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UAE’s Take On Oil Prices
“Rigzone” reports that in a recent interview, United Arab Emirates (UAE) oil minister, Suhail bin Mohammed al-Mazrouei, stated that the drop in oil prices is due to oversupply caused by new production in non-OPEC countries. He went on to say that it will take time for the market to absorb it. How much time, months… Read More
Bakken’s Breakeven
There has been much speculation as to the impact of recent price declines on future production and drilling activity. The answer appears to be “it depends”. In an opinion piece in “Rigzone”, author John Kemp makes his projections based on recent remarks by Lynn Helms, the Director of the North Dakota Department of Mineral Resources.… Read More
Oil Price Sensitivities
Most of us are well aware of the oil price elasticity as it relates to consumer demand for petroleum products. “Rigzone” recently wrote about a study by consulting group, Wood Mackenzie, which deals with the sensitivity of global oil production to crude prices. Since this study involved global production, they used the price of Brent… Read More
Oil Rig Count Drops
The Baker Hughes oil rig count dropped for the fourth straight week according to “Rigzone”. In the week ending January 2, the count stood at 1,482, its lowest level since March. After a record high of 1,609 in mid-October, the number of rigs drilling for oil has dropped in 9 of the last 12 weeks.… Read More
Natural Gas Outlook
For a while it looked as though natural gas prices were immune to the precipitous price declines that have been ravaging oil. The good news is that domestic natural gas markets are less influenced by international geopolitical forces than oil. In fact, LNG imports are down, as are gas imports from Canada. Net gas exports… Read More
