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Energy / Crude Oil

Articles and research looking into crude oil, whether it be exploration and refining - crude oil price movements or new crude oil extraction techniques. we have it covered here. Look at our energy section for more fossil fuel coverage.

  • The Latest Hot Spot For Offshore Oil

      Oil prices may be lower than they have been in over a half decade, but that hasn’t slowed the interest in Canada’s oil reserves off of its east coast. A consortium of companies just submitted a bid for the parcels off the coast of Newfoundland, Canada’s largest ever bid for offshore blocks. Led by ExxonMobil (NYSE: XOM), the group bid $559 million for the rights to 266,000 hectares in the Flemish Pass, a stretch of water east of St. John’s. ExxonMobil has a 40 percent working interest, with Suncor Energy (NYSE: SU) and ConocoPhillips Canada Resources (NYSE: COP) each…

  • Subtle Signs Emerging That A Bottom Is Near

    Crude Oil OutlookOversupply continued to make it hard for crude oil to find a bottom last week although technical analysis factors did manage to help halt the slide at $53.94 at least temporarily. The bottoming action was strong enough to take out the previous day’s high for the first time since November 21. This doesn’t mean much to the big picture, but prolonged short-covering rallies have started from this simple chart formation. Other than bouncing off a five-year low, the crude oil market was very tame this week. Volatility was low and the price action was orderly. This may be…

  • Violence In South Sudan Threatens Chinese Oil Investment

    On December 15, 2013, fierce fighting broke out in South Sudan’s capital, Juba. Rebel forces loyal to Machar targeted South Sudan’s oil fields, and what started as a clash, quickly escalated to a civil war. Violence swept the country, killing tens of thousands people and displacing over one million. The UN estimates that almost a third of the population, 4 million people, is now in dire need of humanitarian assistance. The promise of nation-building seems to be a distant memory as South Sudanese leaders viciously struggle to claim power. Months of ongoing political tensions between President Kiir and Machar has…

  • Bakken and North Dakota Production Report

    The North Dakota Industrial Commission just published their Bakken Monthly Oil Production Statistics and also their ND Monthly Oil Production Statistics.Bakken production was down 1,598 barrels per day to 1,118,010 bpd. All North Dakota production was down 4,054 bpd to 1,182,174 bpd. From the Director’s Cut, bold mine: The drilling rig count dropped 2 from September to October, an additional 3 from October to November, and has since fallen 5 more from November to today. The number of well completions decreased from 193(final) in September to 134 (preliminary) in October. Three significant forces are driving the slow-down: oil price, flaring…

  • Mexico Proceeds With Oil Auction Despite Low Oil Prices

    Even with oil prices hitting five-year lows, Mexico has decided to move forward with its historic auction of offshore oil tracts. President Enrique Pena Nieto followed through on a 2012 campaign promise to overhaul Mexico’s energy sector. The reform opened up Mexican energy for international investment for the first time in over 76 years. The liberalization of Mexico’s energy sector is intended to halt the slide in oil production. Pena Nieto argues that Mexico needs the capital and technical expertise held by multinational oil companies. Mexico’s oil production has declined by nearly 30 percent since peaking at 3.9 million barrels…

  • Big Oil Slashing Spending Amid Low Prices

    Oil prices continue to slide in mid-December, slumping towards another key threshold of $60 per barrel. Oil prices hit a five-year low on December 10. While many major oil players have gone to lengths to assure markets that they can weather the price downturn – and indeed it is far from clear how long the current price collapse will last – low prices are clearly starting to have an impact on major investment decisions. Drilling permits dropped by 36 percent between October and November, and the number of rigs in operation continues to fall. Many oil companies are beginning to…

  • Iraq’s Bright Oil Future Blocked By ISIS

    Last week’s oil agreement between Baghdad and the Kurdistan Regional Government (KRG) was a milestone event and the market reaction was largely fitting – Brent crude futures dropped nearly 3 percent and regional operators all saw a considerable boost in share value as production and export growth is expected to rise across Iraq. Still, the specter that is the Islamic State (ISIS) darkens what was a bright day for Iraqi unity and remains a significant stumbling block to the country’s rise to oil-superstardom. The deal temporarily puts an end to Baghdad and KRG’s conflicting interpretations of oil-sharing agreements spelled out…

  • Cracks Showing: OPEC November Production Data

    OPEC just published its December Monthly Oil Market Report with their crude only production numbers for November. Total OPEC crude only production was down 390,000 barrels per day but that was after October production was revised up by 190,000 bpd. After revisions, only Iraq and Nigeria showed any increase in November.The data for all charts below is in thousand barrels per day and is through November 2014.OPEC crude only production stands at 30,053,000 barrels per day.Algeria started a slow decline in 2011 but seems to have reached a plateau in 2013.Related: EIA Oil Production Numbers Show Global Slowdown Angola has been…

  • EIA Oil Production Numbers Show Global Slowdown

    The EIA has recently published their International Energy Statistics. Their stats include all liquids such as NGLs, biofuels and even refinery process gain. But I only track actual oil. The EIA does not track “Crude Only” so we are forced to track what they do track which is Crude + Condensate. The EIA is about four months behind with their world petroleum data. All data in this report has data through August, 2014 and is in thousand barrels per day. World C+C production was down 124,000 barrels per day in August. But according to the IEA it will be up…

  • Oil Price Tumbles After OPEC Releases 2015 Forecast

    The demand for oil in 2015 will drop to its lowest level since 2002 because of an oversupply of crude and stagnant economies in China and Europe, according to OPEC’s latest forecast. And that’s just one of several sour estimates. OPEC’s monthly report said demand for the cartel’s oil will fall to 28.9 million barrels per day next year, 280,000 barrels lower than its previous forecast and the lowest in 12 years. Add to that a new report from the US government’s Energy Information Administration (EIA), which also cut its 2015 forecast for growth in global oil demand by 240,000…