for Oil Production
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It’s groundhog year for the OPEC cartel, which has been unable to structurally shift fundamentals and prices in its favor since the price collapse in mid-2014, and it is reliving its catch-22 scenario with competing producers.
The OPEC commission would examine whether the cartel’s behavior is designed to disadvantage U.S. oil producers and secure market power through anti-competitive behavior.
Any deal is better than no deal for OPEC.
Renewed political turmoil and the takeover of major oil terminals last month didn't stop Libyan oil production from tripling since August. How long will it last?
The substantive discussion gave insights into how energy policy would take shape in either a Clinton or Trump administration.
With the beginning of production, Ecuador has added 20,000 b/d to its output, with plans to raise this to 40,000 b/d by year-end, all at production costs said to be under $12 per barrel.
Historically high oil output obscures the fact that OPEC is also experiencing some of its worst-ever unplanned outages. Combined, the volumes lost to violent conflict, political disputes and other setbacks add up to almost 3 mbd.
As of June, Nigeria had lost 500,000 to 600,000 barrels per day of oil production, vaporizing about $30 million of daily revenues for the country. The Nigerian government had already seen its oil revenues cut in half by the collapse of oil prices, but the loss of a substantial portion of its production has pushed the country into a state of crisis.
Natural gas prices in the U.S. for August delivery climbed to $2.90 per million Btu (MMBtu) on the last day of June, capping a 30 percent rally in just one month. Today’s prices are also the highest in nearly a year, ending an extraordinary run in which spot prices stayed below $2/MMBtu for much of that time.