Industry Trends ///

Oil investors raise bets on higher price and lose in selloff

The shale boom is making it hard to be an oil optimist.

Oil falls below $50 as surging U.S. output undermines OPEC cuts

Oil fell below $50/bbl as investors lost faith that an extension of OPEC-led supply cuts will overcome growing U.S. production and ease a global glut.

API: March petroleum demand highest since 2008

Total petroleum deliveries in March moved up 0.2% from March 2016 to average nearly 19.7 MMbpd. These were the highest March deliveries in nine years, since 2008.

Growth in Europe’s demand for Russian gas confirms importance of Nord Stream 2

A working meeting between Alexey Miller, chairman of the Gazprom management committee, and Rainer Seele, chairman of the executive board of OMV, took place in Moscow on April 20th.

White House's Cohn wants to see `more and more' U.S. LNG terminals

If Gary Cohn gets his way, the U.S. could be the biggest exporter of liquefied natural gas in the world.

Pence hails $10 billion in Indonesia deals, from Exxon to GE

Vice President Mike Pence announced 11 major deals valued at more than $10 billion between U.S. and Indonesian companies, mostly in energy and defense.

Goldman says ignore the technical, savor the fundamental on oil

Goldman Sachs Group says there’s no fundamental evidence in the oil market to justify this week’s selloff in prices.

Oil set for biggest weekly loss since early March on U.S. supply

Oil headed for its biggest weekly loss since early March as signals from OPEC that it will persevere with output cuts failed to offset evidence that U.S. supplies are plentiful.

Gulf of Mexico is equally important as Permian for U.S. oil production, Rystad says

Since the early days of U.S. shale development, we have observed impressive efficiency and well productivity gains realized by E&P companies. These gains were triggered by a gradual learning process, optimization of completion techniques and well configuration, and high grading of drilling locations and equipment.

Trendsetter Engineering, Add Energy awarded contract for high-flow dynamic kill operations

Trendsetter Engineering and Add Energy have combined expertise to provide market leading engineering and hardware support services to the industry’s most challenging problems in a nimble and responsive environment.

Oil sands operators bet on local advantage as U.S. partners flee

Now that multi-national energy producers have sold their stakes in Canada’s oil sands, local companies are hatching plans to make some real changes.

Major oil producers reach initial deal to extend output cuts

A number of major crude-producing countries reached an agreement to extend output cuts as persistently high stockpiles weigh on prices.

Russia seen extending production cuts to support price rally

Russia is likely to support extending a multinational deal to cut oil output as higher prices boost revenue in the run-up to next year’s presidential election.

Abu Dhabi's Taqa seeking to sell energy assets in North America

Abu Dhabi National Energy is generating cash from overseas oil and natural gas operations and wants to sell some higher-cost wells in North America after reporting a record $5.2 billion loss last year.

McKinsey Energy Insights releases Global Oil Supply and Demand Outlook to 2030

McKinsey Energy Insights (MEI), the data and analytics specialist that provides insight and support to the global energy industry, has released its latest Global Oil Supply and Demand Outlook, which identifies five potential supply and demand scenarios. If the market was to follow MEI’s business as usual scenario, it would expect oil prices to revolve around $60–$70/bbl over the next three years and balance close to $65–$75/bbl by 2030.

Iran may keep same oil output if others extend cuts, Kuwait says

Iran will probably be allowed to keep its oil production unchanged if OPEC decides to extend its six-month agreement on output cuts beyond June, Kuwaiti Oil Minister Issam Almarzooq said.

Norway's oil problem sets election stage after spending binge

Norway can’t afford an abrupt cut in spending if the economy of western Europe’s biggest oil and gas producer is to continue growing, according to the man who most polls suggest will be prime minister after elections this year.

Australia's LNG export deals face review amid gas crisis at home

Australia’s competition regulator said the possible sale of natural gas intended for the country’s domestic market to overseas customers instead must be reviewed amid high wholesale prices at home.

Lukoil invests in environmental protection activities in Yamal-Nenets Autonomous District

LUKOIL will spend more than 500 million rubles on environmental protection activities in the Yamal-Nenets Autonomous District in the next three years.

Operators finally embrace digital technologies to improve production efficiency

The counterbalanced pumping unit is still working hard lifting oil out of the ground. However, algorithms now adjust flow based on computer monitoring.