Author: PatrickO'Brian
Clean Oil That Only Costs $20
As the shale revolution is reaching its limits, the U.S. oil patch might have found a new way to significantly boost oil production… Read Full Article Here: https://oilprice.com/Energy/Oil-Prices/Clean-Oil-That-Only-Costs-20.html
U.S. Oil Exports Go Up a Gear as Supertanker Sets Sail for China
The flood of U.S. oil exports stepped up a gear on Monday after the first fully laden supertanker sailed from an American port, alleviating a bottleneck that’s limited overseas shipments. Read Full Article Here: https://www.bloomberg.com/news/articles/2018-02-19/u-s-oil-exports-go-up-a-gear-as-supertanker-sets-sail-for-china
US crude rises 1.2%, settling at $61.34, boosted by Saudi comments and a weaker dollar
Oil prices extended gains on Thursday as a weak dollar and supportive comments from Saudi Arabia outweighed record U.S. production and rising inventories. U.S. West Texas Intermediate (WTI) crude futures ended Thursday’s session up 74 cents, or 1.2 percent, at $61.34 a barrel, extending the 2.4-percent gain the day before. Brent crude futures pared earlier losses and were down 2 c...
OPEC: United States leads in new oil production
Economists at the Organization of Petroleum Exporting Countries said they expected more oil from non-member states, with the United States leading the pack. OPEC in its monthly market report for February raised its forecast for supply from producers outside the group by 250,000 barrels per day for an expected full-year average of 1.4 million barrels per day. Most of those new barrels wil...
$28 Billion to be Spent on Asian Oil and Gas Projects
An estimated 50 oil and gas fields in South East Asia, with a collective four billion barrels of oil equivalent resources, will likely be approved for development during the three-year period from 2018 through 2020, according to industry analyst Rystad Energy. These fields will require $28 billion of capex from final investment decision (FID) to first production. The $28 billion is for gree...
Oklahoma oil and gas production tax receipts indicate recovery
Tax collections taken from oil and gas production in shale-rich Oklahoma last year were about 50 percent higher than 2016, state data show. According to the federal government, Oklahoma holds about 4 percent of total U.S. petroleum reserves and accounts for about 5 percent of total oil production. Of the 100 largest natural gas fields in the United States, 14 of them are in Oklahoma. Read Full Art...
Shell Looks To Shale Production For Rapid Growth
The growth of Royal Dutch Shell Plc’s (NYSE: RDS.A) oil and gas operations in the next decade will depend on shale production, its chief executive has said, in the latest sign of western energy groups pinning their hopes for expansion on those unconventional resources. Ben van Beurden told the Financial Times that he saw chemicals, electricity and biofuels as key sectors for Shell’s long-term futu...
Column: U.S leads world in cutting carbon emissions
When it comes to energy, the United States has achieved an unprecedented accomplishment, not just in energy produced here at home but also in environmental progress. The U.S. currently leads the world in natural gas and oil production, while simultaneously serving as the global leader in cutting energy-related carbon emissions. This is remarkable because it demonstrates how market forces and techn...
Brent Pipeline Closure Confuses Oil Markets | OilPrice.com
In one of the most significant unplanned crude shortages of the year, the Forties pipeline system was closed due to a crack, sending oil prices soaring The closure of one of the most important pipelines in the oil market sent Brent prices soaring on Monday, with one analyst claiming it was “one of the most significant unplanned crude oil shortages we have seen this year”. Oil prices have sin...
Tax Bill Supports Oil And Gas Industry, API President Says | OilPrice.com
The U.S. Senate passing the tax reform bill is pro-growth legislation that would help the domestic oil and gas industry, Jack Gerard, President and CEO of the American Petroleum Institute (API), said after the Senators passed the sweeping tax reform on Saturday. “Proposals to lower the corporate tax rate and strengthen cost-recovery provisions can allow the oil and natural gas industry to continue...
OPEC poised to extend oil production cuts to support prices
Benchmark crude prices are now close to $60 a barrel, up almost 20 percent since a year ago, when the Organization of the Petroleum Exporting Countries and their non-OPEC partners agreed to reduce supply by a daily 1.8 million barrels to push up prices. Even bitter rivals Saudi Arabia and Iran appeared on the same page going into Thursday’s meeting. “My preference is to go for a 9-mont...
U.S. crude pares gains after stockpile data
BOSTON (Reuters) – Oil pared gains on Wednesday, retreating slightly from a more than two-year high after U.S. crude stockpiles fell less than an industry group suggested on Tuesday. Still, U.S. crude prices remained elevated near a $58 two-year high after sources said the Keystone pipeline will cut deliveries by 85 percent or more through the end of November.. Read Full Article Here: https:...