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Oil Price News Headlines

OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis

Canada?s Oil Industry Doomed If Prices Fall Lower
by Nick Cunningham
18 Aug 2017 at 1:46pm
Canada?s oil industry has faced a lot of strain lately. The list of oil majors selling off assets and withdrawing from high-cost oil sands is long. ConocoPhillips, Royal Dutch Shell, Marathon Oil, Murphy Oil and Statoil have sold upwards of $25 billion worth of oil sands assets this year. ExxonMobil also wrote down more than 3.5 billion barrels of oil reserves in Canada at the beginning of 2017. The companies viewed Alberta?s bitumen and heavy oil as no longer competitive in a $50 market, and many of them are focusing on other types?

Forget Oil Prices, Oil Majors Are A Buy
by Tsvetana Paraskova
18 Aug 2017 at 1:40pm
Oil stocks have been performing dismally this year, and oil prices have failed to sustain a rally, so why are these stocks still attractive? Low valuations and high dividend yields, say analysts. Supermajor oil companies are living a new reality that is based on new profits in a forever-low oil price environment?and globally, analysts say, the oil sector is a great investment. Value has returned, because international oil giants have adapted. The initial enthusiasm over OPEC?s production cut deal died out rather unceremoniously,?

Trump?s Atlantic Drilling Plan May Be A Lost Cause
by Nick Cunningham
18 Aug 2017 at 1:39pm
A key public comment period just ended for revising the offshore exploration program along the U.S. Atlantic Coast, and the path forward might not be as smooth as the Trump administration had hoped. The Department of Interior, which regulates offshore drilling and also conducts lease sales to the industry, had closed off the possibility of drilling in the Atlantic and Arctic Oceans during the Obama era. But President Trump has tried to move quickly to reverse that decision, kicking off the process to open up the Atlantic for exploration. But the?

Indonesia?s Ailing Oil Sector Needs Urgent Overhaul
by Irina Slav
18 Aug 2017 at 1:36pm
Indonesia?s oil industry is languishing, it?s fields are depleting and it desperately needs investment, but unlike another up-and-coming oil major?Argentina?it?s not willing to do what is necessary to lure in big foreign money. Indonesia?s oil industry contributed just 3 percent of GDP last year, from almost 15 percent in 2014 and as much as a quarter back in 2006. The decline in production has been steady since the 1990s, thanks to a sharp drawdown on exploration and new investment?despite the fact that?

Why Tesla Is Interested In Offshore Wind
by Gregory Brew
18 Aug 2017 at 1:34pm
Platt?s recently reported that global offshore wind capacity could double to 34 GWs by 2020, growing at a compound rate of 19 percent per year. The rapid expansion would be driven chiefly by new capacity in the North Sea and China. In fact, offshore capacity in East Asia will outstrip that of Europe by 2022. But what about the U.S.? Rapidly declining costs, improving reliability and the success of the first offshore installation in Rhode Island are encouraging companies to take further chances on offshore wind. New offshore projects are attracting?

Blockchain Tech Could Disrupt The Oil Industry
by Editorial Dept
18 Aug 2017 at 1:34pm
As the price of oil remains in the high-$40, low-$50 range, every cog in the oil industry is scrambling to reduce costs and streamline sales. The oil industry has long been a leader in the adoption of different technologies, but despite the advancements made in recent years, even pushing breakeven costs to record lows, the industry is widely ignoring one of the most important developments of the century. Blockchain technology. What Is Blockchain Technology? The key tech behind the ever-popular Bitcoin, a blockchain is essentially a decentralized?

Is Boone Pickens Wrong On Natural Gas?
by Jon LeSage
18 Aug 2017 at 1:29pm
Bloomberg is attempting to make the casethat Tesla?s CEO Elon Musk and cheap gasoline prices have driven natural gas away as an economically viable vehicle fuel. But that does not seem to be the case if you look at the role compressed natural gas (CNG) and liquefied natural gas (LNG) has been playing on a global level. Pickens is cited in the article for making the business case for natural gas vehicles going back to 2008 with the oil price spike and skyrocketing pump prices of gasoline and diesel. His arguments focused on the cheaper,?

