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Saudi Arabia has said it planned to maintain its crude oil exports below 7 million barrels per day in August and September to bring the market back to balance and help absorb global oil inventories
The United Arab Emirates also will continue to support actions to balance the oil market, the country’s energy minister Suhail Al-Mazrouei said.
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Source: ARABNEWS.COM
Oryx Midstream Services, the largest privately-held midstream crude operator in the Permian basin.
Upon completion of the remaining part of the system under construction, Oryx’s total transportation capacity will exceed 900,000 barrels per day and access multiple takeaway options.
The partnership is the latest in a series of investments undertaken by QIA across the US where QIA aims to increase investment to $45 billion in the coming years.
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Source: WORLDOIL.com
Natural WV oil and gas production gas production in the state rose to 1.8 trillion cubic feet in 2018 from 1.5 trillion cubic feet in 2017, a year-over-year increase of 17 percent.
West Virginia household consumes about 72 thousand cubic feet of natural gas per year,” she said. “We produce enough gas in one day to meet the needs of all West Virginians.”
Charlie Burd, executive director of the Independent Oil and Gas Association of West Virginia. Said the industry has come a long way in just over a decade. “We started developing horizontally in late 2007. In 2008, we only produced 256 billion cubic feet of natural gas,” he said. “That’s many more times now than then.”
Oil production in West Virginia grew nearly 60 percent, from 7.5 million barrels in 2017 to 12 million barrels in 2018. This is the largest amount of oil produced in the state since 1900, when West Virginia produced 16 million barrels, according to the DEP.
Doddridge County is the state’s most prolific natural gas producer at 434 billion cubic feet a year. 2018 production in Doddridge County increased 53 billion cubic feet over 2017 levels, growing by 14 percent year-over-year. In Tyler County, production grew by 59 percent to 272 billion cubic feet from 2017 to 2018. Making it the state’s second largest gas-producing county. Coming in third, Ritchie County saw production increase 26 percent from 2017 to 2018. Rising from 158 billion cubic feet to 200 billion cubic feet in the span of one year.
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Source: VWNEWS.com
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The Big Oil companies Exxon Mobil and Chevron are keeping their promises to dominate the Permian Basin
Exxon Mobil has, by far, become the Permian’s most active driller with more than 50 rigs operating in the West Texas oil field. It is increasing production thereby nearly 90 percent in 12 months. Chevron, along with Occidental Petroleum of Houston, is one of just two companies producing more than 420,000 barrels of oil. It is equivalent per day from the region, the companies said Friday in their quarterly earnings reports.
The Permian, now the world’s most productive oil and gas basin, is producing about 4.2 million barrels of crude oil a day, more than one-third of the nation’s record output of more than 12 million barrels a day. The basin, by far the central focus of the shale boom, also is the country’s second-most prolific natural gas producer.
Small and midsize oil firms led the so-called shale revolution, proving horizontal drilling and hydraulic fracturing techniques. Exxon and Chevron — and energy majors generally — came to shale slowly, but now they are using their deep pockets, size and diversified income to continue to invest in drilling projects in the Permian and drive growth there. To a lesser extent, the European energy majors Royal Dutch Shell and BP also are focusing on Permian growth.
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Source: businessreport.com
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This makes sense: since 2008, U.S. crude oil and gas production have respectively boomed 150% to 12.3 million b/d and 60% to 90 Bcf/d. The Great American Oil And Natural Gas Pipelines get approved in the first place because rising usage demands it.
Originating in Texas, we track nearly 40 pipelines covering 11,000 miles either being develop or in pre-construction development.
Just a few days ago the DC Circuit Court of Appeals upheld FERC orders approving the 197-mile, 1.7 Bcf/d Atlantic Sunrise Project (connecting PA gas to mid-Atlantic markets), denying numerous objections from anti-gas environmental groups.
The court backed FERC’s position of market need for the pipeline, specifically citing evidence that there were contracts for 100% of the capacity.
Indeed, very quietly, the International Energy Agency reports that the U.S. led the world in 2018 for new oil demand (+540,000 b/d) and new gas demand (+7.8 Bcf/d). (read that again).
For comparison, the annual increase in U.S. gas demand in 2018 was equivalent to the UK’s current consumption.
As the main sector of use, U.S. gas demand for electricity has soared 60% since 2008 to 30 Bcf/d.
Just as importantly, we are building an immense oil and gas export complex to bring reliable and affordable fuels to an energy-deprived world.
Now the largest oil and gas producer, we will probably become the largest exporter of both within five years.
