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Thread: Saudi Arabia and OPEC are doomed.

  1. #1

    Smile Saudi Arabia and OPEC are doomed.

    Everything they do to save themselves only helps shale to kill them more surely, if more slowly.

    Russia, Saudi Arabia Release Trial Balloon: Extend Production Cut by a Year

    In a joint statement released on Monday, oil ministers from Russia and Saudi Arabia said the present crude oil production reduction agreement reached last November should be extended for another year...

    ...
    The present agreement was supposed to reduce OPEC production by 1.8 million barrels per day (bpd), but it failed miserably. Thanks to cheating (several members boosted their daily production in advance of the cuts so they wouldnít feel as much pain when the agreement kicked in on January 1), and exemptions granted to Iran, Libya, and Nigeria, the actual net reduction was about 800,000 bpd. That translates to one percent of the worldís crude oil output. That was enough to push crude prices slightly higher for a couple of months but not enough to keep them moving higher. Instead crude oil prices on the world market fell, touching $45 a barrel in early May.
    Albert Einstein is famous for many things, including his definition of insanity: doing the same thing over and over again and expecting different results. Russia and the cartel are reaching out to non-members in an effort to persuade them to join the production-cut agreement. Those efforts have recently been focused on Egypt and Turkmenistan, whose total daily production amounts to just 700,000 bpd. Eleven non-member states are being targeted by the cartel in what increasingly appears to be a last-gasp effort to cut world inventories and raise crude oil prices.
    OPEC itself sees the problem: U.S. oil producers are coming back online far faster than originally anticipated. In last Thursdayís report it said:
    U.S. oil and gas companies have already stepped up activities in 2017 as they start to increase their spending amid a recovery in oil prices. In addition to the growth in the U.S., higher oil production is expected in Canada and Brazil.
    Because of those ďstepped up activities,Ē OPEC said that the U.S. energy industry is likely to exceed earlier estimates substantially. Its previous estimate was that U.S. production of crude would increase by 285,000 barrels a day in 2017. Now it looks like U.S. production will increase by 820,000 barrels a day, neatly wiping out the reduction that OPECís present agreement was alleged to have accomplished.

    More at: https://www.thenewamerican.com/tech/...-cut-by-a-year
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  3. #2
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  4. #3

    Default

    Production cuts are intended to keep the price of oil down. Lower prices makes it harder for some fracking producers to be profitable- forcing them to shut down. That lowers supply and would allow Saudi Arabia and Russia to increase their market share and will raise price in the future for them. Russia's "cut" isn't much of a cut for them- prior to the latest production allocation they cranked up their facilities to maximum output- a level they would have difficulties sustaining. The "cut" takes them "down" to their usual output.

    several members boosted their daily production in advance of the cuts so they wouldn’t feel as much pain when the agreement kicked in on January 1
    Help me keep posting. Please donate here: http://tinyurl.com/2g9mqh

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  5. #4

    Default

    Quote Originally Posted by Zippyjuan View Post
    Production cuts are intended to keep the price of oil down.
    Ziplogic.
    Truth is a social construct.

  6. #5

    Default

    Don't worry, "Peak Oil" is just around the corner, and then the prices will skyrocket!

    Quiz: Test Your "Income" Tax IQ!


    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  7. #6

    Default

    Quote Originally Posted by timosman View Post
    Ziplogic.
    Oops. Haven't had my coffee yet.
    Help me keep posting. Please donate here: http://tinyurl.com/2g9mqh

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  8. #7

    Default

    Quote Originally Posted by Danke View Post
    Don't worry, "Peak Oil" is just around the corner, and then the prices will skyrocket!
    I am hoarding it just in case .

  9. #8

    Default

    We have West Texas Light @ 48.85 , Brent @ 51.82 , ( both up about a dollar ) , Heating Oil @ 1.51 , wholesale gasoline @ 1.60 , copper @ 2.53 , one yr forecast on oil is 56 . All look like bargains except Nat Gas ( 3.35 , down 2 1/4 % ) .

