LONDON, Sept 21 (Reuters) – “There is no doubt that the oil market is moving in the right direction,” the Organization of the Petroleum Exporting Countries noted with satisfaction in its most recent bulletin published on Wednesday. “The rebalancing process was never going to happen overnight; it was never going to happen in a linear… Read more »
Posts By: Olivia Cao
Drilling and Completion Tick Up in the UK
Several small development companies and one global petrochemical company are drilling, fracturing and completing wells in the United Kingdom, as the upstream sector responds to domestic needs in the face of declines in North Sea production. While there are more than a dozen upstream ventures active in the UK and the Republic of Ireland, most… Read more »
IEA Sees Strongest Global Oil-Demand Growth in Two Years
(Bloomberg) — Global oil demand will climb this year by the most since 2015, the International Energy Agency said, amid stronger-than-expected consumption in Europe and the U.S. The IEA, which advises most major economies on energy policy, increased its estimate for demand growth in 2017 by 100,000 barrels a day to 1.6 million a day, or… Read more »
OPEC Sees Higher Oil Demand, Signs Of Tighter Market
LONDON, Sept 12 (Reuters) – OPEC on Tuesday forecast higher demand for its oil in 2018 and pointed to signs of a tighter global market, indicating its production-cutting deal with non-member countries is helping to tackle a supply glut that has weighed on prices. In a monthly report, the Organization of the Petroleum Exporting Countries… Read more »
What Will Happen to Experienced Oil, Gas Workers?
Nearly one-third of respondents to Rigzone’s worker exodus survey are highly experienced (having more than 20 years of oil and gas experience). This group of industry professionals has been quite vocal about how they feel about leaving the industry – either voluntarily or involuntarily. Some have decided to leave the industry due to disappointing job… Read more »
Oil Falls by Most in Five Weeks Amid Fear of Chinese Demand Drop
(Bloomberg) — Oil tumbled by the most in more than five weeks as fears of falling oil demand in China overshadowed news that Libya’s crude supply was disrupted. Futures fell 2.5 percent in New York. China’s oil refining dropped the most in three years in July, while crude output retreated from the highest this year. Libya’s biggest… Read more »
OPEC’s Long-Sought Success Spoiled by 2018 Oil Supply Worry
(Bloomberg) — Oil investors are already worrying over the potential fallout when OPEC’s deal to cut output expires, marring emerging signs that the accord to shrink a glut is finally succeeding. Uncertainty about how supplies curbed by the Organization of Petroleum Exporting Countries and its allies will be returned to the market in 2018 is… Read more »
America’s Shale Natural Gas Production Is Taking Off – Sort Of
(Bloomberg) — America’s shale gas production is about to surge 12 percent. Sort of. The Energy Department issued a report Monday estimating that the nation’s prolific shale formations will yield 59.4 billion cubic feet a day in September, a massive jump from the roughly 53 billion projected for August. The difference: The agency began including the… Read more »
Venezuela Rebellion Could Send Oil To $80
Venezuela’s deteriorating crisis is “going to be the biggest geopolitical story to watch in the oil markets,” according to Helima Croft of RBC Capital Markets. The economic, political and security situation in Venezuela has been frightening for quite a while, but things continue to grow worse. The new “constituent assembly,” put together to rewrite the… Read more »
Saudi Oil Minister Just Did Something He Has Never Done Before
Gauging market sentiment before the 2018 Saudi Aramco IPO led Oil Minister Khalid al-Falih to personally meet with top hedge fund managers, according to a new report by Bloomberg. Riyadh has long considered hedge funds to be unhelpful speculators, so the sudden interest in their opinions seems abrupt. Anonymous sources who spoke to Bloomberg on… Read more »
