Forbes Following last week’s release of the BP Statistical Review of World Energy 2020, I began to review and analyze the data. Today I take a deeper dive into the numbers on petroleum. Oil accounts for a third of the world’s energy consumption. That is the greatest share for any category of energy. In 2019, the world consumed a record 98.3
Reuters LONDON – U.S. petroleum consumption has started to rise as the economy emerges from lockdowns imposed to control the spread of the new coronavirus, giving the oil industry hope it has come through the lowest point in the cycle. Similar recoveries in fuel consumption are expected at varying rates across the other major economies as they gradually emerge from
Reuters NEW YORK (Reuters) – Oil executive Bill Kent was with fellow managers in the Colorado board room of Resource Energy headquarters on April 20 when benchmark U.S. crude prices collapsed to minus $37 a barrel. Sitting six feet apart because of the coronavirus, they knew the pandemic was not only a personal matter. It was also a business concern.
CNBC Oil giant Royal Dutch Shell on Thursday cut its dividend to shareholders for the first time since World War II, following a dramatic slide in oil prices amid the coronavirus crisis. The board at Shell said it had decided to reduce the oil major’s first-quarter dividend to $0.16 per share, down from $0.47 at the end of 2019. That’s a reduction of
CNBC April is going to be a hellish month for the oil industry. Already down more than 65% year-to-date, crushed by the coronavirus crisis and the Saudi-Russia oil price war, crude prices are set to tank even further when Saudi Arabia and others turn on the taps following the expiration of the OPEC+ output cut deal on April 1 that
Reuters ALGIERS – OPEC president Mohamed Arkab said on Monday he expects an outbreak of coronavirus in China to have little impact on the global oil market for now, but added that producers were ready to react to any new developments. “The impact on the prospects for the world oil demand would be low,” Arkab, who is also Algeria’s energy
Houston Chronicle The U.S. Gulf of Mexico is expected to set another oil production record in 2020 with most of the growth coming from deep water projects, according to a new study. Average production next year is expected to exceed 1.9 million barrels a day, according to the Norwegian-based energy research and consulting firm Rystad Energy. Oil production in the
From THE ASSOCIATED PRESS HOBBS, N.M.—Two New Mexico counties remain among the top oil-producing counties in the U.S., according to new federal numbers. Data from the U.S. Energy Information Administration shows that Lea County was the No. 2 oil-producing county in January behind North Dakota’s McKenzie County, The Hobbs News-Sun reported. Lea County produced 14.6 million barrels of oil in January while McKenzie
Weld County economy depends heavily on oil and gas production The Board of Weld County Commissioners, representing the working people who live in the epicenter of Colorado’s most prolific oil-producing region, posted a message to their constituents in response to Governor Polis’s signing of Senate Bill 19-181 into law. [contextly_sidebar id=”YXY7l5GDv4nXgdHMp6GyUPQqrL1WFvhf”] SB 19-181 is the law that makes vast changes the
From Bloomberg The Republic of Congo expects to raise oil production by as much 65 percent this year as two new projects come on stream, Hydrocarbons Minister Jean-Marc Thystere-Tchicaya said. Congo joined OPEC last week and plans to open up its oil industry, which the government says is dominated by Total SA and Eni SpA, to new investors. Sub-Saharan Africa’s
The Federal Reserve Bank of Dallas is populated with smart people who track the comings and goings of all the factors affecting the energy industry, not just in Texas but globally. Dallas Fed SVP and Research Advisor Mine Yücel discussed oil prices and global supply conditions and economic effects of price shocks in a presentation at the EnerCom Dallas investment
Oil production rose in 2016, 2017, expected to rise in 2018 Most attention in the U.S. oil and gas industry has focused on unconventionals with the Permian basin being the hottest of the hot shale plays based on operator activity, industry employment and deal flow. However a mere 3,814 miles and 63 hours away by car, lies a conventional oil
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