BofA Says Oil May Hit $100 Next Year
BofA Says Oil May Hit $100 Next Year
Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said, the strongest call yet among major forecasters for a return to triple digits.
2021/06/22 10:04
FORCED GAS LIFTING OIL PRODUCTION SYSTEM
1 billion-ton ultra-deep oil and gas province discovered in Tarim Oilfield
The reporter learned from the Tarim Oilfield Branch of China National Petroleum Corporation on the 20th: The Tarim Oilfield has drilled 56 100-ton wells in the Fuman Oilfield, and found out the geological laws of the oil and gas reservoirs in the Fuman region, and found a 1 billion tons. This is the largest oil exploration discovery in the Tarim Oilfield Basin in the past 10 years.
2021/06/21 09:40
Oil Prices Fall As The Fed Changes Its Tune
Oil Prices Fall As The Fed Changes Its Tune
Oil prices sank on Thursday as the Fed’s hawkish comments sent the dollar higher.

Crude oil is down more than 1% on Thursday afternoon, with WTI falling 1.32% at $71.20 per barrel, and Brent down 1.57% to $73.22. Both prices are still up on the week, but down nearly $2 from Wednesday highs.
2021/06/18 17:40
Russian Drillers Rejoice As Oil Continues To Rally
Russian Drillers Rejoice As Oil Continues To Rally
Russia’s oil and gas industry has been the driving force behind its economy ever since the first oil fields were discovered in Tsarist Russia at the end of the 19th century at the shores of the Caspian. In the 21st century, the Russian economy remains highly dependent on the production of oil and gas. Therefore, the rosy outlook of the fossil fuel industry is good news for Moscow and its political ambitions.
2021/06/18 17:34
suck rod pump
The Renewable Boom Has Barely Impacted Oil & Gas
A decade ago, fossil fuels accounted for just over 80 percent of final energy consumption in the world. During the last ten years, renewable energy has boomed, and installations continue to soar to record highs. But oil, gas, and coal still represent over 80 percent of final energy consumption, despite the rising share of renewable energy in the world’s total energy consumption.
2021/06/18 17:30
Oil Supply Crisis
It’s Too Late To Avoid A Major Oil Supply Crisis
There are a number of observable trends in oil supplies and by extension prices, presently. I am going to discuss one of them in this article. A lack of capital investment in finding new supplies of oil and gas. A favorite analogy of mine comes to mind, the ship is nearing the dock. In nautical parlance that means the time for course corrections is at an end. So we shall see if that is the case for oil. The massive "ship" that is world oil demand is on an unalterable collision with supplies that will have profound implications for consumers. This key metric reveals what the future is likely to hold for our energy security as the world continues to recover from the virus to those who will listen. The level of drilling and by extension capital investment is insufficient and has been for a number of years to sustain oil production at current levels. It's no secret that even with the lower break-even costs for new projects thanks to cost-cutting by the industry the last few years, oil extraction is a capital-intensive business. The chart below from WoodMac, an energy consultancy, shows just how severe the decline in capex has been.
2021/06/18 17:23
The Best Oil Stocks As Prices Rebound
The Best Oil Stocks As Prices Rebound
Oil prices rallied to their highest levels two and a half years after OPEC+ recently agreed to extend its historic production cuts. On Friday, WTI was trading at $70.91 per barrel while Brent crude was changing hands at $72.69. levels they last touched in 2018. By Wednesday morning WTI was trading above $72 and Brent had climbed above $74. Beginning on May 1, OPEC cut production by 9.7 million barrels per day, with the cuts scheduled to start declining beginning July 1. OPEC+ now says July's production cut will be 9.6 million bpd after Mexico said it remains committed to the group's prior agreement. Consequently, oil inventories that had built up in the middle of last year due to oversupply amid weak demand due to the pandemic now appear to be on pace to fall below historical averages as early as next month. Meanwhile, U.S. supply remains subdued as companies have held back production to conserve cash. OPEC+ is optimistic that shale production won't disrupt the delicate balance it has worked to establish for at least two years.
2021/06/17 14:04
U.S. Oil Prices Hit 32-Month High On Rising Global Demand
U.S. Oil Prices Hit 32-Month High On Rising Global Demand
2021/06/16 18:15
The UAE Is Poised To Become The Next Middle East Energy Giant
The UAE Is Poised To Become The Next Middle East Energy Giant
Saudi Arabia is synonymous with oil, the EU is obsessed with renewable energy, and the U.S. is the world's leading natural gas producer, but there are few countries pursuing all three of these energy sources with as much vigor as the UAE.
2021/06/15 18:29
Two Top Commodity Traders Bet Big On The Future Of Oil
Two Top Commodity Traders Bet Big On The Future Of Oil
Two commodity trading giants are betting big on a Russian oil project in a rare move that could make or break the oil traders’ fates - and oil market observers should be paying close attention. When commodity trading major Trafigura bought a 10-percent stake in Rosneft’s Vostok Oil project, oil prices were trading below $50 per barrel. There were also forecasts that oil demand may never recover to pre-pandemic levels and that oil, in general, was on its way out.
2021/06/15 18:24
Middle East Oil Prices Rise As Global Demand Recovers
Middle East Oil Prices Rise As Global Demand Recovers
2021/06/15 18:17
NNPC: Lack Of Investment Could Push Oil To $200
NNPC: Lack Of Investment Could Push Oil To $200
Crude oil prices could rise to $200 per barrel as international oil companies curb their investments in new exploration and production, the Nigerian National Oil Corporation said this week.
2021/06/11 10:34
BofA Says Oil May Hit $100 Next Year
BofA Says Oil May Hit $100 Next Year
Oil may surge to $100 a barrel next year as travel demand rebounds, Bank of America Corp. said, the strongest call yet among major forecasters for a return to triple digits.
FORCED GAS LIFTING OIL PRODUCTION SYSTEM
1 billion-ton ultra-deep oil and gas province discovered in Tarim Oilfield
The reporter learned from the Tarim Oilfield Branch of China National Petroleum Corporation on the 20th: The Tarim Oilfield has drilled 56 100-ton wells in the Fuman Oilfield, and found out the geological laws of the oil and gas reservoirs in the Fuman region, and found a 1 billion tons. This is the largest oil exploration discovery in the Tarim Oilfield Basin in the past 10 years.
Oil Prices Fall As The Fed Changes Its Tune
Oil Prices Fall As The Fed Changes Its Tune
Oil prices sank on Thursday as the Fed’s hawkish comments sent the dollar higher.

