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Category: OilProduction

North Dakota's Oil Rig Count Appears To Have Hit Bottom

June 25, 2015 Posted by Chris Wysong

The rig count in North Dakota has stabilized at its lowest level since 2009. North Dakotas Oil Rig Count Appears To Have Hit Bottom By: Ernest Scheyder (Reuters) WILLISTON, N.D., June 23 (Reuters) - The drilling rig count in North Dakotas oil patch, a closely watched metric through which many attempt to divine future crude production, appears to have hit a bottom. For the past three weeks the count has hovered between 76 and 79, after sliding only slightly from 80 at the end of May. On June 12, the count hit 76, the lowest level since 2009. The count bobbed slightly in the ensuing days, hitting 77 on Tuesday. It has, in short, been the longest period since oil prices started to slide last fall that the rig count has stayed in the same range, offering many in and near the No. 2 U.S. crude-producing states energy industry a bit of solace that a nadir has been reached. In early March, for example, the count was at 113. The apparent stabilization has produced a palpable sigh of relief

Posted in Oil, OilProduction, RigCount

Why OPEC can't stop the shale oil industry

June 12, 2015 Posted by Chris Wysong

George Perry weighs in on why it is unlikely that OPEC will be able to permanently eliminate U.S. shale from the global oil picture. Why OPEC cant stop the shale oil industry By: George Perry (Fortune) OPEC is not what it used to be. The cartel of major oil producing nations, dominated by Saudi Arabia, used to meet to collude on cutting production in order to support prices. Now they meet to try to get someone else to do the cutting, and their target is the shale oil industry. In the 2000s, a growing demand for oil coming from China and other emerging economies had driven oil prices from around $20 a barrel to over $100 before the Great Recession in 2008. Rising prices had pushed producers to find new conventional oil fields (they did not get very far) and develop technologies that would profitably mine tight oil sources tar sands and oil shale. By the time the U.S. economy started recovering, fracking oil shale had become commercially feasible. And just in time. All of the 5 million

Posted in Shale, OPEC, OilProduction

Barclays: Expect production to rise for a few companies taking advantage of cheap oil

June 05, 2015 Posted by Chris Wysong

Several mid-cap producers are increasing their production forecasts for this year based on rising crude prices. Barclays: Expect production to rise for a few companies taking advantage of cheap oil By: Collin Eaton (Fuel Fix) HOUSTON A handful of oil companies have expressed a renewed sense of optimism as U.S. crude has hovered around $60 a barrel, with some saying they have even raised their annual production forecasts, according to Barclays. In a report on mid-cap oil producers Wednesday, Barclays said the oil companies, especially those in the Permian Basin and the Appalachian region, say theyre more upbeat about their cash levels and their ability to spend more on drilling. The bank said it has reason to believe more productive wells, lower costs and easy access to capital could keep U.S. production elevated even amid cheap oil. We believe capital spending plans have not fully incorporated cost savings that may be realized from lower service costs and efficiency gains, Barclays

Posted in Oil, Crude, OilProduction

End of Oil Glut Seen Nigh as World's Use Set to Top Production

May 29, 2015 Posted by Chris Wysong

Experts are predicting oil demand to outpace supply by 1.5 million bpd by the end of this year, marking the end of the glut that drove prices to six-year lows. End of Oil Glut Seen Nigh as Worlds Use Set to Top Production By: Aaron Clark (Bloomberg) (Bloomberg) -- Make the most of abundant oil because by the end of the year the world may be consuming more than it pumps. The global crude market will shift into a deepening deficit in the fourth quarter amid a draw down in U.S. stockpiles, according to Standard Chartered Plc. While Qatars former oil minister says theres currently a surplus of 2 million barrels a day, Sanford C. Bernstein Ltd. sees demand outpacing supply by 1.5 million a day by the fourth quarter. Oil has recovered almost 40 percent since January on signs that a slowdown in U.S. drilling will alleviate the glut that drove prices to the lowest in six years. U.S. crude inventories probably shrank for a fourth week through May 22 after surging to the highest in 85 years,

Posted in Oil, OilSupply, OilPrice, OilProduction

Vitol CEO sees U.S. oil output growth flattening by mid-year

February 27, 2015 Posted by Chris Wysong

CEO weighs in on U.S. and global oil production. Vitol CEO sees U.S. oil output growth flattening by mid-year By: Ron Bousso and Dmitry Zhdannikov (Reuters Africa) LONDON Feb 26 (Reuters) - U.S. oil production growth will probably flatten by the middle of the year as a result of a decline in oil prices, chief executive of top global oil trader Vitol, Ian Taylor, said on Thursday. As yet, production in the U.S. is still going up... To read the rest of this article, visit Reuters Africa.

Posted in Oil, OilProduction

Domestic oil production surges in last part of year despite tumbling prices

December 29, 2014 Posted by Chris Wysong

U.S. oil production surged in the last part of 2014 but many companies are announcing plans to pull back in 2015. Domestic oil production surges in last part of year despite tumbling prices By: Adam Wilmoth Oil production in recent weeks has blown past 1985 highs, but that trend could change soon as companies are beginning to announce plans to cut their 2015 drilling budgets. Continental Resources Inc., BP Plc., ConocoPhillips Inc. and Laredo Petroleum Inc. this week all announced plans to slow drilling activity in the first quarter. Others are likely to follow. How deep the production cuts go is likely to depend on how low prices fall and how long they stay there. But as companies curb their drilling activity, production will fall quickly, said Will Reagan, CEO of Oklahoma City-based Reagan Resources. Horizontal wells have prolific initial production, but they rapidly fall off, he said. By pulling back on the rig count, youre going to suddenly see a decline in supply. Its not

Posted in Oil, OilProduction

U.S. Oil Output Surges to Highest Since 1985 on Shale

October 20, 2014 Posted by Chris Wysong

Horizontal drilling and fracking have bolstered U.S. crude production to its highest level in 29 years. Mark Shenk reports on what else can be expected in the market in coming months. U.S. Oil Output Surges to Highest Since 1985 on Shale By: Mark Shenk U.S. crude production climbed to the highest level in more than 29 years last week as the shale boom moved the country closer to energy independence. Output rose 0.9 percent to 8.95 million barrels a day, the most since June 1985, according to Energy Information Administration estimates. The combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies from shale formations in the central U.S., including the Bakken in North Dakota and the Eagle Ford in Texas. Production gains helped bolster U.S. inventories by 8.92 million barrels to 370.6 million barrels in the week ended Oct. 10, according to the EIA report. To read the rest of this article, visit Bloomberg.

Posted in Shale, OilProduction
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