• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 10 mins americavchina.com (otherwise known as OilPrice).
  • 3 hours Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 13 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 2 days Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 1 day Natural Gas
  • 6 hours POTUS Trump signs the HK Bill
  • 18 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 6 hours Iraq war and Possible Lies
  • 2 days Everything you think you know about economics is WRONG!
  • 9 hours READ: New Record Conoco Eagleford Vintage 5 wells, their 5th generation test wells . . . Shale going bust . . . LAUGHABLE
  • 2 days 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 1 day Aramco Raises $25.6B in World's Biggest IPO
  • 23 hours My interview on PDVSA Petrocaribe and corruption
  • 1 day Winter Storms Hitting Continental US

Breaking News:

Surprise Crude Build Threatens Oil Rally

Global Energy Advisory 28th July 2017

Refinery

Nigeria, exempt from OPEC’s oil output cut deal, has agreed to stop ramping up its production once it hits 1.8 million barrels per day. A milestone that is nearing, with output hitting 1.733 million bpd in June, according to secondary sources. Secondary-source data is considered closer to reality than self-reported output from OPEC members. For June, for example, the head of the NNPC said that Nigeria was producing 2.2 million barrels per day.

Just days after the cap announcement helped lift international oil prices, a militant attack took down the Trans-Niger pipeline, cutting out 150,000 bpd in daily production. What the incident highlights yet again is that improvements in Nigeria’s oil output are far from consistent for the time being.

So, while the willingness to cap production at a certain level boosted optimism, it was only for a short while. The report of the militant attack and its consequences is likely to have more of an impact on prices unless headwinds such as Libya’s unbound production growth prevail. Libya announced that it isn’t planning to join any agreement to curb output until it reaches its target of 1.25 million barrels per day by the end of the year.

These headwinds have weakened recently amid four consecutive weeks of oil inventory draws in the U.S. and indications of a slow-down in production growth across the shale patch. This has served to prop up prices somewhat, aided by an announcement from Saudi Arabia…




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