The Organization of Petroleum Exporting Countries (OPEC) has decided to maintain its production levels for at least another six months, Saudi Arabia’s Oil Minister Ali al-Naimi told reporters Friday. The cartel maintained its collective output production level at 30 million barrels per day, which could continue to weigh on oil prices this year, as oversupply… Keep reading →
The Obama administration late last week put out a final safety rule on moving flammable liquids by rail, a subject of concern with the growth in crude by rail. Critiques were plentiful on the high-stakes issue. From the green side, Sen. Maria Cantwell (D-Washington) blasted the new regs, done in concert with Canada, as “more of a status… Keep reading →
It’s going to take a while – until 2030 for full implementation – but nine countries, ten oil companies and six development institutions have joined a World Bank effort to end the practice of routine gas flaring at oil production sites. “Gas flaring is a visual reminder that we are wastefully sending CO2 into the atmosphere,” said World Bank President… Keep reading →
What time is it? Credit: Shutterstock Many analysts agree that as US oil companies pullback capital spending, lay down rigs and drill fewer new wells, production will inevitably decline, supply and demand fundamentals will rebalance and oil prices will increase. But that’s where the agreement ends. International benchmark crude oil prices have recovered a bit… Keep reading →
With the global oil market currently oversupplied to the tune of an estimated 2 million barrels per day, oil producer group Opec has struggled to formulate an effective strategy aside from “let the market sort it out.” For decades Opec played a price-setting role by increasing production to boost supply when prices were deemed too… Keep reading →
There is abundant speculation about how much further oil prices might fall and when US oil production growth will begin to decline. The consensus among analysts and investors is that oil prices are likely to reverse course and start trending upward sometime later this year or next. With US land-based rig counts trending down over… Keep reading →
Every year Germany’s Federal Institute for Geosciences and Natural Resources (BGR) publishes its annual BGR Report showcasing BGR scientists’ work on fascinating projects in the world of geosciences. All projects are driven by BGR’s mission statement – “Planet Earth represents the basis for all our lives – its resources are limited” – and underscore BGR’s… Keep reading →
Times are changing and Opec is not what it once was in terms of oil price influence, but it’s too soon to completely dismiss the producer group that collectively controls such a large share of the world’s oil production, reserves, exports and thus supply. In this article, a Saudi diplomat argues his country “gets… Keep reading →
Senate Republican Leader Mitch McConnell (Ky.) confirmed the Republican-controlled senate will first consider a bill to construct the Keystone XL oil pipeline when they begin work next year. However, the legislation would still need to get by the president’s desk and he may veto it. “We’ll be starting next year with a job-creating bill that enjoys… Keep reading →
Oil Industry Shakes Off Bane of Gluttony by End of 2015
By Kim J. BradySix-year-low oil prices, excess supply and debt woes among U.S. producers will change the oil and gas industry, but in no certain, or short, order. To paint a clear picture of what the oil and gas industry will look like by the end of 2015 would be an exercise in futility. The only thing we… Keep reading →