Keyword: oilproduction

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  • World’s No.1 Oil Trader: U.S. To See Final Oil Output Spike In 2018

    10/11/2017 1:45:59 PM PDT · by bananaman22 · 13 replies
    Oilprice.com ^ | 11-10-2017 | Julianne
    The best is yet to come for US oil production—but it will be a short-lived hurrah, according to Ian Taylor, head of oil trading giant Vitol. US oil production has steadily increased throughout 2017 as US drillers regained their footing after the oil price crash. What started out at 8.946 million bpd of crude oil production in the first week of January has now reached an average of 9.561 million bpd as of September 29, according to the EIA.
  • ‘’U.S. Oil Production To Soar By 3.5 Million Bpd Over The Next Five Years’’

    02/21/2017 1:42:46 PM PST · by bananaman22 · 19 replies
    Oilprice.com ^ | 21-02-2017 | 21-02-2017
    Two years ago, when Saudi Arabia launched an unprecedented campaign to crush high-cost oil producers, in the process effectively putting an end to the OPEC cartel (at least until last year's attempt to cut production), it made a bold bet that U.S. shale producers would be swept under when the price of oil tumbled, leading to a tsunami of bankruptcies, as well as investment and production halts. To an extent it succeeded, but where it may have made a glaring error is the core assumption about shale breakeven costs, which as we reported throughout 2016, were substantially lower than consensus...
  • USGS announces largest estimate of oil and gas ‘ever assessed in the United States’

    11/16/2016 4:41:20 PM PST · by Kaslin · 103 replies
    Hot Air.com ^ | November 16, 2016 | JOHN SEXTON
    Tuesday the U.S. Geological Survey announced the largest ever assessment of “continuous oil” ever made in the United States. The Wolfcamp shale in the area of Midland, Texas is estimated to contain three times the oil and gas of the Bakken shale formation in Montana and North Dakota. From the USGS: The Wolfcamp shale in the Midland Basin portion of Texas’ Permian Basin province contains an estimated mean of 20 billion barrels of oil, 16 trillion cubic feet of associated natural gas, and 1.6 billion barrels of natural gas liquids, according to an assessment by the U.S. Geological Survey. This...
  • Oil Spikes After OPEC Reaches Deal On Output Cap

    09/28/2016 12:01:24 PM PDT · by bananaman22 · 15 replies
    Oilprice.com ^ | 28-09-2016 | Juli
    According to a Reuters source, The Organization of the Petroleum Exporting Countries has in fact reached a deal that will “limit” oil production, and oil prices are in for a wild ride yet again as a result. What was reported as mere rumor this morning, is apparently now a certainty. Reuters had reported this morning that OPEC may announce an output freeze deal later today, as part of the informal talks on the matter on the sidelines of the International Energy Forum, but details of the deal would be withheld until November.
  • Is The Oil Production Efficiency Boom Coming To An End?

    08/18/2016 7:58:28 AM PDT · by bananaman22 · 5 replies
    Oilprice.com ^ | 18-08-2016 | Peter
    “How much more productive can these new wells get?” I asked my host who had kindly invited me on a field trip to some of western Canada’s most prolific oil fields. Looking down the aisle of bobbing pump jacks, seven in a row on one side of the immaculate gravel pad, the veteran oil executive replied, “We can get up to 1,000 barrels a day out of some of the new ones, but that’s not a limit; we’re improving the economics and productivity with each new well.” Impressive I thought, subconsciously nodding my head in sync with the leading pump...
  • Oil Prices Down As OPEC Fails To Agree Output Ceiling

    06/02/2016 8:35:11 AM PDT · by bananaman22 · 10 replies
    Oilprice.com ^ | 02-06-2016 | Nick
    The much anticipated OPEC meeting in Vienna on June 2 ended pretty much as expected: the group once again failed to put any production targets in place. Without a ceiling on output, all OPEC members will continue to produce as they see fit, leaving the oil market to sort itself out. The result was largely anticipated, given the lack of agreement at several prior meetings. However, the meeting in Vienna was not without some news. OPEC members managed to agree on several small bore issues, which could be viewed as a modest success, especially after the apparent hostility on display...
  • Russia, Saudis tentatively offer to freeze oil output levels

