Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions. The National Hurricane Center reported that winds could reach up to 100 miles per hour (161 km/h) on Tuesday.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions. The National Hurricane Center reported that winds could reach up to 100 miles per hour (161 km/h) on Tuesday.
In Norway's Oil Region, Business Outlook is Up
Business conditions strengthened significantly in Norway's western oil-producing regions during the last three months, while the outlook rose to five-year highs, a sentiment survey showed on Thursday. The price of crude oil, Norway's key export, fell sharply from mid-2014 to early 2016 but has since recovered, while non-oil exporters are boosted by a weak currency. The West Coast Current Conditions Index rose 3.7 points to a four-year high of 64.0 after a slight fall the previous quarter…
Euronav Reports Lowest Freight Rates since 2013
Belgian tanker operator Euronav reported a sharp drop in core profit for the first nine months of the year as freight rates in the oil tanker sector continued to fall. Excess tonnage in the global tanker market has put pressure on freight rates, as a large wave of new deliveries this year has offset scrapping. "Freight rates remained under sustained pressure ... particularly in August as seasonally low levels of cargo and new tonnage entering the market combined to drive rates to lowest levels since 2013…
Petrobras' Production Crosses 1 bln barrels
On Wednesday, December 14, Petrobras and its partners celebrated a milestone: they have now produced 1 billion barrels of oil in the pre-salt layer. This total output was achieved just six years after the first production system came on stream in Santos Basin, in Lula field, and 10 years after the first discovery, in 2006, demonstrating Petrobras’ technical capacity. This performance is unparalleled in the global history of offshore oil production and compares favorably with other important oil-producing areas around the world.
Oil Rises On Weaker Dollar After U.S. Crude Stock Draw
Oil rose for a second day on Thursday as a weaker dollar and a surprisingly large drop in U.S. crude inventories emboldened investors ahead of next week's meeting between OPEC members and Russia to discuss supply. Brent crude futures rose 44 cents to $47.27 a barrel by 1100 GMT, or a 3.2 percent gain so far this week, while U.S oil futures were up 47 cents at $45.81 a barrel. The U.S. Energy Information Administration (EIA) on Wednesday reported a 6.2 million barrel drop in crude oil inventories last week…
Norway Oil Business Conditions at 15-month high
Companies based in Norway's western oil-producing regions have seen a fragile recovery in the third quarter and expect further improvements to take hold over the next six months, a business survey showed on Tuesday. The price of crude oil, Norway's key export, fell sharply from mid-2014 to early 2016 but has since staged a partial recovery, while non-oil exporters are boosted by a persistently weak crown currency. First compiled in 2012…
Canadian Banks Not over the Worst Impact from Oil Crunch
Canada's banks are not over the worst of the impact from the oil crunch and face further hefty losses as energy firms struggle to pay back loans and consumers in oil-producing regions suffer, analysts and investors say. The country's biggest five lenders, including Royal Bank of Canada, Toronto-Dominion Bank and Bank of Nova Scotia, all set aside more funds to cover bad loans to oil & gas firms in the second quarter but their provisions remain relatively low compared to U.S. peers.
Oasis Petroleum Plug North Dakota Oil Well Blowout
Oasis Petroleum Inc said on Tuesday it successfully killed a North Dakota well that had leaked oil, saltwater and natural gas since a blowout last weekend. Oasis crews pumped more than 33,000 gallons of a bentonite clay and water mixture down the well and plugged it. The well is now permanently shuttered. More than 67,000 gallons of oil had leaked from the well. In response to the spill, law enforcement and federal regulators closed several roads on Monday evening around the site due to concerns about the effects of leaking gas.
Texas Oil Patches Brace for More Rains, Possible Floods
Texas oilfields could see strong rains and thunderstorms later this week, though they were spared the heaviest flooding that struck central and eastern Texas over the Memorial Day weekend, the National Weather Service said on Tuesday. There were reports of flooded roads in parts of the Permian Basin of west Texas and swollen creeks in the Eagle Ford shale area of south Texas, the two largest onshore oil producing regions in the United States.
Midland Braces for Impact as Drilling Slows
Sales tax receipts in the thriving oil town of Midland, Texas, fell this month, only the third decline in five years and one of the first signs of how low oil prices are beginning to ripple beyond oil company bottom lines and into the wider economy. Midland's sales tax revenues, which reflect commercial and residential spending, dipped to $5.119 million in March from $5.126 million in March 2014, according to data from the Texas Comptroller released last week.
