Daily News

Oil falls as stronger dollar eclipses U.S. inventory drop

EIA’s recently released Annual Energy Outlook 2018 (AEO2018) Reference case projects that U.S. tight oil production will generally increase through the early 2040s, when it will surpass 8.2 million barrels per day (b/d) and account for nearly 70% of total U.S. production. Tight oil production made up 54% of the U.S total in 2017. Development […]

By February 22, 2018 0 Comments Read More →

OPEC balancing act depends on over-performance

Compliance with the OPEC-led effort to balance the market with production cuts was supported by “several over-performing countries,” a committee said. The Organization of Petroleum Exporting Countries, with support from non-member states like Russia, are in year two of an effort to drain a surplus from the five-year average of crude oil inventories held by […]

By February 22, 2018 0 Comments Read More →

Apache Corp. looks beyond U.S., but bets heavy on shale

From the Permian shale basin in Texas, to emerging potential in Egypt, U.S. energy company Apache Corp. said it expects to see an active 2018. Apache ended 2017 with $1.7 billion in cash on hand, a 21 percent improvement from the year prior. That was supported, however, by about $1.4 billion in the sale of […]

By February 22, 2018 0 Comments Read More →

Continental Resources posts record for Bakken shale production

Net production from the Bakken shale reservoir in North Dakota set an all-time high for the company in the fourth quarter, Continental Resources said. Continental is one of the more active U.S. shale players, with its average of six rigs in the Bakken shale planned this year representing about 10 percent of the total active […]

By February 22, 2018 0 Comments Read More →

Foes blast Trump on offshore drilling; industry pushes back

Environmental activists, business groups and a retired U.S. Navy admiral in Virginia blasted the Trump Administration’s offshore drilling plan Wednesday, claiming that it would interfere with military training near the world’s largest Navy base and imperil the coast’s tourism and fishing industries. The group converged near a hotel conference room in Richmond, the Virginia capital, […]

By February 22, 2018 0 Comments Read More →

Oil prices mixed despite OPEC chatter on long-term coordination

Chatter from OPEC wasn’t enough to offset a slowdown in the OECD economies in the fourth quarter, leaving crude oil prices mixed in early Tuesday trading. Crude oil prices gained some ground Monday in a trading session lightened by the U.S. federal holiday. The price for Brent crude oil, the global benchmark, has fallen from […]

By February 21, 2018 0 Comments Read More →

President says Egypt ‘scored a goal’ with Israel gas deal

Egypt’s president says his country “scored a goal” by signing a $15 billion deal with an Israeli company to supply natural gas that will help turn Egypt into a regional energy hub. Abdel-Fatah el-Sissi said in televised comments on Wednesday that the project “has a lot of advantages” for Egyptians. Delek Drilling and its U.S. […]

By February 21, 2018 0 Comments Read More →

Brazil’s Coming Oil Boom Will Weigh On Oil Prices

It has been an appalling few years for Brazil’s energy patch. Weaker oil prices, sweeping corruption scandals and the worst economic downturn ever have sharply impacted the nation’s oil industry — but improvement might finally be in sight. The aforementioned factors triggered a steep decline in investment, notably from foreign energy majors, preventing Brazil from […]

By February 21, 2018 0 Comments Read More →

OPEC Deal Closer Than Ever To Meeting Market Rebalancing Goals

The OPEC deal is closer than ever to meeting its market rebalancing goals, with OECD inventories now just 74 million barrels above the five-year average recorded in January 2017, according to a report by Reuters. When the output reduction deal went into effect at the beginning of last year, inventories were 340 million barrels above […]

By February 21, 2018 0 Comments Read More →

Outlook for U.S. oil production ‘phenomenal, says Energy official

Dan Brouillette, deputy secretary of energy nominee for U.S. President Donald Trump, speaks during a Senate Energy and Natural Resources Committee nomination hearing in Washington, D.C., U.S., on Thursday, May 25, 2017. Federal lawmakers and industry groups including the Independent Petroleum Association of America and American Petroleum Institute have been urging President Donald Trump to […]

By February 20, 2018 0 Comments Read More →