Author: RittaFarr
OPEC Deal In Jeopardy As Iran And Saudi Arabia Square Off
Iran and Saudi Arabia are at odds over what to do next with the OPEC agreement, a conflict that could sow the seeds of the agreement’s demise over the course of the next year. As the WSJ notes, the dispute centers around exactly what price the cartel should be targeting. Iran’s oil minister has said that the group should not push prices too high because it would likely spark an even greater produc...
Oil gets its swagger back
Crude prices are healthy again and the oil sector has its swagger back.That’s the general theme of a cheery CERAWeek by IHS Markit energy conference in downtown Houston that counted a record attendance of more than 4,000 energy executives and politicians from at least 70 countries now that we’re in the aftermath of the recent collapse in oil prices that lasted more than two years. Read Full Articl...
Rick Perry says there’s ‘sheer optimism’ in the US energy industry despite tariff fears
US Energy Secretary Rick Perry acknowledged there are concerns about tariffs in the energy industry but the sector is optimistic overall. U.S. Energy Secretary Rick Perry says there is ‘sheer optimism’ in the American energy industry, despite concerns about impending tariffs on steel and aluminum. The optimism is in part due to the Trump administration’s effort to scale back regu...
Rick Perry says relationship with Canada and Mexico could become ‘uncomfortable’
U.S. Energy Secretary Rick Perry on Wednesday said his country’s relationship with Canada and Mexico could become “uncomfortable” during negotiations over their free trade agreement. Perry made his comments during a panel with Canadian Minister of Natural Resources James Gordon Carr and Mexican Secretary of Energy Pedro Joaquin Coldwell at CERAWeek by IHS Markit in Houston. The United St...
Oil giants Shell, Eni on trial in big Nigerian bribery case
A corporate bribery trial billed as the biggest in history opened Monday against the Shell and Eni oil companies as well as former and current executives, all charged in a $1.1 billion scandal to win control of one of Nigeria’s most lucrative oil blocks. The size of the two oil companies makes the trial the biggest ever, according to anti-corruption campaigners, who also say it is unprec...
Saudi Arabia is looking to Google-parent Alphabet and Amazon to build tech hub, Aramco CEO says
Saudi Aramco, the world’s largest energy company, is aiming to break into the cloud computing and data analytics market, and it’s looking to Google-parent Alphabet and Amazon as potential partners to build a tech hub, according to the oil giant’s chief executive. A partnership with the tech titans would advance Saudi Arabia’s goal of diversifying its oil-dependent economy and b...
Putin’s power play: Russia-Saudi oil deal a launchpad for bigger Russian influence in Mideast
Saudi Arabia’s oil production agreement with Russia was opportunistic at first, but it is now the foundation for a broader relationship. The full article, linked below goes into greater detail. The quote of the entire article is: “Right now Russia and Saudi Arabia’s relationship is becoming thicker than oil,” Croft said. As for the Saudis, “I think they see themselves as trying to show the Ru...
UK Oil and gas production set to increase
The oil and gas industry regulator has raised its forecast of what can be recovered from the waters around the UK over the next three decades. Changes in the way the sector operates are thought to have unlocked the potential for a further 2.8 billion barrels of oil or the gas equivalent. It is now estimated that 11.7 billion barrels could be recovered between 2016 to 2050. More than 43 billion bar...
Buying or Selling? – Map could prevent earthquakes from Texas fracking
According to a recent study in the Leading Edge authored by the Stanford University, Department of Geophysics, a new map highlights areas of West Texas and southeastern New Mexico that could be at greater risk for future earthquakes resulting from oil and gas operations. Previous research has shown that wastewater injected as a step in hydraulic fracturing (fracking) underlies an increase in ...
China becomes world’s No.2 LNG importer in 2017, behind Japan
Last week the EIA reported that China will become the second largest LNG importer in the world, behind Japan. Several outlets have written about this growth and what it means to the industry as a whole. The report states that China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS Markit and official Chines...
Peak U.S. Shale Could Be 4 Years Away
As reported by Oilprice.com, The United States Energy Information Administration is predicting that shale oil is set to peak in the next four years U.S. shale production growth has outperformed even the most bullish forecasts, forcing OPEC and the International Energy Agency (IEA) to revise up American supply growth projections month after month. The U.S. Energy Information Administration (EIA) al...
US shale investors still waiting on payoff from oil boom
U.S. oil production has topped 10 million barrels per day, approaching a record set in 1970, but many investors in the companies driving the shale oil revolution are still waiting for their payday. Shale producers have raised and spent billions of dollars to produce more oil and gas, ending decades of declining output and redrawing the global energy trade map. But most U.S. shale producers have fa...