US Oil States Impacted by Crude Slide
After leading the U.S. economic recovery out of recession, some of the nation's top oil states are showing early signs of a slowdown as a result of the plunge in crude prices. In Houston, Texas, the first oil industry layoffs have been announced, with realtors there predicting a sharp decline, up to 12 percent, in home sales next year. Alaska's 2015 fiscal year budget revenue forecast will have to be lowered by almost $2 billion, according to Fitch Ratings, because of the sharp drop in the state's forecast crude prices.
EnerMech Secures $53.4m Cranes Contracts
EnerMech has secured six new or renewed cranes and lifting contracts in the UK North Sea sector valued in excess of $53.4 million. The Aberdeen headquartered mechanical engineering group agreed extensions to contracts with Apache North Sea, Maersk Oil and Marathon Oil, and first time or additional workscopes with Centrica Storage/HRL, Aker Solutions and a number of projects on behalf of Technip. The contract wins follows publication of the company’s latest accounts to December 2013 which reveal a 40% upswing in turnover…
Dalrymple's Budget Weighs on Oil Price Rebound
North Dakota Governor Jack Dalrymple proposed a two-year state budget on Wednesday that forecasts rebounding oil prices and a 23 percent jump in oil taxes, a tacit bet the state's energy boom will continue unabated. Oil prices have dropped more than 30 percent since June amidst global oversupply and demand concerns. Last week OPEC opted not to cut its oil production, a step seen by many as designed to squeeze North Dakota and other oil-producing regions of the United States.
Oil Steadies Around $99 on Possible OPEC Output Cut
Brent crude oil steadied at around $99 per barrel on Wednesday, after jumping on Tuesday on hopes the Organization of the Petroleum Exporting Countries (OPEC) would help reduce a global supply glut by cutting output. Prices rose by the most in two-and-a-half months on Tuesday after OPEC Secretary General Abdullah al-Badri said the group could trim its 2015 output target by 500,000 barrels per day (bpd). The benchmark had hit a a 26-month low the previous day on rising supplies and signs of slower demand growth in China and Europe.
Saudi Aramco CEO Points to Energy Future
Speaking at this year’s Offshore Northern Seas (ONS) Conference and Exhibition, Khalid A. Al-Falih, Saudi Aramco president and CEO, addressed the challenges facing the industry and gave insights into Saudi Aramco’s strategy for turning these into opportunities, informs the Middle East energy major. In his speech, Al-Falih outlined some of the chief challenges that major producers such as Saudi Aramco face, including rising project costs…
Brent Crude Slips Towards US$102 After Overnight Jump
Brent crude slipped towards $102 a barrel on Thursday, reversing some of the sharp overnight gains, as U.S. industry data showed fuel stocks rose last week and raised fresh doubts about the strength of demand in the world's biggest oil consumer. * U.S. * Oil prices spiked Wednesday on upbeat U.S. * Coming up: U.S. Oil futures on both sides of the Atlantic have seen wide swings this week, as the U.S. dollar has gyrated. Brent hit a 16-month low on Tuesday…
Brent Approaches $108 on Global Tensions
EU threatens new Russian sanctions; Euro slips to 8-month low vs U.S. dollar. U.S. crude stocks seen falling 2.8 mln barrels. Brent crude rose towards $108 a barrel on Wednesday as threats to supplies from oil-producing regions overshadowed weak demand and a stronger dollar. The European Union threatened Russia with harsher sanctions on Tuesday after the downing of the Malaysian airliner in Ukraine, straining the EU's relationship with the world's second-largest oil exporter. "When the U.S.
Canada Crude Imports Slip as Imports from US Grows
Imports of crude oil into Canada fell to a one-year low in May despite a continued climb in imports from the United States, Statistics Canada data showed on Thursday. Canada imported 16.6 million barrels in May, or around 535,000 barrels per day (bpd), from around the world, with the United States as the top supplier, followed by Norway. This compares with April imports of 17.5 million barrels, or some 583,000 bpd, and May 2013 imports of 14.3 million barrels, or around 461,000 barrels per day.
Khartoum to help repair damaged oilfields
Sudan has offered to supply materials, engineers and electricity to South Sudan to speed up the repair of oilfields damaged during a five month rebellion that has cut output by a third, South Sudan's oil minister said on Saturday. Petroleum Minister Stephen Dhieu Dau told Reuters South Sudan's output stood at 165,000 barrels per day (bpd), down from 245,000 bpd when the fighting broke out in December, but that production should increase within 45 days to three months.
