The end of diplomatic relations between the Persian Gulf’s two major powers following the execution of prominent Shiite cleric Nimr Baqir al-Nimr and forty-six others on terrorist charges lead to a fall in oil prices on Monday. Analysts had expected prices to increase as OPEC became embroiled in a sharp division between two of its… Keep reading →
Chief executives from 10 of the world’s largest oil and gas companies have pledged their support for reaching a climate change agreement at the upcoming conference in Paris. [FT] Oil prices seesawed on Friday as traders awaited Baker Hughes’ weekly rig count at the end of a week that saw prices slide nearly 7 percent.… Keep reading →
In her first major break with President Obama, Hillary Clinton has stated she opposed drilling in the Alaskan Arctic because it is too dangerous. [The Washington Post] Billionaire climate philanthropist George Soros has invested more than $2m in struggling coal giants Peabody Energy and Arch Coal in recent months, despite having once called the fuel “lethal”… Keep reading →
Despite the current low and relatively uncertain oil price environment, which may, in fact, go lower, the Permian Basin and its sub-basins, Delaware and Midland, along with the Eagle Ford Formation, are attracting increasing interest from E&P investors and operators. Primarily concentrated in Southwestern Texas, as well as parts of Southeastern New Mexico, the region… Keep reading →
The oil industry has seen many booms and busts in its history, and it’s common in times of low oil prices for companies to face significant pressure to cut spending. This can lead to production slowdowns, decommissioned rigs, layoffs and other cuts with similar far-reaching consequences. It can even lead to unsafe working conditions if… Keep reading →
Oil prices will remain below the psychologically important $100-a-barrel mark until at least 2025, according to a draft report by the Organization of the Petroleum Exporting Countries (OPEC), seen byThe Wall Street Journal. In its most optimistic scenario, OPEC, which represents 12 oil-producing countries, forecast that oil will sell for around $76 per barrel in… Keep reading →
State-controlled Saudi Aramco adjusted its official crude oil selling prices in response to changing oil market dynamics. The company left Arab Light prices unchanged for Asian customers, while it increased prices for destinations in Europe and the US where demand appears to be picking up. The summer cooling season in Saudi Arabia is expected to… Keep reading →
Some economists have recently predicted that it not be until the third fiscal quarter 2015 that oil prices may begin to stabilize (for example, see ATB Financial’s Alberta Economic Outlook Q2 2015, published March 31, 2015). ATB Financial predicts, however, that the price stability will begin at around $50 per barrel rather than at the over $100 per barrel highs of mid-2014.
President Obama plans to launch a new initiative to expand the nation’s solar workforce during a visit to Utah’s Hill Air Force Base on Friday, outlining his economic agenda. “The Energy Department will seek to train 75,000 people — including veterans — to enter the solar workforce by 2020, increasing the goal it set in May 2014 by… Keep reading →
Opinion: Low Oil Prices Need not Slow Electric Cars
By Peter Lehner and Yossie HollanderThe sudden decline in oil price has prompted some analysts to predict bad days ahead for electric and other fuel-efficient cars. While the price of oil may be low today, history teaches us that it will rise again. The true cost of our oil dependence remains high. Oil pollutes our air and water, is dangerously… Keep reading →