  10. #9

    Default

    Update:
    U.S. Shale Just Won’t Die: Bankrupt Drillers Rise Again

    http://oilprice.com/Energy/Energy-General/US-Shale-Just-Wont-Die-Bankrupt-Drillers-Rise-Again.html

    Iraq Agrees With Deal Extension, But Boosts Oil Exports To Record Levels

    http://oilprice.com/Energy/Crude-Oil/Iraq-Agrees-With-Deal-Extension-But-Boosts-Oil-Exports-To-Record-Levels.html


    Full Tanks and Tankers: A Stubborn Oil Glut Despite OPEC Cuts

    http://www.rigzone.com/news/oil_gas/a/150234/Full_Tanks_and_Tankers_A_Stubborn_Oil_Glut_Despite _OPEC_Cuts/?all=HG2
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  11. #10

    Default

    Update:

    The Permian’s Sweet Spot Holds 8 Times More Oil Than Predicted

    http://oilprice.com/Energy/Crude-Oil...Predicted.html

    Saudi unconventionals?
    Saudi Arabia may attempt its own unconventional development, according to Petrie. “The deputy crown prince, with the charge from the king, has communicated ‘don’t fight [unconventional development]. Find a way to embrace it.’
    “Back in 2011 and 2012, the Saudis said ‘if breaking up source rock is the issue, let’s go do it. We’ve got plenty of source rock, many times thicker than what the Americans have,’ and so they thought they would see flowrates that were many times larger as well. What they found though was that you drilled much more expensive wells because of the thickness, but when you break up the source rock, if you don’t have the right brittleness, it’s not going to work.”
    “I have to believe, in an oil province as prolific as Saudi Arabia, you can find rocks with the right kind of brittleness, but they haven’t so far. Making unconventionals work will be a priority, though. If they can make it work, shale development in Saudi Arabia could be somewhat successful, although, it’s not clear to me that it will be as successful, proportionately, as it has been in North America, especially the U.S.”
    If the Saudis succeed in making unconventionals work, the oil dynamic could shift from U.S. unconventionals vs. OPEC conventional to unconventional vs. unconventional. It remains to be seen who would win in such a contest, but American shale producers have already shown a resiliency and innovative spirit that will serve them well in the future.

    http://oilprice.com/Energy/Energy-Ge...hale-Game.html


    BP Starts Oil Production At Redeveloped North Sea Project

    Quad 204 is BP’s third out of seven major upstream projects planned for start-up this year. New projects coming online last year and this year are expected to raise BP’s production capacity by 500,000 boed net by the end of 2017. By 2020, BP expects around 800,000 boed production from new projects.

    http://oilprice.com/Latest-Energy-Ne...a-Project.html



    As Breakeven Prices Converge An Oil Price Crash Nears

    http://oilprice.com/Energy/Energy-Ge...ash-Nears.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  12. #11

    Default

    More:

    U.S. Shale Is Turning Up The Heat On OPEC

    American shale producers are far from done: here’s what’s coming

    Companies seem to be very happy at $50/bbl oil, and growth is expected to continue as long as WTI stays in that range.
    According to the EIA, U.S. production will rise in almost every month in the next two years, as improved technologies and techniques allow companies to remain economic.
    By March 2018, the end of the proposed extension of cuts, the U.S. is projected to be producing 9,880 MBOPD, up 1,100 MBOPD from December 2016. If the agency’s U.S. production numbers hold, this would wipe out almost all of OPEC’s cut production, leaving OPEC members with less market share and little to show for it.

    http://oilprice.com/Energy/Crude-Oil...t-On-OPEC.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  13. #12

    Default

    This is how DUMP plans to deal with the Saudis, First take a lot of their money for economically worthless weapons, then crash the price of oil:

    Trump Proposes Selling Off Half U.S. Strategic Oil Reserve


    The White House plan to trim the national debt includes selling off half of the nation’s emergency oil stockpile and the entire backup gasoline supply, part of a broad series of changes proposed by President Donald Trump to the federal government’s role in energy markets.
    Trump’s first complete budget proposal, released Tuesday, would raise $500 million in fiscal year 2018 -- and as much $16.6 billion over the next decade -- by drawing down the Strategic Petroleum Reserve.
    “We think it’s a responsible thing to do," Mick Mulvaney, head of the White House Office of Management and Budget, told reporters. The “risk goes down dramatically when we have increased domestic production like we have today.”
    The proposal also seeks to boost government revenues by allowing drilling in the Arctic National Wildlife Refuge...

