Tag Archives: EIA

But is Saudi Arabia's the world's leading hydrocarbon producer now? And what is its legitimate prospect for being the largest hydrocarbon producer in 2050?

Unlike Canada's oil sands, characterized by vast toxic tailings ponds and environmental destruction, Petroteq has pioneered a breakthrough approach to oil sands production that minimizes the environmental impact.

Oil inventories will remain high in some parts of the world and will be drawn down in others. But overall, rising global demand and shrinking U.S. production (and other areas as well) will begin to eat away at inventory. It just requires some patience. And markets won't wait to adjust pricing until we hit a balance.

For the next year or so, tight oil wells will not be commercial except in the best parts of the best plays. Until market fundamentals of supply and demand come into balance, prices will remain low. Clearly for now, the party is over for tight oil.

The oil industry has finally come to realize that the “Trillion Dollar Swindle” in oil is very real and normal supply and demand dynamics no longer apply. The law of diminishing returns in more supply is real thanks to media hype.

In the latest weekly production data from the EIA (US Energy Information Administration), on the back of recent March revisions, the U.S. managed to post a 76,000 barrel per day increase in the lower 48. Production from Alaska fell by 61,000 barrels per day, putting overall U.S. output 15,000 barrels per day higher for the week ending June 12 compared to the …

The US oil rig count has plummeted since October 2014, falling from 1,609 down to 668 as of May 8. If oil companies oscillate between cutting back and adding more rigs as the price of oil bobs above and below the $60 mark, they won’t exactly be raking in the profits.

The depletion of tight and shale gas reserves in parts of the US at a faster rate, may lead to cost pressures down the road. If prices don't rise to offset those higher drilling costs then the US production will start declining.

With the huge reduction in its revenues and growing discomfort among its members such as Venezuela, Libya and Nigeria over its current production levels, is OPEC really getting weaker?