Tipping Point for Oil Prices
Strong demand for world oil and a delicate political balance with the Iran nuclear talks may be the tipping point for oil prices. In the U.S. oil prices have stood at $57-62 per barrel since April. The...
View ArticleVolatile Crude Oil Market
U.S. crude oil fell to $56.93 at the end of trading on July 2 before the three day holiday weekend. Gasoline prices at the pump rose1.3 % due to the expected summer holiday demand. Surging gasoline...
View ArticleSchlumberger and Halliburton Suggest Major Changes in Business Models
Paal Kibsgaard, Schlumberger CEO, suggests big changes are coming for the way service companies and oil operators work together. Kibsgaard said in the 1st quarter conference call, "We believe that the...
View ArticleFirst Subsea Wet-Gas Compressor
Statoil announced installation of the world's first subsea wet-gas compressor at the Gullfaks C platform in the North Sea in June 2015. The Gullfaks subsea compressor project was designed and installed...
View ArticleGreek Financial Crisis Further Impacts the Price of Oil
The price of oil fell 3% on the London market on Monday morning due to Greece's rejection of debt bailout terms. Olivier Jakob, senior energy analyst at Petromatrix in Zug, Switzerland says,...
View ArticleOESI Forum - Taking SEMS to the Next Level
The Ocean Energy Safety Institute will facilitate dialogue between industry, academia, regulators, and non-governmental organizations in a Forum to discuss “Taking Safety and Environmental Management...
View ArticleGasoline Demands Increases in U.S. in June/July
The daily consumption of gasoline in the U.S. has risen for the past four weeks to over 9.5 million barrels per day. This is 480,000 bpd above 2014 consumption and 250,000 bpd above the 10 year...
View ArticleNorth Dakota Oil Production Up
In spite of the continuing decline in rig activity in North Dakota (4% last week), oil production from the Bakken in North Dakota has increased. Production in May 2015 reached 1.2 million barrels per...
View ArticleWhy Saudi Arabia Allows the Price of Oil to Drop
Schlumberger Limited put together some statistics on why Saudi Arabia is not worried about the price of oil. It's not just to harm emerging shale operators or to keep rivals like Iran at bay, it's that...
View ArticlePotential Agreement with Iran on a Nuclear Deal Sends Oil Tumbling
Reuters announced that the price of oil on the Brent exchange dropped $1.89 Monday morning on the news that an agreement with Iran on a nuclear deal to end sanctions is eminent. However, European...
View ArticleU.S. and Iran Deal Impacts Oil Price
Early Tuesday oil prices fell 2% on Brent crude when the landmark agreement was signed lifting the sanctions on Iranian exports including oil. Then surprisingly "Oil prices reversed themselves and...
View ArticleMarket Oversupplied
The International Energy Agency (IEA) reports in the latest monthly oil market analysis that "The market's ability to absorb that oversupply is unlikely to last. Onshore storage space is limited. So is...
View ArticleOil Fell Below $50 per Barrel
On Monday the price of West Texas Intermediate fell below $50 per barrel for the first time since early April. Oil prices fell last week on news of the Iranian agreement. Prices rallied slightly and...
View ArticleCongress to Review Iran Nuclear Agreement
On Sunday the U.S. State Department sent the historic Iran Nuclear Agreement to Congress. Congress has 60 days to review the agreement starting on July 20th. The U.S., Iran and six countries signed the...
View Article$100 per Barrel Oil Will Return
Gary Ross, founder of consultants PIRA Energy Group, the oil guru who predicted the 2014 fall in oil prices, now predicts that oil will rise to over $100 per barrel within five years. In an interview...
View ArticleUtah Oil Sands
Utah expects to begin production of the first commercial oil sands mine in the U.S. by the end of 2015. The Utah Department of Natural Resources approved the PR Spring project in Utah in June. U.S. Oil...
View ArticleFirst U.S. Offshore Wind Farm
Deepwater Wind began installing the foundation for the first U.S. commercial offshore wind farm on July 27, 2015 in Rhode Island. The 30-megawatt wind farm included five turbines and is located three...
View ArticleBP Announces a $6.3 Billion Replacement Cost Loss
For the 2nd quarter 2015, BP announced a replacement cost loss of $6.3 billion on June 28th. The replacement cost is a measure of changes in the price of oil and includes a $10 billion charge related...
View ArticleIran Expects to Increase Output by 500,000 BOPD
Iranian Oil Minister, Bijan Zanganeh said that Iran expects to raise the oil output by 5000,000 bopd as soon as the sanctions are lifted, and to increase to one million bopd in a few months. Zanganeh...
View ArticleObama's Unveils Greenhouse Gas plan
The final plan to tackle greenhouse gas emissions from coal-fired power plants will be released on Monday. The revised Clean Power Plan hopes to reduce carbon emissions by 32% by 2030 based on 2005...
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