    More at: https://www.bloomberg.com/politics/a...ic-oil-reserve
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  14. #13

    Default

    Update:
    OPEC's Worst Cheater Will Get Harder to Ignore as Curbs Falter

    Iraq pumped about 80,000 more barrels of oil a day than permitted by Organization of Petroleum Exporting Countries curbs during the first quarter. If that deal gets extended to 2018, the nation will have even less incentive to comply because capacity at key southern fields is expanding and three years of fighting Islamic State has left it drowning in debt.

    More at: https://www.bloomberg.com/news/artic...s-curbs-falter
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  15. #14

    Default

    Update:

    Canada And Brazil Could Jeopardize Oil Market Balance

    But apart from the U.S., there are two other major oil producers in the Americas whose production is set to increase this year, and over the next five years: Canada and Brazil.
    Alongside U.S. output growth, international agencies and OPEC itself expect production in Canada and Brazil to rise, potentially adding to the U.S. supply increase that diminishes the impact of the cartel cuts.

    http://oilprice.com/Energy/Crude-Oil...t-Balance.html



    OPEC Failure Could Lead To Downgrade Of Entire Oil Sector

    If the OPEC meeting in Vienna fails to shock oil prices upwards, Deutsche Bank analysts would “feel inclined to downgrade” the investment attractiveness of oil sector stocks to Neutral, according to a new note by Mark Roberts, the German bank’s chief of research and strategy for alternatives.

    http://oilprice.com/Latest-Energy-Ne...il-Sector.html


    Libya And Nigeria May Be Asked To Cut Production, Says Iraqi Oil Minister

    But Nigeria still expects that its exemption will continue for at least six months, according to oil minister Ibe Kachikwu.
    “The indications that I have so far is that there is a willingness to extending [the exemption],” he told reporters in Houston. “I expect we will get OPEC exemption but one year from now will it be renewed? I am not too sure.”
    Libya also has plans to raise output to 1.32 million bpd by the end of the year, up from an earlier target of 1.1 million bpd.

    http://oilprice.com/Latest-Energy-Ne...-Minister.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  16. #15

    Default

    Update :

    Is China’s Oil Demand Growth About To Plummet?

    In other words, all those forecasts that China's SPR is almost full appear to be finally coming true, and at the worst possible time for OPEC, because if suddenly over 1 million in daily "demand" is pulled from the market, OPEC will suddenly find themselves with another huge glut now that Beijing is no longer waving it in. In fact, we contend that while OPEC's decision on Thursday is fully priced in by the market, the only thing that matters for the future price of oil is how long until China halts SPR imports. Here, those who have faster access to commercial satellite imagery will be a distinct advantage over everybody else, even the momentum-chasing, headline scanning algos...

    http://oilprice.com/Energy/Energy-Ge...o-Plummet.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  17. #16

    Default

    Update:

    Oil Crashes To $48 Handle As Iran Says It Won’t Cut Output

    With oil prices plummeting 4 percent at 12:33pm EDT on Thursday, with WTI breaking below $50, it looks like a nine-month extension at current production levels is not enough to convince the market.

    http://oilprice.com/Energy/Oil-Price...ut-Output.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  18. #17

    Default

    Update:

    Unstoppable: U.S. Adds Oil, Gas Rigs As OPEC Extends Deal

    http://oilprice.com/Energy/Energy-Ge...ends-Deal.html


    China Teapot Refiners Overflow, Slow Crude Oil Imports

    http://oilprice.com/Latest-Energy-News/World-News/China-Teapot-Refiners-Overflow-Slow-Crude-Oil-Imports.html



    Iraq’s Oil Minister: Kurdistan Exports Not Part Of OPEC Cut Extension

    http://oilprice.com/Latest-Energy-Ne...Extension.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  19. #18

    Default

    Update:

    Economists Puzzled By Unexpected Plunge In Saudi Foreign Reserves



    more at: http://www.zerohedge.com/news/2017-0...ops+to+zero%29











    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  20. #19

    Default

    Update:
    More Bad News For OPEC: Deepwater Oil Becomes Cheaper

    http://oilprice.com/Latest-Energy-News/World-News/More-Bad-News-For-OPEC-Deepwater-Oil-Costs-Drop.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  21. #20