Crude oil is down more than 1% on Thursday afternoon, with WTI falling 1.32% at $71.20 per barrel, and Brent down 1.57% to $73.22. Both prices are still up on the week, but down nearly $2 from Wednesday highs.
Russian Drillers Rejoice As Oil Continues To Rally
Russian Drillers Rejoice As Oil Continues To Rally
Russia’s oil and gas industry has been the driving force behind its economy ever since the first oil fields were discovered in Tsarist Russia at the end of the 19th century at the shores of the Caspian. In the 21st century, the Russian economy remains highly dependent on the production of oil and gas. Therefore, the rosy outlook of the fossil fuel industry is good news for Moscow and its political ambitions.
suck rod pump
The Renewable Boom Has Barely Impacted Oil & Gas
A decade ago, fossil fuels accounted for just over 80 percent of final energy consumption in the world. During the last ten years, renewable energy has boomed, and installations continue to soar to record highs. But oil, gas, and coal still represent over 80 percent of final energy consumption, despite the rising share of renewable energy in the world’s total energy consumption.
Oil Supply Crisis
It’s Too Late To Avoid A Major Oil Supply Crisis
There are a number of observable trends in oil supplies and by extension prices, presently. I am going to discuss one of them in this article. A lack of capital investment in finding new supplies of oil and gas. A favorite analogy of mine comes to mind, the ship is nearing the dock. In nautical parlance that means the time for course corrections is at an end. So we shall see if that is the case for oil. The massive "ship" that is world oil demand is on an unalterable collision with supplies that will have profound implications for consumers. This key metric reveals what the future is likely to hold for our energy security as the world continues to recover from the virus to those who will listen. The level of drilling and by extension capital investment is insufficient and has been for a number of years to sustain oil production at current levels. It's no secret that even with the lower break-even costs for new projects thanks to cost-cutting by the industry the last few years, oil extraction is a capital-intensive business. The chart below from WoodMac, an energy consultancy, shows just how severe the decline in capex has been.
The Best Oil Stocks As Prices Rebound
The Best Oil Stocks As Prices Rebound
Oil prices rallied to their highest levels two and a half years after OPEC+ recently agreed to extend its historic production cuts. On Friday, WTI was trading at $70.91 per barrel while Brent crude was changing hands at $72.69. levels they last touched in 2018. By Wednesday morning WTI was trading above $72 and Brent had climbed above $74. Beginning on May 1, OPEC cut production by 9.7 million barrels per day, with the cuts scheduled to start declining beginning July 1. OPEC+ now says July's production cut will be 9.6 million bpd after Mexico said it remains committed to the group's prior agreement. Consequently, oil inventories that had built up in the middle of last year due to oversupply amid weak demand due to the pandemic now appear to be on pace to fall below historical averages as early as next month. Meanwhile, U.S. supply remains subdued as companies have held back production to conserve cash. OPEC+ is optimistic that shale production won't disrupt the delicate balance it has worked to establish for at least two years.
U.S. Oil Prices Hit 32-Month High On Rising Global Demand
U.S. Oil Prices Hit 32-Month High On Rising Global Demand
The UAE Is Poised To Become The Next Middle East Energy Giant
The UAE Is Poised To Become The Next Middle East Energy Giant
Saudi Arabia is synonymous with oil, the EU is obsessed with renewable energy, and the U.S. is the world's leading natural gas producer, but there are few countries pursuing all three of these energy sources with as much vigor as the UAE.
Two Top Commodity Traders Bet Big On The Future Of Oil
Two Top Commodity Traders Bet Big On The Future Of Oil
Two commodity trading giants are betting big on a Russian oil project in a rare move that could make or break the oil traders’ fates - and oil market observers should be paying close attention. When commodity trading major Trafigura bought a 10-percent stake in Rosneft’s Vostok Oil project, oil prices were trading below $50 per barrel. There were also forecasts that oil demand may never recover to pre-pandemic levels and that oil, in general, was on its way out.
Middle East Oil Prices Rise As Global Demand Recovers
Middle East Oil Prices Rise As Global Demand Recovers
NNPC: Lack Of Investment Could Push Oil To $200
NNPC: Lack Of Investment Could Push Oil To $200
Crude oil prices could rise to $200 per barrel as international oil companies curb their investments in new exploration and production, the Nigerian National Oil Corporation said this week.

