• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 2 hours Shale Oil Fiasco
  • 19 hours Everything you think you know about economics is WRONG!
  • 1 day Global Debt Worries. How Will This End?
  • 16 hours Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 28 mins Natural Gas
  • 3 hours USA v China. Which is 'best'?
  • 3 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 1 day Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 2 days My interview on PDVSA Petrocaribe and corruption
  • 2 hours Aramco Raises $25.6B in World's Biggest IPO
  • 4 hours Winter Storms Hitting Continental US
  • 2 days Quotes from the Widowmaker
  • 1 day Tesla Launches Faster Third Generation Supercharger

Is U.S. Shale Past Its Prime?

Shale

Friday October 27, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. Oil outages at lowest since 2012

(Click to enlarge)

- The world seems like it is beset with geopolitical instability, but tell that to the oil market. Unplanned global supply disruptions fell to only 1.6 million barrels per day (mb/d) in September, the lowest level since January 2012, according to the EIA.
- The volume of outages has shrunk by a whopping 1 mb/d in the past six months alone, the result of restored production in Libya, Nigeria and Iraq. Canada also brought some disrupted output – from the horrific wildfires last year – back online in August 2017.
- In fact, the recent peak in outages occurred in the spring of 2016, topping out at more than 3 mb/d of disrupted output in May 2016. That was due to the combination of outages in Libya, Nigeria and Canada.
- It is no wonder that the recent outage in Iraq – due to the seizure of the Kirkuk oil fields by Iraq from the Kurdish government – have barely been reflected in oil prices. Some 400,000 bpd have been taken offline, but Brent is still at about $58 per barrel.
- Moreover, with OPEC keeping barrels off of the market by about 1.2 mb/d,…




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