April production from OPEC countries nearly 31 MMBOPD The Organization of Petroleum Exporting Countries continued to increase production in April, going nearly 1 MMBOPD over its 30 MMBOPD production ceiling. Total OPEC production reached 30.93 MMBOPD in the month of April, according to estimates from Platts, 210 MBOPD more than in March, and the highest since November 2012. The single
Russian oil major Lukoil seeking change in compensation from OPEC producer Lukoil (ticker: LKOH) will continue negotiations with the Iraqi government about the continued development of the Nasiriya project. The Iraqi government is trying to develop a 300 MBOPD refinery in the Nasiriya oil field, which is estimated to have over 4 billion barrels of oil in place. Vagit Alekperov,
Former Shell Chief John Hofmeister talks about Saudi Arabia’s Impact on World Oil Prices and the Weakening of OPEC in Part II of this interview for TOP MINDS IN THE BUSINESS John D. Hofmeister is a seasoned business leader with strong views about U.S. energy policy and a deep understanding of the global energy supply-demand equation. John’s knowledge comes from
The Energy Information Administration’s (EIA) Drilling Productivity Report, a monthly breakdown on production by basins, typically forecasts production increases across the United States’ seven most prolific plays. The latest edition, released on March 9, 2015, projects production in April to be higher than the current month. However, that increase has slowed dramatically. Production for March is forecasted at 5,613 MBOPD
The world’s largest oil producer canceled an offshore contract with Hercules Offshore Saudi Aramco, the world’s largest oil producer, cancelled a contract with Hercules Offshore (ticker: HERO) last week, according to HERO. The termination of the contract for Hercules Offshore’s Hercules 261 is effective March 27, 2015. Initially, the contract was set to expire in late 2019. Hercules 261 is
View PDF of Slides – Download the Source Video File If you glance through both recent and past editions of Bloomberg’s Analyst Rankings, a familiar name appears on many of the lists. Michael Carey, Chief Economist (North America) for Credit Agricole Corporate and Investment Bank, is recognized by Bloomberg as one of the top macroeconomic forecasters and is the second-best forecaster of
Hofmeister looks for WTI to climb toward $100, while Morse sees one scenario at $20 John Hofmeister, former Shell Oil Company president, was on BNN today predicting the return–sooner than later–of much higher oil prices due to increasing decline rates, particularly from shale wells, increasing capital constraints and the recent dramatic decline in rig count, all factors that point to falling oil production in the U.S.
View PDF of Slides – Download Video File The Middle East is filled with countries that have complex energy policies that affect the whole globe. Many of them work together in the Organization of Petroleum Exporting Countries to make decisions felt throughout the world energy sector, but they all have their own concerns as well. To help us better understand energy policy in
https://www.oilandgas360.com/wp-content/uploads/2015/01/Petrie-2015-0116-Final-01.mp4 View the PDF – Download Video File Few people understand the business of oil and gas better than Tom Petrie. After serving as senior oil analyst for First Boston, Petrie co-founded Petrie Parkman & Co., merged it into Merrill Lynch and subsequently served as Vice Chairman of Bank of America Merrill Lynch. Most recently Petrie co-founded Denver-based Petrie Partners, a boutique
OPEC Secretary General al-Badri says oil prices may have found the floor, but warns of future spikes Abdulla al-Badri, Secretary General of OPEC, thinks oil prices have reached their bottom and may start rising soon. He warned that under-investment now could lead to future supply shortages and bring the price of oil to $200 per barrel. “Now the prices are
Magnum Hunter Jan. 23 Conference Call Gary Evans drew on some famous American humor to lead off this morning’s conference call “to discuss macro events affecting the energy sector and company specifics.” Evans paraphrased the famous quip from North American author Mark Twain after the author saw his own obituary. Crude Oil Prices and OPEC The Magnum Hunter Resources (ticker: MHR)
Short Term Oversupply, Permian in the Pole Position Oil & Gas 360® interviewed Stephens Inc. Senior Vice President E&P Research, Will Green, and Vice President E&P Research, Ben Wyatt, this week, in pursuit of their view of the current commodities cycle and related effect on the E&P space, looking at 2015 and beyond. Green joined Stephens in 2007 as
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