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Oil and gas industry faces huge loss

BY KEVIN ROBINSON-AVILA AND DAN BOYD / ALBUQUERQUE JOURNAL STAFF WRITERS Published: Thursday, March 19th, 2020 at 5:04pm Updated: Thursday, March 19th, 2020 at 9:55pm " Copyright © 2020 Albuquerque Journal With oil prices plunging to their lowest level in 22 years, state legislators are proje ...

Will Fine


Posted 13 days agoOpinion > Farmington New MexicoDelaware BasinWest Texas Delaware Basin USA +63

Oil price plunge wallops NM

With Russia and Saudi Arabia now locked in battle over which country can sustain their economies the longest as prices plummet, the Permian Basin in West Texas and southeast New Mexico is caught directly in the crossfire. In fact, in good part, the price war appears directly aimed at slowing prod ...

Will Fine


Posted 22 days agoLink > Governor of New MexicoFarmington New MexicoBusiness news +48

Major slowdown expected in U.S. shale oil production

Last in a five-part series: Behind the BoomThe shale-oil tsunami that has flooded New Mexico with a wave of petro dollars in recent years may be receding somewhat as U.S. production faces its first significant decline since the gushers began nearly eight years ago. Signs of trouble are showing up ...

Will Fine


Posted 3 months agoLink > Mancos ShaleColorado ShaleMarcellus Shale +51

Kaboom in World Oil Supply!

Crude oil markets will certainly continue to react to new information as it becomes available in the days and weeks ahead, but this disruption and the resulting changes in global crude oil prices will influence U.S. retail gasoline prices. Saudi Arabia can use these inventories to maintain a simi ...

Hui Shan


Posted 6 months agoLink > KSASaudi ArabiaTrump +6

Chevron & Venezuela – Together Still

Barely hours before the deadline, Chevron received word from the US government that it would be allowed to continue operating in Venezuela. The lone major US oil company still in operation after ExxonMobil and ConocoPhillips made a costly flee when Hugo Chávez nationalised the oil industry, Chevr ...

Hui Shan


Posted 8 months agoLink > TrumpVenezuelaGuaido +10

Chevron & Venezuela – Together Still

Barely hours before the deadline, Chevron received word from the US government that it would be allowed to continue operating in Venezuela. The lone major US oil company still in operation after ExxonMobil and ConocoPhillips made a costly flee when Hugo Chávez nationalised the oil industry, Chevr ...

Hui Shan


Posted 8 months agoLink > TrumpVenezuelaGuaido +10

Escalating Trade Wars and Oil Markets

U.S. Gulf Coast crude oil imports averaged 1.8 million barrels per day (b/d) in March 2019, the lowest level since March 1986 and significantly lower than the peak of 6.6 million b/d in March 2007. In 2018, 20% of all Gulf Coast crude oil imports were from Venezuela, an annual average of 498,000 ...

Hui Shan


Posted 9 months agoLink > nrgedgeOilgas +10

Analysis: Oil market glut will lead to declining prices through 2020 by Dr. Daniel Fine

With the OPEC-Russia meeting ahead, the price of oil is at a crossroad.  President Trump wants lower prices for gasoline at the pump and the Democratic Party wants a shortage to lift prices higher. This is the 2020 presidential election, to re-elect Trump or a create a Democratic left-center White ...

Will Fine


Posted 10 months agoOpinion > Pioneer Natural ResourcesOccidental PetroleumAnadarko Corporation +97

Analysis: Electric cars and the Permian: Saudi Arabia in Lea County by Dr. Daniel Fine

Some 30,000 children marched in Belgium weeks ago against Climate Change. It is only a matter of two years before a few members of Congress, alone with only cameras today, will march at the head of crowds of 500,000 down Pennsylvania Avenue. It will have its colors; green  — and yellow for the Frenc ...

Will Fine


Posted 1 year agoOpinion > weekly oil newsWorld NewsElectric cars +20

Crude Oil Prices: Changing Gear

Russia and Saudi Arabia both making new pledges on supply cuts comes despite supply issues elsewhere in OPEC, which could have provided some cushion for smaller cuts. Iranian production remains constrained by new American sanctions; targeted waivers have provided some relief – and indeed Iranian ...

Hui Shan


Posted 1 year agoLink > CrudeOil pricesBrent +5

The Valve Closes On Venezuela’s Oil

Under the new sanctions, Venezuela can only sell crude to the USA or using US dollars through offshore companies until April 28, 2019. The US is the main demand centre for Venezuela's heavy crudes; despite investment from Russia and China, the loss of American demand will be a major blow to PDVSA ...

Hui Shan


Posted 1 year agoLink > CrudeOil pricesSanctions +4

Analysis: Things are flat in the Permian, and there's a push for renewables in Santa Fe by Dr. Daniel Fine

The Permian-Delaware Basin rig count should start falling as oil operators, large and small, are flat for 2019. Spending has been sharply reduced as supply now dominates the A.I. (Artificial Intelligence) used by many commodity traders in oil.    The large or integrated oil companies have all the ...

Will Fine


Posted 1 year agoOpinion > Santa Felatest oil and gas newsNew Mexico +69

Key Milestones in 2019 for Oil Prices

The market swang from balanced supply/demand to a supply crunch to a glut – dealing with American sanctions on Iranian crude exports, surging American crude oil production, the implosion of Venezuela's economy and signs that the global economy might be entering a slowdown. Sometime in the first q ...

Hui Shan


Posted 1 year agoLink > CrudeOil pricesBrent +5

Is the US a Net Crude Oil Exporter?

The comparison of those two net trade numbers could be construed that the US has became a net exporter of 0.2 mmb/d of crude and finished products for the week. For any other direction, the US is still a net importer of 4 mmb/d of crude oil or in a net deficit of oil supply by 1.9 mmb/d. But mis ...

Hui Shan


Posted 1 year agoLink > CrudeOil pricesBrent +5

Crude Oil Prices in 2019

This is after OPEC+ managed to corral its members together to agree to a 1.2 mmb/d cut in early December – a move that managed to steady oil prices for mere days. If it manages to keep the supply/demand balance aligned, it is conceivable that crude prices could return to those ranges – which unde ...

Hui Shan


Posted 1 year agoLink > CrudeOil pricesBrent +5