• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 13 mins Would bashing China solve all the problems of the United States
  • 48 mins Yale University Epidemiologist Publishes Paper on Major Benefits of Hydroxchloroquine for High-risk Outpatients. Quacksalvers like Fauci should put lives ahead of Politics
  • 1 min Model 3 cheaper to buy than BMW 3 series.
  • 9 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 22 hours China to Impose Dictatorship on Hong Kong
  • 1 hour Pompeo's Hong Kong
  • 12 hours Thugs in Trumpistan
  • 4 hours China’s Oil Thirst Draws an Armada of Tankers
  • 5 hours China To Boost Oil & Gas Exploration, As EU Prepares To Commit Suicide
  • 2 days Iran's first oil tanker has arrived near Venezuela
  • 2 days Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 17 mins The CDC confirms remarkably low coronavirus death rate. Where is the media?
  • 1 day 60 mph electric mopeds
  • 2 days Let’s Try This....

OPEC Hands Shale a Victory, But Cracks Remain

Friday, October 7 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. OPEC’s gift to the oil industry

(Click to enlarge)

- OPEC’s decision to cut its collective production by somewhere between 200,000 and 700,000 barrels per day caused oil prices to spike by 6 percent.
- That led to huge gains for the energy industry. The combined market cap of the 10 largest U.S. oil and gas companies surged by $36 billion on the day the OPEC deal was announced.
- ExxonMobil (NYSE: XOM) alone saw its value rise by $15 billion.
- Notice in Bloomberg’s chart that Valero (NYSE: VLO) did not gain on the news. The downstream sector is not exactly enthusiastic about higher oil prices, which could eat into their margins.

2. Nigeria could spoil OPEC’s party

(Click to enlarge)

- Nigeria was exempted from OPEC’s production limits due to the huge losses to its oil sector this year from militant attacks.
- Nigeria’s oil production dropped by about 800,000 barrels per day between late 2015 and this past summer, falling to a 22-year low of about 1.4 million barrels per day.
- But the frequency of attacks has slowed as the Niger Delta Avengers have remained mostly…




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