For all the attention and debate the US’ crude export restrictions get in Washington, there was barely any peep on the issue last week in Vienna – neither at OPEC’s semi-annual meeting there, nor at a pre-meeting OPEC seminar, where ministers from its 12 member nations gathered with major oil company CEOs and non-OPEC country officials to discuss global market conditions.
Posts Tagged ‘OPEC’
By Herman Wang | June 9, 2015 12:01 AM Comments (0)
By Benjamin Morse and Starr Spencer | June 8, 2015 12:01 AM Comments (1)
The US and Canada aren’t slowing oil production, as many predicted when it appeared oil prices were settling into a lower pattern for an extended time period. Efficiencies, which fostered the growth of tight oil production, have continued to protect margins, as Benjamin Morse and Starr Spencer explain in this week’s Oilgram News column, New Frontier.
By Elizabeth Bassett | June 4, 2015 12:01 AM Comments (2)
There are certain months that have obvious potential for big news, and June looks like one of them. November 2014 was another one, and this month’s iteration of The Oil Big Five follows up on many of the themes that were raised then.
We reached out to Platts oil editors and analysts worldwide to see what they were keeping an eye on in June, and these topics came back as immediate responses. We hope you’re tracking them as well, and be sure to leave us a comment and let us know your thoughts on the issues below or on Twitter, using the hashtag #oilbig5. If you’re not as concerned about these topics, then let us know what you are watching and what we should be watching as well.
By Ross McCracken | February 27, 2015 12:01 AM Comments (1)
Global oil supply and demand forecasts for 2015 have changed significantly recently, but these changes have largely cancelled each other out: the outlook is still one of a market roughly in balance. However, this ignores the tectonic shifts taking place under the surface. US output growth is decelerating. If futures markets pre-empt this, as they did in February, they risk reversing it, which could produce another drop in prices, as Ross McCracken, managing editor of Platts Energy Economist, explains.
As oil prices push towards $60/b, are we witnessing a “dead cat bounce”, or is the market finding some equilibrium?
By Jamie McDuell | February 10, 2015 08:30 AM Comments (1)
On February 9 over 500 delegates crammed into London’s Mayfair Hotel for the Platts London Oil Forum 2015. I’ve lost count of how many times I’ve attended this annual event, which traditionally kicks off IP Week – it’s a fantastic opportunity for the industry to come together, and invariably features stimulating debate.
By Steven Kopits | February 6, 2015 12:01 AM Comments (3)
Steven Kopits is the president of Princeton Energy Advisors, and contributes guest posts to The Barrel.
In an interview with Bloomberg TV, BP CEO Bob Dudley took a bearish view on the price of oil, noting that the present feels like 1986, when oil slumped from $30 a barrel to $10 and did not recover until in 1990. “The fundamental supply and demand does remind me of 1986 a bit, where we could go into a period in this decade of lower oil prices,” Dudley noted, adding that prices may stay in a range below $60 for as long as three years. “It will be a long time before we see $100 again.”
I agree with Dudley: 1986 is the appropriate template for today’s oil market dynamics. However, the understanding of the precedent is incomplete, and the analogy, imperfect. The differences matter.
By Elizabeth Bassett | February 5, 2015 12:01 PM Comments (1)
February in the US is the traditional time to hoist groundhogs before the public to determine whether winter is coming to a close or will continue in a seemingly endless slog. It’s also a time to remember the existential crisis of Phil and wonder if you’re actually stuck in one place for eternity.
In the global world of oil, some issues keep rearing their heads, like a Sonny and Cher song on a clock radio. But in the February edition of The Oil Big Five, we feature many new topics culled from our oil editors and analysts worldwide, who shared the top items they’re keeping an eye on in the oil industry. As always, we encourage you to share your top picks below in the comments or on Twitter with the hashtag #oilbig5, and enjoy this month’s list:
By Colin Richardson | January 17, 2015 12:01 AM Comments (0)
The immediate reason for the oil price plunge seems fairly clear – producers going gung-ho at a time of weak demand, which is not helped by the buoyant greenback.
What is murkier, perhaps, is how geopolitical agendas and motivations are feeding the bear market.
By Starr Spencer | January 13, 2015 12:39 PM Comments (2)
Upstream operators that released 2015 preliminary capital budgets a few months before the year-end holidays have returned to the surgical table for more fiscal liposuction on already slender frames. Despite this, they and other producers insist they can continue to grow oil production this year, and for some, growth will be in the double-digits.
Last week alone, small producers Halcon Resources, Sanchez Energy and Concho Resources all slashed projected 2015 capital spending by 48%, 29% and 33%, respectively. In some cases this was the second revision from preliminary figures announced before oil prices began their steep descent to current levels below $50/b.
They are not alone. Even the bigger players such as Continental Resources, a big Bakken Shale producer, said in late December its capex would be 41% lower than contemplated in early November when prices were still in the high $70s/b range, while ConocoPhillips will shave 20% off its budget compared to last year.