What Does US-China Trade Deal Mean for Oil Markets?
After over a year of trade tensions, the US and China signed a “phase one” trade deal on 16 January. As part of the deal, China has agreed to increase the value of energy imports by $52.4 billion above 2017 levels over the next two years. What could it mean for the oil market?Ann-Louise Hittle…
Non-Opec Supply Set to Surge
Liquid production growth for non-OPEC countries reached the highest rate on record in 2018, with a growth of almost 2.9 million barrels per day (bbl/d).For this year, the trend suggests that non-OPEC countries’ liquid production will reach above 2 million bbl/d once again, led…
US Shale to Peak at 14.5Mbpd in 2030
US shale supply will peak at approximately 14.5 million barrels per day (bpd) around 2030, said the energy research and business intelligence company Rystad Energy.In the past decade, crude oil coming from shale patches such as the Permian in the US has grown from a negligible contributor to an upstream behemoth…
Rates Slowdown in Permian Basin
Though the Permian Basin still dominates US land drilling, the pace of growth in this region has slowed significantly.Older tight oil wells decline by 20% per year without material intervention, according to Rystad Energy.Contrary to common belief, the Permian Basin systematically offers the lowest oil decline rates…
Gazprom Lead Oil and Gas Growth Worldwide
Russian giant Gazprom saw the most production growth among world’s exploration and production (E&P) companies during the five-year span from 2014 through 2018.It’s followed by Chinese player PetroChina Company Limited and U.S. shale company EQT Corporation ranking second and third…
US Leads World Oil Reserves
The United States has a world-leading 293 billion barrels of recoverable oil resources, which is 20Bbbl more than Saudi Arabia and 100Bbbl more than Russia, with the Permian Basin leading that charge.Rystad Energy’s estimate of US recoverable oil is also five times more than officially…
US Oil Output Heads for More Records in 2019
U.S. total oil production, which is already off to an amazing start in 2019, is on track to set another record for this year.New records are expected both when the final numbers for May emerge and at the end of the year, said Rystad Energy.The energy research and business intelligence…
U.S. Shale: World’s 2nd Cheapest Source of Supply in Oil
North American tight oil is emerging as the second cheapest source of new oil volumes globally, just shy of the Middle East onshore market, Rystad Energy said.The U.S. shale oil was the world’s second most expensive oil resource just four years ago, the energy research and business…
Oil and Gas Projects to Triple in 2019
A surge in final investment decisions (FIDs) this year on new petroleum projects worldwide could see sanctioned volumes of oil and gas – excluding shale and tight oil and gas prospects – nearly triple compared to last year’s tally.The collective volumes could swell past 46 billion barrels of oil equivalent (boe)…
Oil Slips Below $77
Oil slipped below $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, despite support from oil supply disruptions.Top exporter Saudi Arabia told OPEC it raised oil output by almost 500,000 barrels per day last month…
Oil Slips, Weighed by Saudi Output, Trade Spat
U.S. crude inventories rise unexpectedly; U.S. implements tariffs on Chinese goods on Friday. Oil slipped below $77 a barrel on Friday, under pressure from higher Saudi production and trade tensions between the United States and China, despite support from oil supply disruptions.
Bahrain Launches $1 bln Energy Fund
Bahrain's government has launched an energy fund that aims to raise $1 billion from local, regional and international investors to develop the kingdom's energy assets, Oil Minister Sheikh Mohammed bin Khalifa al-Khalifa said on Thursday.The Bahrain Energy Fund will receive its initial capital from local entities including Nogaholding, the inve
Bahrain: New Field has 80 bln Barrels of Reserves
Bahrain's oil minister said on Wednesday that the estimated oil reserves in a newly discovered field, the kingdom's largest ever, is at least 80 billion barrels of tight oil. Bahrain said on Sunday it had discovered the tight oil and deep gas resources located off the west coast of the kingdom.
Petchem Demand, Tightening Sulphur Rules to Boost U.S. Crude
U.S. oil will expand its share of international markets as shifting demand makes light crude grades more attractive and as the nation doubles its export capacity, the International Energy Agency (IEA) said on Monday. The IEA said in its five-year outlook that U.S. shale oil output would surge…
Brent Crude Nears $70 on OPEC Cuts, Demand
UBS sees upside for demand growth in 2018. Reuters survey shows strong compliance with output cuts. Brent oil prices held near $70 per barrel, supported by strong compliance with output cuts by OPEC and its ally Russia, as well as expectations for strong demand growth in 2018.
Why Canada is the Next Frontier for Shale Oil
The revolution in U.S. shale oil has battered Canada's energy industry in recent years, ending two decades of rapid expansion and job creation in the nation's vast oil sands. Now Canada is looking to its own shale fields to repair the economic damage. Canadian producers and global…
Oil Slips Toward $69 Ahead of US Supply Report
Oil slipped towards $69 a barrel on Thursday, weighed down by a reported rise in U.S. fuel stocks and expectations that OPEC-led efforts to boost prices by cutting output will increase supply from the United States and other rivals. Crude is still within sight of its highest since December 2014…
OPEC Sees More Oil Supply From Rivals
OPEC lifts 2018 non-OPEC supply forecast, citing higher prices. OPEC raised its forecast for oil supply from non-member countries in 2018 as higher prices encourage U.S. shale drillers to pump more, offsetting an OPEC-led deal to clear a supply glut and a deepening collapse in Venezuelan production.
Oil Trades Strengthen to Mid-2015 Levels on Iranian Unrest
Oil prices posted their strongest opening to a year since 2014 on Tuesday, with crude rising to mid-2015 highs amid large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures traded flat at around $60.40 by 1200 GMT after hitting $60.74 earlier in the day…
Oil Rises to 8-week High on U.S. Inventory Draw
U.S. crude stocks fell sharply last week - EIA; some U.S. shale producers plan to cut spending. Oil prices traded close to eight-week highs on Thursday, boosted by a steeper-than-expected slide in U.S. crude inventories last week. Brent crude futures dipped by 2 cents to $50.95 a barrel at 1346 GMT…