Oil And Gas Companies Set For Record Free Cash Flow This Summer

2021/06/25 15:28
Oil And Gas Companies Set For Record Free Cash Flow This Summer

With oil trading above $70 per barrel while investment activity remains low, the world’s publicly traded exploration and production (E&P) companies are set to generate record-breaking free cash flows (FCF) in 2021, a Rystad Energy report projects. Their combined FCF is expected to surge to $348 billion this year, with the previous high being $311 billion back in 2008.

Rystad Energy estimates that total gross revenue for all public upstream companies is expected to increase by almost $500 billion in 2021, or 55% compared to last year (excluding hedging effects). At the same time, the investment level of these companies is only expected to grow by around 2% in 2021, resulting in significantly higher profits.

A key reason for the all-time-high FCF is the turnaround in the US tight oil industry. Historically, this industry has struggled to generate positive returns, but this could change in 2021. We estimate that all public tight oil companies will to make close to $60 billion in FCF this year, before hedging effects.

The conventional onshore supply segment is in line to earn the highest level of FCF this year at close to $160 billion – but is still behind the record touched in 2011. Both deepwater and offshore shelf are recovering this year, each ending up with close to $60 billion in FCF. However, tight oil is expected to surpass both these offshore segments in 2021.

“Oil demand has gradually increased after the initial shock of the Covid-19 pandemic, and OPEC+ continues to hold back volumes from the market. The consequent high price movement has been further supported by a slow ramp-up in US tight oil activity. In conjunction with the persisting low investment environment, E&Ps are enjoying super-profits,” says Espen Erlingsen, head of upstream research at Rystad Energy.

The FCF comeback means more surplus cash for E&P companies and historically there has been a strong link between FCF and activity levels. Merger and acquisition (M&A) activity has recovered in 2021, with transaction values increasing by around 30% compared to 2020. New projects are also making a comeback: The amount of greenfield investment that has been sanctioned as of June has already matched the full year 2020 total, and we expect the full 2021 level to be double that of last year.