Research and analysis company Statistics Norway expects oil prices “to remain low going forward”, before increasing to around $60 in 2018. The company aded that they expected the slump in Norway’s oil and gas sector to level off from 2016.
DetailsHow resilient is Saudi Arabia to a projected deficit of 14-20% of GDP owing to the drop in oil prices? Saudi officials have a wider range of policy instruments in their toolkit than is sometimes perceived in the international media.
DetailsThe North Sea and Nigeria will ship the most crude in more than three years in October, adding to downward pressure on oil prices. Output of North Sea grades will reach the highest since May 2012 in October, and supplies from Nigeria are set to reach a level not seen since August of the same year.
DetailsVenezuelan President Nicolas Maduro has said that the price of oil should be a minimum of $70 a barrel in order for the necessary oil investments to be made. He added: “If that’s not the case, take note, investments will fall, and stocks will not be replaced by investment, and in one year we will have a price of $200”.
DetailsWhen the oil price halved last year the cause was obvious: Saudi Arabia’s decision to increase its share of the global oil market by expanding production. But what accounts for the further plunge in oil prices in the last few weeks to lows last seen in the aftermath of the 2008 global financial crisis, and how will it affect the world economy?
DetailsIn the first half of 2015 Saudi Arabia exported more than half its crude exports to Asia. The Kingdom increased production and kept its export levels high enabling it to maintain its market share in the countries in question. However, long-term trends in Saudi Arabia’s domestic energy sector and competition from other oil exporting nations may result in a decline in the Kingdom’s global crude oil market share.
DetailsAverage crude prices: Brent $47/b in August 2015, a 10% decrease from July; Crude oil forecasts: Brent $54/b in 2015 and $59/b in 2016, and WTI prices to average approximately $5/b below Brent. U.S. oil production fell 140,000 b/d in August when compared to July, and expected to decline through mid-2016. Natural gas working inventories 18% higher than a year ago.
DetailsThe United States is moving away from the necessity to import large volumes of natural gas for its domestic requirements. Over the last few years it has become possible to produce vast amounts of shale gas that was previously uneconomic to extract. Between 2007 and 2012, shale gas production in the U.S. rose from 1.3…
DetailsThe following table is a combination of the information provided by the study “An Assessment of 137 Shale Formations in 41 Countries outside the United States”, June 2013, produced by the Energy Information Administration and Advanced Resources International, Inc (EIA-ARI), and the “British Petroleum Statistical Review of World Energy, 2013”. In order to make the…
DetailsAlgeria Algeria’s hydrocarbons basins hold two significant shale gas and shale oil formations: the Silurian Tannezuft Shale and the Devonian Frasnian Shale. The Energy Information Administration, Advanced Resources International, Inc (EIA-ARI) report World Shale Gas and Shale Oil Resource Assessment, June 2013, which analyses the Ghadames (Berkine) and Illizi Basins in eastern Algeria, the Timimoun,…
DetailsRussia and China will lead the way in the production of resources from shale after the US according to executives at the Financial Times Global Commodities Summit in Lausanne, Switzerland, as reported in April by Rigzone. Torbjorn Tomqvist, chief executive of trading house Gunvor said (…) it was clear that shale production on a similar…
DetailsA General View Starting From The U.S.A. Are other countries going to have the same experience with regard to shale oil and gas as the United States has had recently? What about China, Russia, and Europe, and the other parts of the world? Shale’s potential can be appreciated by a brief examination of the…
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