    02/16/2016 3:13:27 AM PST · by Olog-hai · 8 replies
    Associated Press ^ | Feb. 16, 2016 5:50 AM EST
    Russia's energy ministry says it has agreed with Saudi Arabia, Qatar and Venezuela to freeze oil production levels if other producers do the same. [...] Getting other producers to go along with that could be tricky. Prices have fallen sharply slump in prices since summer 2014, leaving producers scrambling to win market share from competitors. ...
  • Crashing Oil Prices And Dropping Rig Count Take Their Toll On U.S. Output

    01/12/2016 2:36:28 PM PST · by bananaman22 · 1 replies
    Oilprice.com ^ | 12-01-2015 | Steve
    The EIA has just published its latest update to the Drilling Productivity Report (DPR), and soon we will get their update to the Short Term Energy Outlook. These are the two documents in which the EIA take a stab at estimating where US production is going, as opposed to where it has been. Weakness in the Chinese economy has hung like a pall on the oil market since the turn of the year and there is nothing putting a floor under the oil price just yet, but to my eyes the decline of US shale production is now well established...
  • EIA: US shale oil output to drop 93,000 b/d in September

    08/12/2015 6:48:15 AM PDT · by thackney · 2 replies
    Oil Gas Journal ^ | 08/10/2015 | OGJ editors
    Crude oil production in September from seven major US shale plays is expected to decline 93,000 b/d to 5.27 million b/d, according to the US Energy Information Administration’s latest Drilling Productivity Report (DPR). EIA previously projected 91,000-b/d declines for both July and August (OGJ Online, June 9, 2015; July 13, 2015). The DPR focuses on the Bakken, Eagle Ford, Haynesville, Marcellus, Niobrara, Permian, and Utica, which altogether accounted for 95% of US oil production increases and all US natural gas production increases during 2011-13. The Eagle Ford continues to represent a bulk of the overall oil output declines, projected to...
  • Shale oil output at Bakken and Eagle Ford starts a descent

    05/12/2015 4:37:48 AM PDT · by thackney · 31 replies
    Market Watch ^ | May 11, 2015 | Myra P. Saefong
    Oil production from the Bakken and Eagle Ford shale plays look like they’ve peaked and other shale plays may not be far behind. Oil production from seven major U.S. shale plays is expected to fall by a total of 86,000 barrels a day in June, according to a monthly report from the Energy Information Administration released Monday. The previous report released a month ago also showed a forecast for a fall of 57,000 barrels a day in May. Oil output at the Eagle Ford shale play in South Texas is forecast to see the biggest decline, down 47,000 barrels a...
  • We Are Witnessing A Fundamental Change In The Oil Sector

    04/29/2015 4:30:27 PM PDT · by bananaman22 · 10 replies
    Oilprice.com ^ | 29-04-2015 | King Richard
    The U.S. oil production decline has begun. It is not because of decreased rig count. It is because cash flow at current oil prices is too low to complete most wells being drilled. The implications are profound. Production will decline by several hundred thousand barrels per day before the effect of reduced rig count is fully seen. Unless oil prices rebound above $75 or $85 per barrel, the rig count won’t matter because there will not be enough money to complete more wells than are being completed today. Tight oil production in the Eagle Ford, Bakken and Permian basin plays...
  • Why Oil Rig, Budget Cuts Will Be Slow To Curb Shale

    03/02/2015 1:16:31 PM PST · by gogeo · 2 replies
    Investors Business Daily ^ | Feb 27, 2015 | Gillian Rich
    While U.S. shale producers have slashed billions of dollars from capital budgets and taken more than 600 oil rigs offline since October, it may be several months before production actually falls as companies focus on their most efficient wells. Read More At Investor's Business Daily: http://news.investors.com/business/022715-741288-us-oil-spending-down-but-production-slow-to-fall.htm#ixzz3TGVUN2zT Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
  • U.S. Oil Production Keeps Rising Beyond the Forecasts

    01/24/2014 9:25:04 PM PST · by ckilmer · 45 replies
    nytimes ^ | JAN. 24, 2014 | FLOYD NORRIS
    OIL production in the United States rose by a record 992,000 barrels a day in 2013, the International Energy Agency estimated this week.
  • Obama Takes Credit For Oil Boom He's Tried To Block

