By John Kemp LONDON (Reuters) – OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of 2017. Saudi Arabia and its Gulf allies are expected to implement most of their cuts immediately, but other producers […]
Saudis, Russia to diverge on speed of oil output cuts – Kemp Read More »
Small US E&P peer group continues to have the most hedging and weakest balance sheets North American E&P companies have more than tripled the hedging protection for their 2017 production since April 2016—with 24 per cent of total 2017 production now hedged, according to new analysis from IHS Markit. “Companies hedge their production to provide a
E&P companies triple 2017 hedging to 24% of production, hedging income set to plummet Read More »
The West produced and sold the least tonnage, with almost all going to domestic heating market During the first half of 2016, US manufacturers produced approximately 3.3 million tons of wood pellets and sold 3.1 million tons, mostly to foreign markets, according to data from EIA’s newly released Densified Biomass Fuel Report. Wood pellet fuel,
US plants selling wood pellets to Europe for power generation, home heating Read More »
Texas production in October came from 181,637 oil wells, 91,812 gas wells Production for Oct. 2016 as reported to the Railroad Commission of Texas is 73,565,318 barrels of crude oil and 582,136,569 mcf (thousand cubic feet) of total gas from oil and gas wells. These preliminary figures are based on production volumes reported by operators
Texas oil and gas production statistics for October 2016 Read More »
Texas natural gas production highest, producing 19.4 Bcf/d in 2015 US dry natural gas production continued to increase in 2015, reaching 74.1 billion cubic feet per day (Bcf/d), according to the US Energy Information Administration. This record-high level was a 4.5 per cent (3.2 Bcf/d) increase over 2014, according to EIA’s Natural Gas Annual, which provides
US natural gas production resilient to market changes in 2015, but fell in 2016 Read More »
Oil prices rose as OPEC agreement was announced In EIA’s December Short-Term Energy Outlook (STEO), both the West Texas Intermediate (WTI) and Brent crude oil 2017 price forecasts increased by about $1 per/b from the Nov. STEO, with prices expected to average $51/b and $52/b, respectively. The WTI price is forecast to average $49/b in
EIA forecasts $49/b for 1st half of 2017 with OPEC agreement Read More »
OPEC production up 320,000 barrels per day from Oct.; sixth consecutive monthly increase Oil production from the Organization of the Petroleum Exporting Countries (OPEC) for Nov. rose for the sixth straight month to a record 33.86 million b/d, according to a survey of OPEC and oil industry officials by S&P Global Platts. OPEC crude output
OPEC crude oil production hit new record of 33.86 million b/d in Nov. Read More »
November natural gas production rebounds from Oct. lows as regional markets rebalance HOUSTON– Lower 48 US natural gas production rose slightly in Nov., averaging nearly 72.1 billion cubic feet per day in Nov., which reflects an increase of 1.6 per cent (1.1 Bcf/d) above the average in Oct., according to analysis from IHS Markit. The
US natural gas production experiences modest recovery in November Read More »
Saudi Arabia is acting in own interest by cutting production, even if producers fail to follow through on commitments By John Kemp LONDON (Reuters) – OPEC has finally agreed to cut production, but only after two years of fruitless negotiations. So what changed to make an agreement possible now, after it had eluded negotiators at
After two years, why an OPEC deal now? – Kemp Read More »
Increased number of rigs over the last 5 years is indication Saudi Arabia investing significantly to maintain output By John Kemp LONDON (Reuters) – Saudi Arabia is one of the very few countries which has increased its drilling for new oil and gas wells since prices began to slump in the middle of 2014. The number
Saudi Arabia carries on drilling despite oil slump: Kemp Read More »
