Tag Archive

Backlog Could Trigger New Wave Of Shale Oil

Backlog Could Trigger New Wave Of Shale Oil

January 22, 2019 No Comments

The number of drilled but uncompleted wells (DUCs) in the U.S. shale patch has skyrocketed by roughly 60 percent over the past two years. That leaves a rather large backlog that could add a wave of new supply, even if the pace of drilling begins to slow. The backlog of DUCs has continued to swell, […]

Eni  to sell Qatar Petroleum a 35% stake in the Area 1 offshore Mexico

Eni to sell Qatar Petroleum a 35% stake in the Area 1 offshore Mexico

December 16, 2018 No Comments

His Excellency Saad Sherida Al-Kaabi, Minister of State for Energy Affairs and President & CEO of Qatar Petroleum, and Claudio Descalzi, Chief Executive Officer of Eni, signed today a sale and purchase agreement to enable Qatar Petroleum to acquire a 35% participating interest in Area 1, offshore Mexico, from Eni. Eni will continue to be […]

Libya, Iran, Venezuela Secure OPEC Production Cut Exemptions

Libya, Iran, Venezuela Secure OPEC Production Cut Exemptions

December 10, 2018 No Comments

Whether you call it an exemption or a special dispensation, Iran, Libya, and Venezuela have all been spared the pain of cutting production under the newest OPEC agreement forged today with the help of non-OPEC Russia. The real reasons behind the exemptions may never be known, but one thing is for sure: Iran, Libya, and […]

Qatar Withdraws from OPEC Effective January 2019

Qatar Withdraws from OPEC Effective January 2019

December 3, 2018 No Comments

Qatar will withdraw from the Organization of the Petroleum Exporting Countries (OPEC), the Gulf nation’s minister of state for energy affairs, Saad Sherida al-Kaabi announced on Monday. Speaking at a news conference in Doha, al-Kaabi reportedly said: “The withdrawal decision reflects Qatar’s desire to focus its efforts on plans to develop and increase its natural […]

Tullow Oil Announce November Trading Update

Tullow Oil Announce November Trading Update

November 15, 2018 No Comments

Tullow Oil plc (Tullow) issues the following Trading Update for the period 26 July to 15 November 2018. Trading Update summary • All fields producing in line with expectations, full year oil production guidance narrowed to 87-91,000 bopd • Full year free cash flow forecast to be c.$700 million, including Uganda farm-down proceeds of $200m, […]

ENERGY HIGHLIGHTS W/E 20/07/18

ENERGY HIGHLIGHTS W/E 20/07/18

July 19, 2018 No Comments

The price of OPEC basket of fifteen crudes stood at $69.98 a barrel on Wednesday, 18 July 2018, compared with $70.38 the previous day, according to OPEC Secretariat calculations. ———————————————————————————————————– The Joint Ministerial Monitoring Committee (JMMC) held its 1st Teleconference Meeting, where it reviewed recent market developments, and considered the report provided by the Joint […]

Venezuela Discuss Plans To Raise Oil Production

Venezuela Discuss Plans To Raise Oil Production

July 17, 2018 No Comments

Venezuela’s Oil Minister Manuel Quevedo has discussed plans with state-held oil company PDVSA to raise the country’s crude oil production in the second half of the year. While Venezuela and its struggling oil firm claim that they are revising their production planning in order to increase the country’s oil production capacity and make this year […]

U.S. To Be The World’s Top Oil Producer By Fall

U.S. To Be The World’s Top Oil Producer By Fall

June 21, 2018 No Comments

The United States is on track to become the world’s top oil producer as early as this fall, unseating the current no.1 Russia, according to Scott Sheffield, the chairman of one of the largest U.S. producers, Pioneer Natural Resources. U.S. oil production will exceed 11 million bpd within the next three to four months, Sheffield […]

Oil Prices Rise After EIA Reports a draw of 2.2 million barrels in U.S. crude oil inventories

Oil Prices Rise After EIA Reports a draw of 2.2 million barrels in U.S. crude oil inventories

May 10, 2018 No Comments

Amid rising oil prices following President Trump’s withdrawal from the Iran nuclear deal, the Energy Information Administration added to the bullish sentiment by reporting a draw of 2.2 million barrels in U.S. crude oil inventories. Analysts polled by IG had expected a moderate build of 160,000 barrels, while a Reuters poll suggested inventories would be […]

Oil Price Rally Is Likely

Oil Price Rally Is Likely

April 3, 2018 No Comments

Oil prices seesawed at the start of the week before jumping close to multi-year highs on geopolitical concerns, with Brent hitting $70 and WTI at $65. However, geopolitical pressure is only able to influence oil prices to such a degree because the market is fundamentally getting tighter. Ongoing declines in Venezuela and concerns about heightened […]

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