This Week in Petroleum: 2018 OPEC net oil export revenues highest since 2013, but likely to decline
EIA estimates net oil export revenues based on oil production—including crude oil, condensate, and natural gas plant liquids—and total petroleum consumption estimates, as well as crude oil prices forecast in the August 2019 Short-Term Energy Outlook (STEO). EIA's net oil export revenues estimate ...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 ...Year of Energy team tours Middle East ahead of 5th GECF Gas Summit
The first high-level ad hoc working group meeting for the 5th GECF Gas Summit, held at the GECF Headquarters in Doha, Qatar, took place on July 18. Representatives of the GECF Member States and Observers – including GECF Secretary General Yury Sentyurin – were updated on conference speakers, spons ...Aydanur Akkurt - Africa Oil & Power
ConocoPhillips vs PDVSA - Round 2
U.S. crude oil production increased 1.6 million b/d from 2017 to 10.9 million b/d in 2018, with the U.S. Gulf Coast—where more than 90% of U.S. crude oil exports depart from—producing 7.1 million b/d. In the first half of 2018, the United States exported 376,000 b/d of crude oil to China, which m ...On the way up: The trends that will impact oil in 2019
The price of oil has been on a bullish trend since the start of the year. This is despite a steep decline at the end of last year because of a significant US shale industry output, which pushed down prices. The prices have recovered at the start of this year because the market has bet that supply w ...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 ...The Prospects of Venezuelan Oil
At some point in 2019, crude production in Venezuela will dip below the 1 mmb/d level. PDVSA – once an oil industry crown jewel – has been hammered, from its cargoes being seized by ConocoPhillips for debts owed to the loss of the Curacao refinery and its prized Citgo refineries in the US. But w ...Foreign Firms Look to Play Crucial Role in Venezuelan Oil and Gas Sector, Says GlobalData
The majority of foreign companies are not making any profit or losing money in their partnerships with PDVSA to develop and produce hydrocarbons due to inadequate investment, shattered infrastructure and US sanctions. However, in the long term, having access to the vast hydrocarbon reserves of Vene ...OPEC Takes Small Step... or Maybe Not
OPEC has agreed to rollback overcompliance with the original production deal of November 2016. This appears to mean an increase among the voluntary over-complying countries of 450,000 b/d with the bulk coming from Saudi Arabia, Kuwait, and the UAE. However, the communique could also be interpreted ...Eight Insights Based on December 2017 Energy Data
BP recently published energy data through December 31, 2017 in its Statistical Review of World Energy 2018 . The following are a few points we observe, looking at the data: [1] The world is making limited progress toward moving away from fossil fuels. The two bands that top fossil fuels that a ...Oil Sanctions on Venezuela No Longer Needed at Full Scale, Says GlobalData
On Monday 21 st May President Donald Trump signed a new executive order aimed at prohibiting certain oil related transactions with Venezuela. This new sanction package is, however, symbolic in comparison to the more targeted sanctions previously considered that would limit exports of Venezuelan cr ...Emerging Market Meltdown Could Undermine Oil Rally
By Nick Cunningham of Oilprice.com Saudi Arabia and Russia just destroyed the oil price rally, potentially putting an end to all the speculation about what the group might do next. But higher production doesn't necessarily mean higher oil prices are entirely out of the question, and in fact, the ...
The collapse of the Venezuelan economy has been fed by a continuing drop in crude oil production. The country's annual production has gone from an estimated 2.86 million barrels per day (mmbd) in 2010 to 2.07mmbd in 2017. The steepest production declines have occurred in the mature fields of the Ma ...
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