    11/15/2013 4:34:02 PM PST · by jazusamo · 14 replies
    Investors.com ^ | November 15, 2013 | IBD Editorial
    Deception: There he goes again. The president is taking credit for an economic recovery that isn't happening and a surge in oil production he's had nothing to do with. If he can't be honest, it's up to us to set the record straight. While touring an Ohio steel mill Thursday, President Obama talked about jobs and the economy bouncing back. He prattled on about factories "reopening their doors" and businesses "hiring new workers." He even went so far as to imply that his administration has "been trying" to "rebuild a new foundation for growth and prosperity to protect ourselves from...
  • August Petroleum Demand Continues Trend as Production & Exports Rise, Imports Fall

    09/23/2013 7:52:21 PM PDT · by ckilmer · 7 replies
    api ^ | Sep 19, 2013 3:00 PM ET | David Bird
    WASHINGTON, September 19, 2013 ? Total U.S. petroleum deliveries (a measure of demand) edged down 0.7 percent from August 2012 to average 19.1 million barrels per day last month. These were the highest deliveries for the year but remained the lowest August level in 4 years. "August saw a continuation of trends that have been building for quite some time," said API Chief Economist John Felmy. "The incredible rise in American energy production, helped in part by softening demand, has allowed the United States to dramatically increase energy exports and reduce its energy imports." Demand for gasoline rose 0.4 percent...
  • Yes Virginia, US Oil Production Can Influence Global Prices

    Contributor A truism, tacked on to the end of any respectable article, blog post or research memo on US Oil Production, is that the US only produces a small fraction of the World’s Oil Supply and that as such it can’t influence prices.
  • U.S. Oil Notches Record GrowthRise in Production Is World's Largest; Fueled by Fracking

    06/13/2013 11:44:18 AM PDT · by ckilmer · 23 replies
    Wall St Journa. ^ | June 12, 2013, 7:39 p.m. ET | By KEITH JOHNSON And RUSSELL GOLD
    U.S. crude-oil production grew by more than one million barrels a day last year, the largest increase in the world and the largest in U.S. history.
  • Five US States Help Boost US Oil Production

    06/03/2013 8:54:26 PM PDT · by ckilmer · 12 replies
    Rigzone ^ | Tuesday, May 21, 2013 | Karen Boman |
    While Texas and North Dakota's boom in oil production have been well-publicized, five other western U.S. states made a notable contribution to the growth in U.S. oil production since 2010, the U.S. Energy Information Administration (EIA) reported Tuesday. Onshore oil production, including crude oil and lease condensate, grew by over 2 million barrels of oil per day (bopd), or 64 percent, in the U.S. Lower 48 from February 2010 to February 2013. Production in the Williston Basin in North Dakota and Texas' Eagle Ford play and Permian Basin outpaced other regions. However, gains in other Lower 48 states added up...
  • Canada looks to lure energy workers from the U.S.

    11/12/2012 12:10:06 AM PST · by Alaska Wolf · 62 replies
    LA Times ^ | Nov. 10, 2012 | Ricardo Lopez
    Canada looks to lure energy workers from the U.S. EDMONTON, Canada — With a daughter to feed, no job and $200 in the bank, Detroit pipe fitter Scott Zarembski boarded a plane on a one-way ticket to this industrial capital city. He'd heard there was work in western Canada. Turns out he'd heard right. Within days he was wearing a hard hat at a Shell oil refinery 15 miles away in Fort Saskatchewan. Within six months he had earned almost $50,000. That was 2009. And he's still there. "If you want to work, you can work," said Zarembski, 45. "And...
  • U.S. oil production reaches historic high As price plummets

    06/11/2012 8:21:52 PM PDT · by jyro · 52 replies
    WASHINGTON, June 11 (UPI) -- Federal leases in the Gulf of Mexico, along with output from Texas and North Dakota, pushed U.S. oil production to its highest level in 14 years, the EIA said. The U.S. Energy Department's Energy Information Administration reports that U.S. oil production during the first quarter of 2012 topped 6 million barrels per day for the first time since 1998. "The roughly 6 percent growth in U.S. oil production from October 2011 through March 2012 is largely the result of increases in oil output in North Dakota, Texas and the Gulf of Mexico," the agency said...