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Opec

North American Unconventional Oil Proving Resilient, Says OPEC

North American Unconventional Oil Proving Resilient, Says OPEC

North American shale and tight oil production should reach 7.5 million b/d in 2021, about 75% higher than in 2016, and peak after 2025, the Organization of the Petroleum Exporting Countries (OPEC) said Tuesday.

November 8, 2017
Saudis Signal OPEC to Impose Extended Oil Reduction to Restore Global Market

Saudis Signal OPEC to Impose Extended Oil Reduction to Restore Global Market

Saudi Arabia Crown Prince Mohammed bin Salman said the kingdom is ready to support extending an agreement to reduce oil production led by the Organization of Petroleum Exporting Countries (OPEC), which spiraled out of kilter in part because of huge output from North America’s onshore.

October 30, 2017

OPEC Wants U.S. E&Ps to Share Responsibility for ‘Vicious’ Oil Cycle

The secretary general of the Organization for the Petroleum Exporting Countries (OPEC) is calling on U.S. unconventional producers to help reduce the global oil surplus.

October 11, 2017

U.S. Onshore Still Consolidating as Prices Stagnant, Efficiencies Mount, OPEC Lurks

The opportunities for U.S. onshore explorers and the oilfield service sector are becoming more concentrated as efficiencies continue to improve, more projects start up and the potential for rising overseas capacity awaits, reducing the call on unconventional supply growth beyond 2018, according to analysts.

May 30, 2017
OPEC to Extend Production Pullback as U.S. Shale Output Soars

OPEC to Extend Production Pullback as U.S. Shale Output Soars

The global oil glut, created in part by surging U.S. unconventional production, has again forced the hand of the Organization of the Petroleum Exporting Countries (OPEC), which on Thursday agreed to extend supply reductions for another nine months beginning July 1.

May 25, 2017
OPEC Pullback Seen Continuing as U.S. Shale Oil Rebounds Sharply, Says IEA

OPEC Pullback Seen Continuing as U.S. Shale Oil Rebounds Sharply, Says IEA

Rebalancing the global oil glut is going to take more than a temporary pullback by the world’s largest producers because U.S. unconventional production is overwhelming any shortfall and coming back faster than anticipated, the International Energy Agency said.

May 17, 2017
North Dakota Maintains 1 Million b/d Production in March

North Dakota Maintains 1 Million b/d Production in March

North Dakota’s latest production statistics released Friday show the state is maintaining its 1 million b/d rate for oil production, but state officials are concerned about developments at OPEC and in Washington, DC, that could adversely impact production levels.

May 15, 2017

Lower 48 Oil Growth Potential Drag on Prices, Says IEA

U.S. producers, eager to get rigs back to work in the Lower 48, may be the drag on strengthening oil prices after global output increased to 9 million b/d in March from a trough of 8.6 million b/d last September, the International Energy Agency (IEA) said Thursday.

April 13, 2017

No Free Rides For U.S. Onshore Producers, Says Saudi Energy Minister

Following a two-year oil price war that sharply disrupted global output and bankrupted dozens of North American operators, Saudi Arabia’s energy minister warned Tuesday that the decision by the Organization of the Petroleum Exporting Countries to temporarily reduce output doesn’t mean a free ride for anybody.

March 8, 2017
U.S. Energy Sector More Optimistic, But 2017 Headwinds Likely

U.S. Energy Sector More Optimistic, But 2017 Headwinds Likely

With oil and natural gas prices rising and rigs coming off the stacks, the U.S. energy sector is poised for a comeback of sorts in 2017, but operators still face headwinds that may hinder growth.

December 30, 2016