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Since OPEC announced the production cut deal at the end of November, industry analysts have been warning that rising production from producers outside the deal—U.S. shale in particular—is effectively capping the oilprice gains from that agreement.
The potential for growth in demand for liquid fuels is focused on the emerging economies of China, India, and the Middle East, while liquid fuels demand in the United States, Europe, and other regions with well-established oil markets seems to have peaked. per year, as the mature economies react to sustained high fuel prices.
US oil and gas rig counts dropped to their lowest level in over four years, falling by an additional 74 units for the week ending on January 16. The lower count provides fresh evidence that low oilprices are forcing drillers to pare back operations and slash spending. With weak demand, drillers can negotiate down rig prices.
Saudi Arabia has long enjoyed the status of being the top crude oil exporter in the world. With record production of 10.564 million barrels per day in June 2015, Saudi Arabia has been one of the major driving forces behind the current oilprice slump. Is Saudi Arabia losing the oilprice war? “It
The Proposed Final Program offers 11 potential lease sales in four planning areas—10 sales in the portions of three Gulf of Mexico Program Areas that are not under moratorium and one sale off the coast of Alaska in the Cook Inlet Program Area. The vast majority of US offshore oil production occurs in the Gulf of Mexico.
Oil production capacity is surging in the United States and several other countries at such a fast pace that global oil output capacity could grow by nearly 20% from the current 93 million barrels per day to 110.6 Such an increase in capacity could prompt a plunge or even a collapse in oilprices, he suggests.
CAR said that a number of positive factors support a high level of US light vehicle sales, including: Projected moderate US economic output growth in 2019; Historically low US unemployment rates; Relatively low oilprices continue through 2020; Underlying nominal wage growth continues; High levels of consumer confidence were reached in Q4 2018; and.
Russia’s central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oilprice downturn.
an industry consultant, oil and gas companies have laid off more than 250,000 workers around the world, a tally that will rise if oilprices remain in the dumps. “I Still, upstream E&P companies are also being substantially squeezed by another plunge in oilprices. According to Graves & Co.,
United States M&A activity for upstream oil and gas deals set records in 2011 for both deal values and deal counts, according to PLS, Inc., a provider of information, marketing and advisory services for the oil and gas industry. Also, the shallow portion of the Gulf of Mexico witnessed 22 transactions (for $1.2
One casualty of the oilprice downturn could be the megaproject. For years, as conventional oil reserves depleted and became increasingly hard to find, oil companies ventured into far-flung locales to find new sources of production. The collapse of oilprices, however, could kill off the megaproject.
The party is over for tight oil. Despite brash statements by US producers and misleading analysis by Raymond James, low oilprices are killing tight oil companies. Reports this week from IEA and EIA paint a bleak picture for oilprices as the world production surplus continues. Click to enlarge.
The executives also foresee shale oil and gas having a transformative effect on helping to meet the world’s energy needs, according to the results of the 9 th Annual Energy Survey conducted by the KPMG Global Energy Institute. What is exciting about these findings is that it demonstrates the industry's intent to explore all options.
The first volume of the report, the World Oil Review, is devoted to oil reserves, supply, demand, trade and prices with a special focus on crude oil quality and on refining industry. In 2018, global oil reserves rose slightly (+0.4%), mainly due to growth in the US. recorded in 2013-2017.
Say what you will about offshore oil and gas exploration, but it’s still alive and kicking—high production costs and all. The latest demonstration of the viability of deepwater projects, even in the post-2014 oilindustry era, comes from none other than Brazil. Too few, it might seem at first.
Some other key findings of the AEO2014 Reference case include: Low natural gas prices boost natural gas-intensive industries. Industrial shipments are expected to grow at 3.0% Bulk chemicals and metals-based durables account for much of the increased growth in industrial shipments. annual growth through 2040. Tcf in 2040.
The China policy response to assist the commercial-vehicle industry has been broad, with a variety of direct and indirect supports announced, locally and nationally. The local industry is already recovering, with commercial vehicle plants re-opened.
in 2014 as a result of industrial overcapacity and weakness in the real estate sector. Light truck sales, especially CUVs, helped motivate demand levels last year and with lower fuel prices expected, should once again dominate growth in 2015. The Canadian light vehicle sales forecast from IHS Automotive for 2015 stands at 1.88
The fallout of the collapse in oilprices has a lot of side effects apart from the decline of rig counts and oil flows. With the state’s economy now almost entirely hitched to the fortunes of the oilindustry, they are hoping for a rebound. By Nick Cunningham of Oilprice.com.
Winterkorn made the remarks during a presentation at the 17 th Handelsblatt-Jahrestagung in Munich on 3 July, during which he outlined VW’s approach to future mobility in the current context of the economic crisis, pessimism about the industry and technology potential. And the auto industry doesn’t hold back on announcements.
billion) were all in the top 10 of investing countries while more than $1 billion was invested in Indonesia, Chile, Mexico, Kenya and Turkey. Another challenge was, at first sight, the impact of the 50%-plus collapse in the oilprice in the second half of last year. Additional to China, Brazil ($7.6 billion), India ($7.4
OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oilprices rather than to continue Saudi Arabia's role of guarantor of $100+/bbl oil.
The Permian Basin—a mature hydrocarbon basin located primarily in west Texas and extending into southeastern New Mexico—has produced more than 39 billion barrels (cumulative) of oil since it first began production in the 1920s, reaching a previous production peak in 1973.
Chevron has already shifted to gas-fired co-generation plants to produce steam and export power to the California grid; it is also working on a solar concentrator pilot in New Mexico that would generate steam using sunlight to further reduce costs and environmental impact of its thermal production process.
V2G helps solve the major problem that demand for electricity is high during the day when everything from industrial plants to air conditioning is running full blast and then excess electricity is wasted at night. 1) Nurture My Body (1) OESX (1) OIL ETN (1) OTCBB:PPRW (1) Oasys (1) Ocean Dead Zones (1) PLX Devices (1) PNE3.DE
However, with portions of the country seeing near-record temperatures in what has been called a global heat wave, refineries based near the Gulf of Mexico have reportedly had to scale back production.& & “Usually it takes a hurricane to move prices that much,” he said.& .& This is true every single year.
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