    Default

    More:
    WTI Crude Tumbles To $47 Handle As OPEC-Compliance Drops

    http://www.zerohedge.com/news/2017-05-31/wti-crude-tumbles-47-handle-opec-compliance-drops
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  22. #21

    Default

    Update:
    Clash Between Qatar And The Saudis Could Threaten OPEC Deal

    The Saudi-UAE vs Qatar confrontation holds another risk. All GCC countries depend on stability in the oil and gas markets, which is evident from the recent OPEC deal. A full-fledged confrontation will, without any doubt, put pressure on the current compliance rate of OPEC members to production cuts. Doha will be able to sabotage the current 6+3 production cut agreement between OPEC and non-OPEC members. If Doha decides to join the ranks of Iran and Iraq, OPEC’s future will be in doubt.


    http://oilprice.com/Geopolitics/Inte...OPEC-Deal.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  23. #22

    Default

    Update:
    Oil Prices Fall As U.S. Rig Count Rises For 20th Straight Week

    The number of active oil and gas rigs in the United States rose for the twentieth straight week, Baker Hughes reported on Friday—this time by 8, as drillers in the US make do with current barrel prices even below $50.
    The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 916 rigs—more than double the number of rigs in operation a year ago, when WTI barrel prices were about $49.05—higher than today’s price per barrel for WTI.





    Say what they will about rebalancing the oil market—even if they say it again and again—OPEC and its non-OPEC counterparts have been unable to swing prices (and keep them) near $60 per barrel. Undeterred and even seemingly satisfied with the current pricing environment, shale players in the US are showing no signs of stopping, adding 256 oil rigs since December 2, shortly after OPEC announced its agreement.




    http://oilprice.com/Energy/Energy-Ge...ight-Week.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  24. #23

    Default

    Quote Originally Posted by Swordsmyth View Post
    Update:
    Oil Prices Fall As U.S. Rig Count Rises For 20th Straight Week

    The number of active oil and gas rigs in the United States rose for the twentieth straight week, Baker Hughes reported on Friday—this time by 8, as drillers in the US make do with current barrel prices even below $50.
    The number of oil rigs in operation increased by 11, while gas rigs decreased by 3. Combined, the total oil and gas rig count in the US now stands at 916 rigs—more than double the number of rigs in operation a year ago, when WTI barrel prices were about $49.05—higher than today’s price per barrel for WTI.





    Say what they will about rebalancing the oil market—even if they say it again and again—OPEC and its non-OPEC counterparts have been unable to swing prices (and keep them) near $60 per barrel. Undeterred and even seemingly satisfied with the current pricing environment, shale players in the US are showing no signs of stopping, adding 256 oil rigs since December 2, shortly after OPEC announced its agreement.




    http://oilprice.com/Energy/Energy-Ge...ight-Week.html
    Shale oil / fracking oil wells fade off in terms of production pretty quickly- they can peak in output in just a year or two and decline after that. This means you need a fairly steady addition of new wells just to maintain current levels of production.
    Help me keep posting. Please donate here: http://tinyurl.com/2g9mqh

    I am Zippy and I approve of this post. But you don't have to.

  25. #24

    Default

    Quote Originally Posted by Zippyjuan View Post
    Shale oil / fracking oil wells fade off in terms of production pretty quickly- they can peak in output in just a year or two and decline after that. This means you need a fairly steady addition of new wells just to maintain current levels of production.
    And they just keep drilling more, not to mention the huge backlog of drilled but uncompleted wells.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  26. #25

    Default

    Update:

    Kazakhstan Boosts Production Despite OPEC Pledge

    Kazakhstan’s energy officials are continuing to officially confirm to the public what is already widely known by now — that they have no intention to stick by pledges on oil output curbs.
    While committed to seeing cuts across the board among OPEC and non-OPEC members, Kazakhstan has cited rising productivity at its Kashagan field as cause for bucking the trend.





    Speaking on May 30, Energy Minister Kanat Bozumbayev said that its earlier pledge to reduce output by 20,000 barrels per day will be reviewed in September. But an International Energy Agency report in March showed Kazakhstan had begun breaking their word as soon as they had uttered it.