In the rich Western economies, for instance, oil and gas supply over 60% of all energy.
Gas is especially the go-to fuel to lower emissions while backing up wind and solar power.
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Source: FORBES
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The shale revolution has demonstrably increased the production of crude oil from the U.S. It has given the country the title of the world’s largest oil producer. As an effect, it lasts only briefly. Do you know about the increase in output from the Permian Basin? It is located in West Texas and Southeastern New Mexico. This has been the biggest contributor to this growth. Learn more about American oil below.
We conducted a recent study on the rapidly growing production from the Permian Basin. This includes the attendant consequences on the energy business in the U.S. There has been a validation of key findings through conversations with members of the industry. Including to is the government and infrastructure leaders. The key implications of this work are in a summary here.
A major point: There is no significant domestic customer for the incremental crude projection to come out of the Permian Basin over the next five years. The Permian Basin produced 3.2 million barrels per day in 2018. That production is expected to grow by 1 million barrels per day each year for the next four years, to about 7 million barrels per day in 2022. Permian production was already up to 4 million barrels per day midway through 2019.
Oil prices rose for a fourth day on Tuesday. On optimism the U.S. Federal Reserve will this week fed rate cut interest rates for the first time in more than 10 years. Boosting demand expectations in the world’s biggest oil user.
Brent crude rose 35 cents to $64.06 a barrel by 1349 GMT. It is set for a monthly fall of around 3.7%, however, due to lingering worries about oil demand.
According to the International Energy Agency (IEA), despite the implementation of stringent environmental policies, gas usage continues to increase. The IEA’s modeling shows that even with measures in place to reduce greenhouse gas emissions and promote renewable energy sources. The demand for natural gas is on an upward trend. This finding highlights the challenges faced in transitioning to a more sustainable energy system. While meeting the growing energy needs of a global population.
One of the key reasons for the increasing gas usage is its versatility and relatively lower carbon emissions compared to other fossil fuels. Natural gas is widely used for electricity generation, heating, and industrial processes. Making it a crucial component of the global energy mix. Additionally, as countries seek to reduce their reliance on coal and oil. Natural gas is often seen as a cleaner alternative and a bridge towards a low-carbon future. This perception has led to significant investments in gas infrastructure and exploration, further driving its consumption.
However, it is important to note that the continued reliance on natural gas poses challenges for achieving long-term sustainability goals. While it may be a cleaner option compared to coal and oil, natural gas is still a fossil fuel and contributes to carbon dioxide emissions. As such, it is crucial to balance the short-term benefits of natural gas with long-term environmental concerns. This requires a comprehensive approach that combines the use of cleaner-burning technologies, increased energy efficiency, and a gradual transition towards renewable energy sources. By doing so, we can mitigate the environmental impacts associated with gas usage and work towards a more sustainable energy future.
Oil prices have settled into a temporary rut, with WTI stuck in the mid-$50s and Brent in the mid- to low-$60s. Threats of supply disruptions in the Middle East have failed to buoy prices, while ongoing production and export declines in Iran and Venezuela are also failing to push up crude.
U.S. supply growth has grown significantly over the past two years, offsetting much of the cuts from OPEC. This has become a perennial problem for OPEC+. However, the sudden slowdown in demand is adding to their predicament.
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Source: Oilprice.com
Iran seized a British tanker in the Strait of Hormuz for alleged marine violations. After that, it allowed a second one to proceed after issuing a warning. It has the label “Extraordinarily Brazen”. Read more below
The actions are a dramatic intensification of already relations between the U.S. and Iran. The latest is Britain which seized an Iranian tanker suspected of carrying oil to Syria several weeks ago.
Firstly, the Iranian Revolutionary Guard earlier said it seized the British-flagged tanker Stena Impero. This is after the failure to follow international maritime regulations. The Guard overtake the ship to a coastal area over to maritime authorities, according to Iran state media.
Secondly, the Tasnim news service quoted regional military sources saying the Guard also stopped but released British-operated tanker Mesdar in the Strait of Hormuz.
President Donald Trump told reporters the U.S. would work with the British on the tanker situation. His term was ‘Extraordinarily Brazen’.
In short, the Iranian Foreign Minister Mohammad Javad Zarif is denying this week that the ship is heading to Syria. After that, he would not say where it was headed.
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Source: CNBC.com
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As Iran’s government starts breaking its agreed uranium enrichment limits, European leaders are floundering to keep it alive.
“If war were to break out, we estimate that the price of oil would quickly surge to around $150 per barrel following the outbreak of hostilities,”
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Source: CNBC.com