What Would A U.S. Civil War Look Like?
by Gregory R. Copley
18 Aug 2017 at 1:28pm
Yes, there is a civil war looming in the United States. But it will look little like the orderly pattern of descent which spiraled into the conflict of 1861-65. It will appear more like the Yugoslavia break-up, or the Russian and Chinese civil wars of the 20th Century. It will appear as an evolving chaos. And the next US civil war, though it yet may be arrested to a degree by the formal hand of centralized gov-ernment, will destabilize many other nation-states, including the People?s Republic of China (PRC). It may, in other words, be short-lived?

Can Qatar Really ?Diversify? Away From Natural Gas?
by Scott Belinksi
18 Aug 2017 at 1:26pm
In the game of chicken gripping the Persian Gulf, Qatar is responding to recent overtures from its Gulf Cooperation Council (GCC) neighbors by slamming its foot down on the gas ? liquefied natural gas, to be precise. Over the past few weeks, Qatar?s government has been busy promoting a diversification program that will purportedly reduce the nation?s economic reliance on its LNG exports. Their message ? borrowed from the Russian playbook - is quite simple: the blockade, instead of being a hindrance, is an opportunity. But?

Turmoil In Asia: Chinese-Indian Relations Are Deteriorating
by OilPrice.com
18 Aug 2017 at 1:24pm
While the international media remains concerned to the point of being fixated on the US-DPRK (North Korea) stand-off, in terms of sheer firepower, the much more pressing stand-off between China and India holds the potential to be far more destructive. Indian Nuclear Weapons While the best intelligence about North Korea?s weapons delivery capabilities indicates that North Korea is in possession of intermediate range ballistic missile systems which are incapable of hitting the US mainland, India?s intermediate range systems are not only?

Could UK Oil Production Peak Again In 2019?
by Ron Patterson
18 Aug 2017 at 1:22pm
Production History And Reserves UK oil production peaked in 1999. The peak was probably pushed out a couple of years because of the major production interruptions following the Piper Alpha disaster. Production declined quickly until around 2011, then the high oil price allowed more brownfield and then greenfield developments that created a third local peak in 2016. Production is declining again this year but there are several large projects due that will create another peak in 2018 or 2019 (nearly equal to the 2016 one). After that terminal decline?

Big Oil Nervous As Venezuela?s Maduro Seizes More Power
by Tsvetana Paraskova
18 Aug 2017 at 1:09pm
The pro-government constitutional assembly loyal to Venezuelan President Nicolas Maduro seized the powers of the opposition-led congress today, in a move that necessarily has Big Oil nervous that Trump will make good on his economic sanctions threat. Maduro?s bold political move on Friday means further intensifies the dramatic decline of democracy that led Trump last week to threaten economic sanctions that could remove Venezuelan oil from the U.S. refining market. It also comes right after Trump indicated that a ?military option??

Norway Removes Greenpeace Ship From Statoil Arctic Drill Site
by Zainab Calcuttawala
18 Aug 2017 at 1:03pm
Norway?s coast guard has removed Greenpeace protestors from a safety zone near Statoil drilling operations in the Korpfjell field of the Barents Sea, according to a new report in the Maritime Executive. The protestors used kayaks to infiltrate a 500-meter exclusion zone around the Songa Enabler on Thursday in order to attach a large globe to the rig. On it was a statement from environmentalists calling on Norway to end its drilling in the Arctic. Statoil called the stunt ?illegal and irresponsible? before summoning the authorities?

How To Play The Imminent Rebound In Oil Prices
by Dan Dicker
18 Aug 2017 at 1:01pm
In my last column, I pointed out the lockstep insanity being followed by US oil companies in increasing production, no matter whether or not the end product was profitable in today?s depressed oil market. Happily, I was also seeing an end to that destructive strategy, with several independent E+P?s guiding lower on production and cutting capex yet again. I won?t replay last week?s column in its entirety. But now that oil is showing real signs of being ready to break out of its 2017 range, what oil companies do now will really?

Weakness In This Stock Defies Logic
by Martin Tillier
18 Aug 2017 at 12:59pm
One of the most common mistakes made by traders and investors is the assumption that the market that they are in is logical. They think that, with all the money at stake and all the high-powered minds devoted to trading, the price of anything must reflects a sober consideration of all factors. In reality, markets are more mob rule than collective wisdom, and group think exaggerates faults as much as it reflects analysis. Traders quickly learn that, and two things then become apparent. The first is that there is no point in opposing an illogical?

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