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Price Drops Not Temporary per IEA
The International Energy Agency predicts that oil prices will not return to previous levels in the near future. Prices have dropped 30% since June due to a strong U.S. dollar and increased shale oil production. These factors, in concert with lower Chinese economic growth, will prevent a price recovery during the first half of 2015. … Read More
Energy Independence by 2025?
According to a recent article in “Rigzone”, energy consulting group Wood Mackenzie thinks the U. S. could be energy independent again by 2025. If so, this would be the first time since 1952. Wood Mackenzie thinks this is possible because domestic oil and gas production is increasing and demand is decreasing. However, a number of… Read More
EIA Reduces 2015 Forecast
Last week the U. S. Energy Information Agency (EIA) reduced its 2015 forecast for worldwide oil demand as well as OPEC production, according to a recent article in “Rigzone”. These downward revisions are based on the assumption that there will be surplus supplies next year. In September the EIA forecast global demand at 91.55 barrels… Read More
U. S. to Remain a Dominant Player
Phjani Gadde with the consulting group Wood Mackenzie addressed the recent North American Prospect Expo in Houston. According to a recent article in “Rigzone”, Phjani stated that global upstream spending is, and will continue to be, dominated by North America in general, and the U. S. in particular. With global outlays projected at about $625… Read More
North Dakota’s Bakken Shale Sets New Record
“Rigzone” reports that crude production from the Bakken shale set a new record of over 1 million barrels of oil per day (bopd) in April and May. Improved technology, a better understanding of the geology, higher crude prices and new wells all contributed toward achieving this milestone according to the U. S. Energy Information Administration.… Read More
