• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 23 hours The EU Loses The Principles On Which It Was Built
  • 4 hours Mike Shellman's musings on "Cartoon of the Week"
  • 58 mins Starvation, horror in Venezuela
  • 26 mins Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 15 hours Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 2 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 19 hours Why hydrogen economics does not work
  • 8 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 11 hours California Solar Mandate Based on False Facts
  • 1 day Crude Price going to $62.50
  • 11 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 1 day Saudi Arabia Cuts Diplomatic Ties with Canada
Alt Text

Why Is Big Oil So Excited About Alaskan Crude?

Alaskan officials have just published…

Alt Text

Why Saudi Oil Production Suddenly Dropped

Oil prices jumped on Monday…

Haley Zaremba

Haley Zaremba

Haley Zaremba is a writer and journalist based in Mexico City. She has extensive experience writing and editing environmental features, travel pieces, local news in the…

More Info

Trending Discussions

Old Fields Die Hard

Old Fields Die Hard

In an industry that is always full of contradictions, 2018 has been a particularly complicated and divisive year for the global oil markets--and it looks like it won’t be letting up any time soon.

For months, the Organization of Petroleum Exporting Countries (OPEC) has been pushing for a dramatic decrease in production in the interest of bolstering prices at the pump. They’ve even managed to get major OPEC outsiders like Russia and the oil cartel to agree to production cuts. While the original deal is due to expire at the end of March, 2018, OPEC has just extended the production caps to the end of the year in an attempt to counterbalance the global glut of crude oil.

However, despite OPEC’s best efforts, some countries are not stemming the flow of crude, and some are even ramping up production and even opening new major oil fields. Nigeria, for example, is talking out of both sides of its mouth, promising compliance with OPEC in the same year that it has pushed its output to the highest level in more than two years and is set to start up production in a new large-scale oil field by the end of the year, their first in half a decade.

Now, another major issue has arisen. British Petroleum (BP), which has long expected their mature oil fields to naturally plateau and then decrease in production, has now announced that their legacy fields are increasing output, to the great surprise of experts in the field and BP executives alike. An astonished…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News