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Venezuelan Production Downturn
The global oil glut has taken its toll on oil prices. Since 2014 the excess of production over consumption has fluctuated from 1-2 million barrels of oil per day (bopd). The response of oil exporting countries to stagnant prices has varied, but Venezuela has been among the least effective in coming to grips with the… Read More
Oil Price and Economic Growth
“Oil Voice” recently featured an article by Kurt Cobb entitled, “Oil Price and Economic Growth get Married”. The author points out that the conventional wisdom has always been that cheap energy meant economic growth. However, he asserts that this is no longer valid and presents his rationale. The conventional wisdom ignores the fact that during… Read More
Pickens Buys In
Legendary oil investor, T. Boone Pickens, is apparently betting on an oil recovery. Last February he made headlines saying he had liquidated his energy holdings, saying “The low is in. Just don’t get in a rush here. You’re going to have plenty of opportunity. The market is going to be volatile. It’s not going to… Read More
Innovation and Resilience
Domestic shale producers continue to demonstrate an impressive degree of resilience and creativity in finding ways to cut costs and enhance oil and gas production. As oil has dropped back down to near $40 per barrel, this will help them maintain economic viability. “Rigzone” reports that Noble Energy, Devon Energy, Occidental Petroleum and Pioneer Natural… Read More
2017 Rebound?
Recently, crude oil prices have been disappointing. However, an article in “World Oil” cites a study by Bloomberg which offers a good deal of hope for next year, especially for domestic shale producers. Admittedly, prices have been hammered by the double whammy of a crude glut on the upstream side of the business and a… Read More
