The world’s consumers are not yet ready to say goodbye to the era of oil, according to the International Energy Agency’s (IEA) World Energy Outlook (WEO) 2017 report. WEO 2017 projects that global oil demand will continue to grow to 2040, although at a steadily decreasing pace. Up until the mid-2020s demand growth remains robust,… Read more »
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Cybersecurity Pro: Oil and Gas Supply Chain Can Be Weak Link
Oil and gas companies employ various measures to protect their increasingly sophisticated operational infrastructure. Nevertheless, cyber-criminals are adept at finding vulnerabilities to gain access to these critical systems – and their efforts appear to be paying off. As a 2016 white paper from Underwriters Laboratories (UL) observes, cyberattacks against critical energy infrastructure systems have been… Read more »
Can WTI Hit $70 In 2018?
Comparative inventory (C.I.) has been dramatically reduced in 2017. Levels have fallen 159 mmb since February and are now approaching the 5-year average for the first time in nearly 3 years (Figure 1). (Click to enlarge) Figure 1. The U.S. Over-Supply of Oil is Ending. Source: EIA and Labyrinth Consulting Services, Inc. An interpreted yield curve that… Read more »
Venezuela Just 24 Hours Away From Formal Declaration Of Default
Less than a week after Venezuela shocked the world by announcing it would proceed to restructure its massive external debt, even as it was within the grace period on hundreds of millions in unpaid interest expense, on Thursday the socialist nation confirmed it has never been closer to an official default after Reuters reported that… Read more »
WTI Soars As U.S. Oil Rigs See Biggest Decline Of The Year
Baker Hughes has reported that the number of oil and gas rigs in the United States fell for yet another week, this time dipping 11 rigs—most of which was a loss to the number of oil rigs—the largest decline in the number of oil rigs this year. WTI and Brent continue on their upward trend… Read more »
Will The Third Great Energy Revolution End The Oil & Gas Industry?
The history of crude oil and natural gas is a history of technological innovation. Until recently the innovation supported crude oil and natural gas. Now, it challenges it, causing structural changes in the crude oil and natural gas markets. Originally, crude oil was only used for lighting. This changed following the invention of the internal… Read more »
How Many Barrels Of Oil Are Needed To Mine One Bitcoin?
The Bitcoin boom is well and truly underway, and investors are constantly looking for new ways to gain an advantage in this space. The best way to do this, it seems, is by cutting the energy costs of mining this precious commodity. The Bitcoin mining industry consumes 22.5 TWh of energy annually, which amounts to… Read more »
Saudi Rhetoric Sends Oil Prices To Two-Year High
Comments made by Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS), sent Brent crude to its highest in more than two years, to US$59.30 a barrel, Reuters reports. West Texas Intermediate was more impervious to the comments, but it also gained a few cents, to close at US$52.64 a barrel—the highest in six months. The… Read more »
UK North Sea Oil Faces Quickening Decline If No Brexit Deal
(Bloomberg) — The U.K. oil and gas industry faces a faster decline if Prime Minister Theresa May fails to agree to a trade deal with the European Union, as restrictions on the movement of workers and equipment would increase costs. A “no deal” Brexit, which has become a stronger possibility after talks ended in a deadlock… Read more »
Cost Control Key to North Sea Production Growth
The North Sea is back. Again. Having already been written off once in the 80s and survived, North Sea production is now seen to be recovering even in the Era of Shale thanks to the lower cost structures brought by independent operators. Those were part of the assessments presented by S&P Global Platts at the… Read more »
