Prices
The OPEC+ voluntary production cuts, on paper promising curtailments amounting to 1.66 million b/d, should have been the main story for May. Regrettably for many in the Middle East, just as participating countries were preparing to curb output, the overall market sentiment worsened greatly.
Small Oil Moves In Where Big Oil Moves Out
"Imagine Shell decided to stop selling petrol and diesel today. This would certainly cut Shell’s carbon emissions. But it would not help the world one bit. Demand for fuel would not change. People would fill up their cars and delivery trucks at other service stations.”
House GOP advances measures reversing Biden block on mining in Minnesota
The House Natural Resources Committee advanced two measures Wednesday designed to rebuke and reverse Biden administration actions blocking new mineral development in Minnesota 's Superior National Forest.
Bullish Messaging Bolsters Oil Prices
The anticipated plunge in natural gas drilling is starting to take shape as Baker Hughes reported the biggest week-on-week decline in natural gas rigs since February 2016, falling by a whopping 16 rigs to 141.
Why AI Is The Future Of Offshore Oil Drilling
According to Bruce Porter, chief science officer for Texas-based SparkCognition, Generative AI for seismic imaging has broad and far-reaching implications, adding that the technology can dramatically shorten explorations to less than nine days from nine months.
Oil futures steady as US default risk offsets supply decline
Oil prices traded either side of unchanged on Monday as the market waited for news on the U.S. debt ceiling talks and as a stronger dollar offset support from lower supplies from Canada and OPEC+ producers.