    Kazakh crude and condensate production rose by nearly 40 kb/d in February to average 1.718 mb/d, according to the latest official data. The increase stemmed mostly from Kashagan, which produced 170 kb/d last month, only five months after start up,” the agency said.
    The IEA noted that Kazakhstan argued that Kashagan and its other huge fields, Tengiz and Karachaganak, should be exempt from the curb on production, making a mockery of the pledge in the first place.

    http://oilprice.com/Geopolitics/Inte...EC-Pledge.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  27. #26

    Default

    Update:
    EIA Ups Global Oil Production Forecast

    http://oilprice.com/Energy/Oil-Prices/EIA-Ups-Global-Oil-Production-Forecast.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  28. #27

    Default

    Update:

    Though alternative energies continue to make gains, it’s still more cost efficient to drill and pump oil than to turn to renewables. But big oil is looking for ways to make it even cheaper, more efficient and with a smaller impact to the environment. In order to do this, they’re turning to tech.





    Stabilizing profitability and margins is a major drive for big oil, pushing them away from traditional methods and toward innovation. In the near future, technologies like IIoT, artificial intelligence and wearables will cut operating costs, increase production efficiency, and refine asset management.

    http://oilprice.com/Energy/Energy-Ge...Tech-Boom.html



    Trump Moves To Allow Drilling On Atlantic Coast

    A new proposal by the Trump administration will allow oil companies to use seismic air guns to search for fossil fuel deposits in the Atlantic Ocean, according to reports emerging from Washington.
    Former President Barack Obama had blocked this form of testing due to dangers posed to marine wildlife in the area. The current White House needs Marine Mammal Protection Act permits from a specialized branch of the Commerce Department to allow five companies to use the technique.





    "An authorization for incidental takings shall be granted if [the National Marine Fisheries Service] finds that the taking will have a negligible impact on the species," a Federal Register notice, scheduled for publication on Tuesday, read. The agency will accept public comments through July 7th before deciding whether to grant the required permits. An approval would allow the seismic gun shots to fire in the Fall.


    Trump’s April executive order, which expanded areas available for offshore drilling, included certain areas of the East coast. There are currently no active rigs in coastal waters ranging from Delaware to Florida.

    http://oilprice.com/Latest-Energy-Ne...tic-Coast.html


    Zion Oil & Gas Starts Drilling Onshore Israel

    Dallas-based Zion Oil & Gas, Inc said on Monday that it had begun drilling a deep well onshore Israel, expecting to drill through at least four different geological strata with oil and gas potential.
    Zion Oil & Gas has spud the Megiddo-Jezreel #1 in the Jezreel Valley in Israel, and, depending on results and subject to cash resources, it would drill multiple wells from the pad site, the company said.

    http://oilprice.com/Latest-Energy-Ne...re-Israel.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  29. #28

    Default

    Update:

    Saudi America – How New Tech Is Creating Another Oil Boom

    Just when you thought there couldn’t be any more oil in Texas … new technology is about to unlock an extremely shallow field that is brimming with heavy oil that has been impossible to recover--until now.
    Many oil companies have spent many millions of dollars trying to unlock this gem, but expensive steam injections weren’t efficient enough to make it competitive or economic, even if they had succeeded.





    While steam injections cost $50 per barrel, the new technology lifts the oil at under $10 per barrel—an astounding savings, even if oil prices crashed to lows not seen since the late 90s.


    This dramatically reduced cost of extraction should send the Saudis back to the OPEC negotiating table in a panic.


    http://oilprice.com/Energy/Energy-Ge...-Oil-Boom.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  30. #29

    Default

    Update:

    OPEC Production Spikes – Has The Cheating Begun?

    OPEC’s crude oil production increased by 270,000 bpd in May over April, to stand at 32.12 million bpd--the highest level since January this year--as exempt Libya and Nigeria saw their respective output sharply recovering, according to an S&P Global Platts survey.
    Despite the high compliance from the cartel’s biggest producer and de facto leader Saudi Arabia, as well as from Angola, output jumped from exempt OPEC members Libya and Nigeria, and Iraq continued to under-comply significantly, increasing its production in May, the survey showed.

    http://oilprice.com/Energy/Energy-Ge...ing-Begun.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  31. #30

    Default

    More:

    The World’s Third Largest Oil Consumer Aims To Drastically Reduce Imports

    http://oilprice.com/Energy/Crude-Oil...e-Imports.html
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankindÖitís people I canít stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

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