Industry Trends ///

EIA expects crude to average $73/bbl during second half of 2018, fall to $69/bbl in 2019

In the July 2018 update of its Short–Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that Brent crude oil prices will average $73/bbl in the second half of 2018 and $69/bbl in 2019.

Norway oil strike escalates with limited supply impact

Norwegian drilling workers escalated a strike early Monday, with the impact on the country’s oil production expected to remain limited to one North Sea field in the short term.

Crude falls on supply increase, U.S. weighs SPR release

Crude retreated below $70/bbl as Saudi Arabia is said to offer extra crude to some customers, while the U.S. will consider tapping emergency supplies to offset losses elsewhere.

Saudis offer extra oil in Asia as OPEC leader pumps more

Evidence is mounting that Saudi Arabia is heeding U.S. President Donald Trump’s call for OPEC to keep the oil market amply supplied and rein in prices.

Iran touts Russia's plan to invest in its oil with sanctions looming

Iran said Russia is ready to invest as much as $50 billion in its oil industry even as Western majors are pulling out of deals with the republic amid the threat of U.S. sanctions.

API says steel tariff exclusion rulings hurt American workers

API expressed disappointment in the administration’s latest action to deny exclusions from Section 232 tariffs on imported steel used in certain parts of oil and natural gas industry operations, a misguided decision that could impact American energy production and American jobs.

Total acquires Engie’s LNG business, becomes world’s second largest LNG player

Total acquired Engie’s LNG assets for $1.5 billion.

Oil set for weekly loss on trade war fears, Libya supply return

Oil headed for a weekly loss as escalating trade tensions between the U.S. and China rattled investors, while Libya’s plans to restore output allayed fears of a supply crunch.

Russia says OPEC+ could boost oil supply more than pledged

OPEC and its allies could boost oil production by more than the 1 MMbpd agreed last month if needed.

Shale gas export projects said to face U.S. permit delays

Government approval of projects intended to export rising supplies of shale gas could be delayed by 18 months as the top energy regulator struggles with a backlog of permit requests, according to people familiar with the matter.

Oil celebrates 10th anniversary of record high with huge plunge

A decade ago, oil hit an all-time high in New York. What better way to celebrate than with a massive selloff?

OPEC output may be stretched to limit by supply crises, IEA says

OPEC’s Gulf members may need to pump almost as much crude as they can to cover swelling supply losses from Venezuela to Iran and beyond, the International Energy Agency said.

Oil pares losses after biggest U.S. crude stock draw since 2016

Crude pared losses after a government report showed the biggest decline in domestic crude inventories since September 2016, yet fears of an escalating trade war with China overshadowed the drop.

Oil patch has fastest-rising rent in U.S.

Want to rent an apartment near the biggest U.S. oil patch? It’ll cost you.

Nigeria takes first step in $12-billion LNG expansion plan

Nigeria is taking its first steps to expand its LNG capacity by a third, outlining a $12-billion program to keep up with the world’s biggest producers.

Trump and Merkel exchange barbs in showdown over Russia’s pipeline

Donald Trump and Angela Merkel traded barbs at a NATO summit as Trump blasted Germany over its support for a gas pipeline from Russia.

Trump’s OPEC tweets have Putin preparing for oil talks

When Russian President Putin meets Donald Trump next week, he’ll be armed to discuss oil production following the U.S. leader’s series of tweets targeting OPEC.

Libya's eastern oil exports to resume on ports deal

Libya’s eastern oil ports will resume shipments after the state energy producer regained control of the terminals following clashes in the region last month.

Oil falls as trade war escalates

Oil fell toward $73/bbl in New York after U.S. President Donald Trump escalated a trade war with China, heightening fears that global economic growth could be caught in the cross-fire.

U.S. said to meet Saudi leaders to discuss Iran oil sanctions

U.S. government teams spent three days in Saudi Arabia discussing ways to cut off money flows to Iran without disrupting energy markets.