Industry Trends ///

Daily Brief podcast, Friday, April 3rd

Kurt Abraham and Cameron Wallace review all the developments in Washington, Moscow and Riyadh this week, and what they mean for the emergency OPEC+ meeting on Monday.

OPEC+ members seek to broaden coalition in output cut plan

The OPEC+ coalition is pushing for other major oil producers to join it in a deep reduction of global crude output to stem the historic rout in prices.

Oil’s surge continues as 10% global production cut gains traction

Oil advanced above $32 a barrel in London as OPEC+ scheduled an urgent meeting next week to try and stem the crude market’s rout, with an output cut of 10% of global production being discussed.

Texas RRC Chairman applauds President Trump on energy negotiations

Texas Railroad Commission Chairman Wayne Christian

Trump expects Saudi, Russian oil production cuts after phone call

President Donald Trump said he expects Saudi Arabia and Russia to cut oil production by about 10 million barrels after he spoke by phone with Crown Prince Mohammed Bin Salman on Thursday.

Upstream project pipeline takes a hit as oil rout deepens

Global natural resources consultancy Wood Mackenzie believes that of the 50+ projects identified with potential to go ahead this year, only 10 have a chance of proceeding, and all are at risk.

ExxonMobil joins COVID-19 fight, helping develop multi-use PPE for clinical settings

ExxonMobil is applying its deep knowledge and experience with polymer-based technologies, in partnership with the Global Center for Medical Innovation, to facilitate development and expedite third-party production of innovative safety equipment that can be sterilized and worn multiple times.

Oil’s crash starts claiming victims across the industry

The unprecedented collapse in global oil markets is wreaking havoc in all corners of the North American crude industry, pushing shale drillers, deepwater-equipment haulers and oil-sand miners to desperate measures.

Rail cars latest target for traders hunting cheap oil storage

Oil companies are turning to rail cars to stash the crude they can’t sell, as the world runs out of places to store a growing glut of cheap barrels.

Trump to talk tariffs, Jones Act with oil executives Friday

Oil company executives reeling from a massive drop in prices were set to meet with President Donald Trump Friday as the administration seeks ways to help the beleaguered industry.

Daily Brief podcast, Wednesday, April 1st

Kurt and Cameron cover action on many fronts in Washington, Saudi Arabia fires their opening salvo in the oil price war, and Texas regulators share their demand projections.

Goldman Sachs sees shale ultimately victorious in the oil war

The bruised and battered U.S. shale industry is poised to emerge from the oil crash a winner, according to Goldman Sachs Group Inc.

Trump may rent Strategic Petroleum Reserve storage to U.S. drillers

The U.S. Energy Department is considering renting space in the nation’s emergency oil reserve to domestic producers awash in crude, according to three people familiar with the matter who asked not to be identified before a formal announcement.

Russians open door to talks, as Saudis charge ahead with 12 MMbpd output

Saudi Arabia showed no sign of bowing to pressure from President Donald Trump to dial back the oil-price war with Russia as the kingdom pushed crude supply to record levels.

Saudis unleash oil exports for April, as promised

Saudi Arabia has made good on its pledge to ramp up oil exports in April, with a first wave of crude already on its way toward Europe and the U.S., a clear sign the price war remains in full swing.

IHS Markit sees forced oil production cuts of 10MMbpd ahead

Research firm IHS Markit expects up to 10 MMbpd of world oil production will be cut or shut-in from April to June 2020 as oil storage fills up and output from financially strapped companies begins to fall.

Parsley Energy CEO seeks 20% cut in Texas oil output

Pioneer Natural Resources Co. and Parsley Energy Inc. are asking Texas oil regulators for an emergency meeting to consider curbs on state output as a collapsing oil market envelops the nation’s biggest crude-producing state.

Daily Brief podcast, Monday, March 30th

Trump and Putin talk about the oil market via phone today, and the Saudis make a move to increase cash reserves while prices reach another constant-dollar low.

Trump, Putin discuss falling oil prices

President Donald Trump held a call with Vladimir Putin on Monday to discuss Russia’s oil price war with Saudi Arabia and the global response to the coronavirus pandemic.

Oil hits 17-year low with market awash in crude

Oil slumped to a 17-year low as coronavirus lockdowns cascaded through the world’s largest economies, leaving the market overwhelmed by cratering demand and a ballooning surplus.