• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 36 mins The Debate Starts : Remake Republican Party vs. Third Party
  • 2 hours Joe Biden's Presidency
  • 28 mins An exciting development in EV Aviation: Volocopter
  • 5 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 1 day Did I Miss Something?
  • 57 mins Biden's National Security Director vows to release report on Kadhoggi murder. Is it time to add to Brent futures long position ?
  • 3 hours https://www.prageru.com/video/whats-wrong-with-wind-and-solar/
  • 1 day JACK MA versus Xi Jinping
  • 52 mins Investments worthy in versatile and clean natural gas
  • 2 days A Message from President Donald J. Trump - 5 minutes from The White House directly
Oil Rallies Despite Growing Demand Concerns

Oil Rallies Despite Growing Demand Concerns

Oil prices rebounded on Tuesday…

Has Big Oil Turned Its Back On Alaska?

Has Big Oil Turned Its Back On Alaska?

Alaska recently attempted to auction…

Editorial Dept

Editorial Dept

More Info

Premium Content

Shale Jobs Disappear As Production Growth Slows

Friday December 13, 2019

1. OPEC+ cuts deeper

- OPEC+ agreed to cut output by an additional 500,000 bpd last week. Overall, the group has agreed to hold 2.1 mb/d off of the market for the first quarter.

- OPEC production is now 2.69 mb/d lower than it was a year ago. Iran and Venezuela have lost a combined 1.4 mb/d compared to last year.

- Those disruptions were entirely offset by a 1.5 mb/d increase in supply from the U.S. this year.

- But the task for OPEC+ is not over. The IEA still sees a supply surplus of 0.7 mb/d in the first quarter.

2. Tullow’s 70% stock meltdown

- Tullow Oil (LON: TLW) saw its share price fall off a cliff this week, falling by 70 percent in a single day. It was one of the worst performances from a London-listed company in a decade, as the FT put it.

- The meltdown was the result of a revelation by the company of its dismal performance in Ghana. The company’s flagship operation has a list of technical issues – in particular, more water than expected has entered its oil field.

- Tullow slashed its production guidance to just 70,000 bpd in 2020, down from 100,000 previously.

- Cash flow is expected to fall to just $150 million as a result, down from a previous forecast of $500 million.

3. Shale base declines increase

- The IEA sees U.S. shale growing by 1.1 mb/d in 2020, down from 1.6 mb/d in 2019, but still a substantial growth rate.

-…





Leave a comment

Leave a comment




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