Oil

IEA: High Oil Prices “Taking A Toll” On Demand

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Geopolitics has taken over the oil market, driving oil prices up to three-year highs. The inventory surplus has vanished, and more outages could push oil prices up even higher. Yet, there are some signs that demand is starting to take a hit as oil closes in on $80 per barrel.

In the International Energy Agency’s (IEA) May Oil Market Report, the agency said that OPEC might be needed to step in and fill the supply gap if a significant portion of Iran oil goes offline. Saudi Arabia suggested shortly after the U.S. announced its withdrawal from the Iran nuclear deal that OPEC would act to mitigate any supply shortfall should it occur.

IEA: High Oil Prices “Taking A Toll” On Demand Read More »

Guyana Map

Is Guyana Prepared For An Oil Boom?

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It’s pretty much common knowledge that Socialism has destroyed the economy of Venezuela despite its abundance of oil. But we don’t hear much about its neighbor Guyana. One might guess that if Venezuela has oil Guyana might be similarly blessed. And it might finally be beginning its own oil boom. Today’s article by Viktor Katona for Oilprice.com looks at Guyana’s coming oil boom. 

Is Guyana Prepared For An Oil Boom? Read More »

Bitcoin and Oil

Why The Next Oil Boom Will Be Fueled By Blockchain

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The world’s most important industry has been carrying on without any significant changes in its day to day routine for far too long.  But now, the new tech on the block has its sights set on the multi-trillion-dollar oil and gas sector. It’s official: Blockchain technology has infiltrated Big Oil. The hype behind blockchain has reached a full-blown frenzy. And for good reason.

Why The Next Oil Boom Will Be Fueled By Blockchain Read More »

Oil in USA

Clean Oil That Only Costs $20 per Barrel?

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Oil production has risen by 5 million barrels per day (bpd) since 2010, an increase of nearly 100 percent. New technology, particularly techniques in shale oil drilling, has opened up vast new opportunities for oil and gas companies.

The proof is in the numbers. In 2017, the United States averaged 9.3 million bpd. This year, the EIA predicts that U.S. oil and gas production will reach record levels, averaging 10.3 million barrels bpd to surpass the record reached in 1970 (9.6 million bpd).

Clean Oil That Only Costs $20 per Barrel? Read More »

Oil Rig

Could Oil Go to $100 a Barrel by 2019?

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As we all know, gas and oil prices are a major component of inflation so a spike in oil prices could have a serious effect on prices overall. From 2012-2015 oil prices peaked several times around $100 per barrel but then in 2016 they fell dramatically to around $30. In 2017 they recovered slightly to hover around their long term average price of $43. Today Irina Slav of Oilprice.com looks at the possibility of oil prices returning to the $100 level. 

Could Oil Go to $100 a Barrel by 2019? Read More »

Permian Basin Map

Is Peak Permian Only 3 Years Away?

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The Permian Basin is the largest petroleum-producing basin in the United States and has produced a cumulative 28.9 billion barrels of oil and 75 trillion cubic feet of natural gas. Currently, nearly 2 million barrels of oil a day are being pumped from the basin. It has been estimated that 43 billion barrels of oil and 18 trillion cu. ft. of gas remain; however, some experts claim the content is much bigger than expected, half a trillion barrels or even 2 trillion barrels. Eighty percent of estimated reserves are located at less than 10,000-foot (3,000 m) depth. Advances in hydrocarbon recovery such as horizontal drilling and hydraulic fracturing aka. “fracking” have expanded production into unconventional, tight oil shales… But is it possible that the current Bonanza in Oil production could come to a rapid end?

Is Peak Permian Only 3 Years Away? Read More »

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