Industry Guides & How-To Resources with specific types of property or business. Check our valuable guides on this page today at Ranger Land & Minerals.

For 2018, the Review reported that the world set a new oil consumption record of 99.8 million BPD, which is the ninth straight year global oil demand has increased.

The United States remains the world’s top oil consumer, averaging 20.5 million BPD in 2018. China was second at 13.5 million BPD, although this would be far below the U.S. in per capita consumption. India was third at 5.2 million BPD. Both China and India have averaged oil consumption growth of at least 5% per year over the past decade.

 

 

Read the full article here
Source: oilprice.com

Oil ministers meeting this coming week are expected to continue an agreement to reduce production.

OPEC’s main producers find themselves in a predicament: They must reduce their own output to sustain prices at levels they consider acceptable but the higher prices encourage more production by the United States and other countries.

Markets will pay close attention because officials representing about half of the world’s oil output will be meeting under the same roof

 

 

Read the full article here
Source: The New York Times

Is oil price really going up? By early April, global crude-oil benchmark ICE Brent Crude Futures had closed over $70 per barrel for the first time since November 2018, having already surged by some 30 percent since the beginning of the year. Just a few weeks later, it rallied to $75 per barrel to hit a near six-month high, before modestly retreating. The gains notched up this year have now raised much speculation over whether crude can sustain its rally and hit $100 per barrel in the near future. If so, it would be the first time since 2014 that it reached this milestone.

Production cuts by OPEC+, which includes 10 non-OPEC countries—most notably Russia, Mexico and Kazakhstan—in addition to the organisation’s 14 member countries, are aiming to prevent excess supply in the global market following the dramatic drop in crude prices late last year. As such, the alliance has agreed to slash output by 1.2 million barrels per day (bpd) during the first six months of 2019, before meeting again in June to decide whether to extend the agreement. The plan has been mostly successful to date, with OPEC supply falling by more than 1.5 million bpd this year, which, in turn, has helped drive prices higher. Saudi Arabia has been chiefly responsible for the cuts, having reduced output by a further 324,000 bpd in March.

Read the full article here
Source: International Banker

If you have further questions about the topic of oil price going up, feel free to reach out to us here.

Pennsylvania’s impact fee on natural gas wells yielded its highest payout to date this year.

The annual fee levied on wells tapping the state’s gas-rich Marcellus and Utica shales raised $243 million for 2018, plus $8.9 million in back fees from companies that had withheld payments for several years while courts decided which low-producing “stripper” wells were exempt from the law.

 

 

Read the full article here
Source: Pittsburgh Post-Gazette

 

The standoff between the US and Iran has been brewing intensely throughout Donald Trump’s three years in the White House because unlike Obama, Trump did not agree to help Iran build nuclear weapons. Let’s talk more about the oil and natural gas war.

The standoff stems from Iran’s confrontational and irresponsible attitude towards other nations. Iran has consolidated its presence in Iraq. And Saudi Arabia has paid the price for Iran’s dominance in Lebanon.

The interests of the US and of its allies are vulnerable on the oceans as oil tankers carrying almost one-third of the world’s oil, pass within a few miles of the Iranian coastline because their route takes them through the Strait of Hormuz to all the different industrial points of the world.

Though America is not completely beholden to Middle Eastern oil because of fracking and oil shale. Too bad the braindead states of California and New York don’t get this!

America is loaded with natural gas. America does not need natural gas and oil from other countries like it used to.

Read the full article here
Source: energycentral.com

If you have further questions related to the Oil and Natural Gas War, feel free to reach out to us here.

Permian Basin: Permit applications approved by the Texas Railroad Commission for June 13 through June 19 for Districts 7C, 8 and 8A. Numbers in parentheses indicate the number of permits approved for that leasehold. Here is a drilling report.

Read the full article here
Source: OAOA.com

If you have further questions, feel free to reach out to us here.

The global oil market is shortchanging American oil producers. The primary global benchmark, Brent, was recently around $62 a barrel. The main domestic benchmark, WTI, on the other hand, traded at roughly $53.50 a barrel. Because of that discount, U.S. oil companies are earning about $8.50 less per barrel than their global peers. With oil companies currently pumping out more than 11 million barrels per day (BPD) from beneath U.S. soil, it means they’re missing out on nearly $100 million of revenue each day.

The main issue causing the discount in U.S. crude prices is that there isn’t enough refining capacity in the country to handle its growing gusher of crude from shale fields. That’s leading several energy companies to work on solutions that would narrow the shortfall. The latest entrant in the race to build more export capacity is refining giant Phillips 66 (NYSE:PSX), which is proposing a new deep-water oil export terminal off the coast of Texas. It’s the ninth such project aimed at making America an energy export juggernaut.

 

 

Read the full article here
Source: The Motley Fool, LLC.

 

Geopolitical tensions with Iran and a potential interest rate cut by the US Federal Reserve sent US markets higher.

Oil prices soared more than five percent on Thursday after Iran shot down a United States military drone, raising fears of a military confrontation between Tehran and Washington.

Also supporting oil prices were a drop in US crude inventories and expectations that the US Federal Reserve could cut interest rates at its next meeting, stimulating growth in the US, which is the world’s largest oil-consuming country.

“It’s a confluence of events: there’s a looming easing cycle which is going to hit the dollar and prop up commodity prices, and there are also the tensions with Iran,” said John Kilduff, a partner at Again Capital LLC in New York.

 

 

 

Read the full article here
Source: aljazeera.com

U.S. oil jumped on Thursday after Iran shot down a U.S. military drone, prompting President Donald Trump to blast Tehran on Twitter and fueling concerns of a conflict between the two countries.

U.S. West Texas Intermediate crude settled up $2.89, or 5.4%, to $56.65 a barrel after surging as much as 6% around 10 a.m. ET. Brent crude, the global benchmark, was up $2.79 — a 4.5% increase — at $64.61 a barrel.

The strained relationship has sent crude prices soaring since more than 20% of the world’s oil output comes from the Middle East. Any threats to the free flow of oil through key chokepoint the Strait of Hormuz could dampen crude supplies.

“If we didn’t have the U.S. resource endowment, oil would absolutely be over $100. Pre-Permania, oil would be above $100” says RBC head of global commodities strategy, Helima Croft.

 

 

 

Read the full article here
Source: CNBC.com

 

Jones-controlled Comstock Resources is acquiring rival Covey Park Energy in a $2.2 billion deal, with the Dallas businessman putting up $475 million of his own money toward the deal.

“I am excited to provide the funding and to team up with Denham Capital to combine the two companies to create the basin leader in the Haynesville shale.

Record U.S. production and the lack of pipeline capacity has made it difficult or impossible to make profits.

The world is going to see demand increase for natural gas because of its value as an energy source and a more friendly alternative to coal. The U.S. is now poised to become one of the biggest global players in the space — and Jones gets it.

 

 

 

Read the full article here
Source: FOX business