The oil production targets agreed to in Iraq’s service contracts with international oil companies in 2009 were unrealistic from the start for technical and political reasons, and it now appears output thresholds at several of the country’s largest fields will be scaled back. [Wall Street Journal] A small bankrupt energy company is seeking to force… Keep reading →
Amid all the uproar over the US’s surprising oil production growth of the last few years, some oil market watchers may have inflated expectations of just how well-supplied the market is. US onshore oil supply growth has helped to boost global oil market supply, helping to insulate prices from the impact of disruptions, such as… Keep reading →
Apparently very little, according to traders and analysts polled by Bloomberg last week. The poll of 24 oil market observers had 22 predict Opec members would leave the current 30 million barrel per day production limit unchanged when they meet in Vienna on December 4th. Much has been made of the light, sweet barrels pushed… Keep reading →
We are at a transformational moment in energy history. Just a few years ago, all energy projections forecast increased imports, increased scarcity, and increased natural gas prices. Today, we’ve shifted from scarcity to abundance. U.S. oil production has increased by 2.5 million barrels per day (B/D) since 2010. This year, the United States overtook Saudi… Keep reading →
The oil producers’ cartel will discuss cutting back output at its meeting this Wednesday in Vienna. Iraq’s output continues increasing, Iran could export more barrels as a result of last week’s nuclear deal and non-Opec production has been strong with US output soaring – all bullish supply factors that could put downward pressure on prices… Keep reading →
We hope everyone had a wonderful Thanksgiving and ate far too much yesterday… PetroChina has agreed to buy 25% of the West Qurna oil field in Iraq from ExxonMobil for an undisclosed sum. An analyst at Sanford Bernstein previously estimated the value of ExxonMobil’s 60% interest in the field at $3 billion. [Bloomberg] An easing… Keep reading →
Scientists at Lehigh University are proposing modeling wind turbine blades on owls’ wings to mimic their stealth properties. “If the noise-reduction mechanism of the owl down can be established, there may be far-reaching implications to the design of novel sound-absorbing liners, the use of flexible roughness to affect trailing-edge noise and vibrations for aircraft and wind… Keep reading →
The ability to flip a switch or push a button and turn on a light is often touted as a symbol of our industrial society’s accomplishments. Flipping that switch represents the incredible infrastructure of our power grid that gives you access to power when you want it. And yet, in many cases, it doesn’t always… Keep reading →
The possibility of a rapprochement in nuclear talks between the US and Iran – though they did not produce a deal – had fueled a degree of oil market optimism about Iran’s reinstatement as a global oil supplier. But even if negotiations had proved successful, political and logistical hurdles would likely have stalled any significant return… Keep reading →
WASHINGTON: Budget crunch be damned, the Defense Department’s effort to get more energy-efficient is still in business, said the assistant secretary in charge. Even without the free-flowing supplemental funds and the flexibility of the “rapid equipping” initiatives that allowed for speedy spending at the height of Afghanistan and Iraq, the Pentagon is still trying to reduce its… Keep reading →
