OPEC, Allies Struggle to Fully Deliver Pledged Oil Output Boost

By Thomson Reuters – Re-Blogged From Newsmax

OPEC is struggling to add barrels to the market after agreeing in June to increase output, an internal document seen by Reuters showed, as an increase in Saudi Arabia was offset by declines in Iran, Venezuela and Angola.

The Organization of the Petroleum Exporting Countries and allies agreed in June to boost supply as U.S. President Donald Trump urged producers to offset losses caused by sanctions on Iran and to dampen rising prices.

opec in capital blue letters ato four black barrels on white background
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US Set to Become World’s Top Oil Producer

Re-Blogged From Newsmax

The U.S. government sees oil production further climbing next year even amid transportation logjams in the country’s most prolific shale play.

The Energy Information Administration sees U.S. crude output averaging 11.8 million barrels a day in 2019, up from its 11.76 million barrel a day estimate in the June outlook.

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Weekly Climate and Energy News Roundup #304

By Ken Haapala, President, Science and Environmental Policy Project

Brought to You by www.SEPP.org

Sea Level Hockey Stick? Judith Curry continues her excellent analysis of sea level rise and the need to assure against false conclusions. Unfortunately, too many “experts” have drawn conclusions from preliminary data even before errors in measurement and calculations were fully resolved. As with early calculations of temperatures from satellite data, early errors in the measurement and calculations lead to skepticism for the entire method of measurements. For science to advance, one must recognize that errors, though not desirable, must be expected, then corrected. For satellite temperature data, minor changes in orbits were not originally recognized, but when recognized, calculations were changed accordingly.

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Resurgent US Oil Industry

By Rick Mills – Re-Blogged From http://www.Silver-Phoenix500.com

Crude oil prices dropped from $110 a barrel in the summer of 2014 to about $30 in January 2016. The effect on oil producers and oil-producing countries was dramatic. The Russian ruble plunged, and the Canadian dollar slipped to below 70 cents US for the first time since 2003, kicking the country into recession and snuffing out the oil boom in Alberta. Many foreign companies operating in the high-cost Canadian oil sands pulled up stakes.

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OPEC’s Existential Sucker Punch

By Julian Lee – Re-Blogged From http://www.Bloomberg.com

You wait decades for an existential crisis, then two come along at once. At least that’s how it must feel for OPEC’s beleaguered ministers. In the short term the market for their oil is being eroded by rising production outside their control. Looking further ahead, oil demand itself is under threat from the electrification of road transport. OPEC may not yet be dead, but its days are surely numbered.

The most obvious short-term threat to the group comes from the rapid rise in U.S. shale oil, but the risks have expanded to include other areas like Brazil’s prolific sub-salt discoveries and more recent finds further north along the east coast of South America.

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Are More Bankruptcies Next for US Shale Oil Drillers?

By Irina Slav – Re-Blogged From Wolf Street

Something that’s been whispered about in the last few months is now being talked about loudly: U.S. oil drillers’ debts. There have been a few notable warnings that shale boomers might want to slow down their production boost lest they bring on another price crash, but the truth seems to be that they can’t do it: they have debts to service.

Now that international oil prices are once again on a downward spiral, drillers are facing a new challenge, according to Bloomberg: their bondholders are no longer optimistic.

Shareholders were the first to start doubting the recovery as it became increasingly evident that OPEC’s production cut agreement is failing to have the effect that everyone—or almost everyone—expected. Energy stocks have generally been on a slide since the start of the year.

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Rebuttal to Environmentalists’ Claims That “Arctic Drilling Revenue Predictions Are ‘Way Off’”

By David Middleton – Re-Blogged From http://www.WattsUpWithThat.com

Why would anyone care what “environmentalists” have to say about potential Arctic oil revenue?  I only care because their “reasoning” is both fun and easy to ridicule.

Environmentalists Say Arctic Drilling Revenue Predictions ‘Way Off’

IULIA GHEORGHIU | JUNE 19, 2017

Conservation advocates believe opening up the Arctic National Wildlife Refuge, America’s largest swath of wilderness, isn’t likely to be the boon to federal coffers that President Donald Trump expects.

Opening up the wilderness region is a perennial issue; bipartisan bills are introduced each Congress to definitively label the area as “wilderness” while industry groups seek to gain access to a section of land that had been designated for oil and gas exploration. Plans have existed since 1980 to use less than 3 percent of the more than 19 million acres of wilderness refuge for oil and gas exploration — but conservation groups argue even that amount is too much.

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