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.
Articles from Opec
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.
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.
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.
Energy stocks were rising with oil prices after countries closely aligned with the Saudi Arabian-led Organization of the Petroleum Exporting Countries (OPEC), including Russia, signaled on Saturday they would reduce their production for at least six months beginning Jan. 1. However, the U.S. response may already be underway, as rigs rise in the onshore.
The energy world may be looking to the Organization of the Petroleum Exporting Countries (OPEC) for price stability to gain confidence in future project investments, but in North America, a fragmented group of operators may not have the time or capital to focus on global supply cuts or temporary oil price improvements, according to analysts.
The Organization of the Petroleum Exporting Countries (OPEC) formally agreed Wednesday to its first global oil production reduction in eight years, announcing its members would cut output by 1.2 million b/d effective Jan. 1, which sent U.S. and Brent prices soaring for the day.
Crude oil prices of “around $60” would be enough to trigger a big increase in U.S. drilling activity, the chief of the International Energy Agency said Tuesday.
The downturn in the onshore oilfield services (OFS) market should bottom this year, with expenditures of about $126 billion representing an industry nadir, researchers with Douglas-Westwood (DW) said Monday.
The 14-nation Organization of the Petroleum Exporting Countries (OPEC), which produces more than one-third of global crude oil output, reached a tentative agreement Wednesday to reduce output for the first time in eight years — to 32.5 million b/d from an August level of 33.24 million b/d.