Link

Hitting the brakes


  • Oil producers in New Mexico and elsewhere are hoping for some relief this week, because the Organization of Petroleum Exporting Countries, Russia and other oil-producing nations plan to meet Thursday to discuss potential, collective cutbacks in output to reduce world oversupply and lift prices.
  • Now, Saudi Arabia and Russia are seeking U.S. commitments to also cut domestic production as part of any new agreement, something extremely difficult to enforce given antitrust laws in the U.S. and opposition to any managed-market controls by major producers such as ExxonMobil and Chevron, said Fine, who discussed the current situation with industry representatives in an online conference last week hosted by Four Corners Economic Development in Farmington.
  • With economies across the globe virtually shutting down to contain the coronavirus, Goldman Sachs projects world oil demand will drop by 26 million barrels a day between April and June, or one-quarter of global demand.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit original link

https://abqjournal.com/1441435/hitting-the-brakes....

oil and gas newsOil Industry Newsoil newsoilnewsOPECweekly oil newsWorld NewsDr. Daniel FineFarmington New MexicoGovernor of New MexicoNew MexicoDelaware BasinSan Juan BasinMancos ShaledenverColorado ShalecoloradoBakkenMarcellus ShaleMarcellusWest VirginiaOhioOhio ShalePermianPermian BasinTexas Oil & GasTexas Oil and GasSanta FeAlbuquerqueArtesiaCarlsbadHobbsMidland BasinOklahoma CityGeopoliticsForeign affairsForeign policyAmerican Petroleum Institute

More items from wfine94268


Oil bust could spur natural gas turnaround in San Juan Basin

If Merrion and key industry analysts are correct, there might be a silver lining in the oil crash caused by the coronavirus pandemic — it could end up helping northwestern New Mexico natural gas producers and even give a lift to state revenue in a time of crisis. The potential upside: The drop in ...

Will Fine


Posted 5 months agoLink > San Juan Basinnatural gasoil bust +36

Massive revenue shortfall in new state forecasts

The last time state economists released revenue forecasts, New Mexico had a massive oil boom with no end in sight. Those same economists released dire revenue projections on Wednesday, suggesting New Mexico could take in between $1.7 billion and $2.4 billion less than originally expected during t ...

Will Fine


Posted 6 months agoLink > Santa FeSANTAFENewMexico +58

New Mexico watching as Texas considers limits on oil production

Laws governing oil production in New Mexico stem from the Oil and Gas Act of 1935, which, among many other things, suggests the state can impose statewide caps on oil production, as well as more explicitly allowing it to cap output at specific reservoirs or “pools” of oil to “prevent waste.” If p ...

Will Fine


Posted 7 months agoLink > Dr. Daniel FineFarmington New MexicoGovernor of New Mexico +54

Dr. Daniel Fine & T Greg Merrion on the OIL PRICE WAR and U.S. collapse

Interview with Oil and Gas Expert Dr. Daniel Fine with T.Greg Merrion of Merrion Oil D r. Daniel Fine and T. Greg Merrion of Merrion Oil are experts in their fields.  Dr. Fine raises the fact the oil market was manipulated and explains just how it was done.  T Greg gives an acrual account of from ...

Will Fine


Posted 7 months agoOpinion > oil newsBusinessNewsBusiness news +44

Trump promises oil, gas industry assistance a day after WTI traded negative

Natural gas prices may increase Reducing oil production may have some positive impact on the San Juan Basin. Because the Permian Basin has been producing a surplus of natural gas, and there is no way to send all the natural gas to markets, the San Juan Basin natural gas prices have reached histor ...

Will Fine


Posted 7 months agoLink > Dr. Daniel FineFarmington New MexicoGovernor of New Mexico +27
All posts from wfine94268