Economics ///

U.S. oil surge makes Bank of Russia skeptical on OPEC+ success

Russia’s central bank is not convinced that OPEC and its allies’ supply cuts can revive the oil market as it’s being countered by surging U.S. production.

Parker Drilling files for chapter 11 bankruptcy

Parker Drilling announced that it and its material U.S. subsidiaries have entered into a restructuring support agreement (RSA) with holders of the company's securities.

Explorers face pain as oilfield costs jump: Wood Mackenzie

Shale explorers are in for higher equipment and service costs in 2019 after getting hit with double-digit inflation this year, according to Wood Mackenzie Ltd.

IEA says OPEC's unplanned supply losses could double its cut

OPEC may be about to succeed by accident, again.

Oil falls below $52, little changed a week after OPEC+ cuts

Oil traded below $52/bbl in New York, just striking distance from where it trended a week ago after OPEC and its allies announced output cuts, as traders weighed incremental U.S. shale growth against softer demand for 2019.

U.S. oil production continues to grow despite lower prices

The U.S. government left its forecast for domestic crude production unchanged for 2019 even with prices averaging almost $11/bbl lower than its previous estimate.

Alberta's output-cut mandate may be driving oil prices too high

Alberta’s plan to boost crude prices through mandatory production cuts is working a little too well.

Oil rises after report shows large crude-stockpile drop

Oil edged higher after a U.S. industry report signaled a bigger-than-expected draw in crude inventories last week.

U.S. shale becomes industry's safe haven as prices languish

Major oil companies are investing more in U.S. shale, not less, after the recent tumble in crude prices.

`This too shall end': Loews CEO Tisch eyes $75 oil in two years

While oil prices remain stubbornly low despite a pledge by OPEC to curb global output, the head of one U.S. conglomerate is eyeing a rebound that’ll bring crude back to $75/bbl.

What industry leaders expect for 2019

Kurt Abraham, World Oil

By all measures, most of 2018 has been an improvement on 2017, which was markedly better than 2016.

Saudi Arabia juggles Iran and U.S. shale to deliver OPEC deal

Saudi Arabia’s energy minister emerged from days of heated OPEC talks joking that he wasn’t an easy man to be friends with.

Primed-to-pump shale will take OPEC cut but no longer needs it

U.S. shale’s response to OPEC’s decision to cut supply and boost prices: We’ll take it, but we don’t need it.

Siemens supplies first lithium-ion battery solution for offshore drilling rig

The long-term sustainability of the offshore oil and gas sector is predicated on reducing costs and minimizing projects’ environmental impacts.

OPEC talks end without oil-cuts deal as Russia holds back

OPEC ended talks without a deal on oil production cuts for the first time in nearly five years as Russia flexed its muscles by so far refusing to commit to the big output curb that Saudi Arabia is demanding.

Pipeline opponents see vindication in Canadian oil patch's woes

As the Canadian oil industry endures its worst crisis ever, a fair share of the blame has been lobbed at environmentalists who oppose pipeline projects.

OPEC+ recommends oil cuts, but no deal yet on size of curbs

Saudi Arabia, Russia and other members of the OPEC+ group recommended an oil production cut, defying a Twitter plea from President Donald Trump to keep the taps open, but their meeting didn’t agree on how big any reduction should be.

Opinion: Qatar leaving is an ominous sign for OPEC

The immediate question raised by Qatar leaving OPEC is, of course, what to call this? Qatarexit, or even Qatexit, sound wrong. Qatar-ta-for-now has a nice ring to it, even if it’s a tad unwieldy. Maybe just go with Qatout.

OPEC's push to cut even deeper shows price warriors were right

Four years ago, the OPEC secretary-general was defending the group’s decision to refuse production cuts and unleash a price war aimed at driving high-cost rivals including U.S. shale out of business.

Saudi minister says premature to say if OPEC+ to cut output

Three days after Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman sent crude prices surging with an agreement to extend cooperation on oil, the kingdom’s top energy official made clear that the terms of a deal remain unresolved.