Shale Oil

Cal on March 26th, 2017

The US Energy Information Agency (EIA) forecasts US shale oil production will rise by some 300,000 barrels per day this year and another 500,000 b/d in 2018. Industry sources talk about increased efficiency and production gains, suggesting to many that the EIA’s forecast is conservative and that the US shale oil production increase may be higher. […]

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Cal on February 23rd, 2017

China’s current Five-Year Plan envisions building seven new nuclear reactors a year between 2016 and 2020. China currently has 36 nuclear reactors in operation, 21 under construction and more waiting to start. There were only 174 crude oil and natural gas discoveries worldwide last year, compared to an average of 400-500 per year up until […]

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Cal on February 15th, 2017

Despite having only 20% of the world’s shale oil and gas resources, advantages in the US and Canada mean these countries will continue to dominate the market, according to a new Raymond James report. While abundant shale resources exist in several countries around the world, a variety of hurdles preclude their development, including technical know-how, regulatory barriers and […]

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Cal on January 6th, 2017

In 2016, the US oil and natural gas industry defaulted on $39 billion in high-yield energy debt, more than twice as much as the $15 billion in defaulted debt in 2015, according to Fitch. One in three US oil and gas exploration companies defaulted on high-yield bonds in 2016. In addition, more than 200 North American drillers and […]

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Cal on December 12th, 2016

OPEC and non-OPEC crude oil exporters have agreed to an additional 562,000 barrels per day of non-OPEC production cut in addition to the 1.2 million b/d cut that OPEC agreed on last week. At the meeting, Mexico pledged to cut 100,000 b/d, Azerbaijan 35,000 b/d, Oman 40,000 b/d, and Kazakhstan 20,000 b/d. Some analysts expressed doubt […]

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Cal on December 6th, 2016

Here is oil observer Tom Whipple’s take on the OPEC agreement this past week to cut back crude oil production in an effort to raise world oil prices: The total cut by OPEC members is supposed to be 1.2 million barrels per day (b/d) to which a non-OPEC cut of 600,000 b/d, including Russia’s 300,000 b/d, […]

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Cal on November 30th, 2016

OPEC members agreed today to cut back on their crude oil production.  This is the cartel’s first cuts in eight years. OPEC accounts for a third of global crude oil production. OPEC will reduce production by 4.5% or by 1.2 million barrels a day (b/d) to 32.5 million b/d. However, Iran will be allowed to increase production. The […]

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Cal on November 30th, 2016

Today’s critical meeting of OPEC members is being touted as the “Most Important OPEC Meeting Ever” as many are saying that the crude oil cartel’s role in controlling oil prices will be lost if there is no agreement to cut production and dramatically increase the world price of oil. And any meaningful agreement would have […]

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