21 Burst results for "Oil Daily"

Putin Played the US and Its Allies Like a Violin

The Larry Elder Show

00:49 sec | 4 months ago

Putin Played the US and Its Allies Like a Violin

"Again, I want to just take you quickly back to the XL pipeline. We had boost it. Our U.S. gross domestic product by $3 billion, we carried 830,000 barrels of oil daily from Canada to the U.S. we created 26,000 jobs, 11,000 jobs, this Biden guy in The White House, cut literally overnight, emboldening dictator by the name of Vladimir Putin. And then the European, some of our European allies, some of our friends. Our weakened Putin has I have to be careful with my wording here. Putin played them like a vile Lin.

U.S. Biden White House Canada Vladimir Putin Putin LIN
Tribes and Native advocates praise Joe Biden’s actions to reverse many of the Trump Administration’s environmental policies affecting tribal lands

Native America Calling

03:57 min | 1 year ago

Tribes and Native advocates praise Joe Biden’s actions to reverse many of the Trump Administration’s environmental policies affecting tribal lands

"This is national native news. Making camera in print tony gonzalez tribal advocates are praising president. Joe biden's quick action to reverse the last administration's environmental policies the mountain west news bureaus savannah mar reports on inauguration day biden took steps to rejoin the paris climate accord. His administration also placed a sixty day moratorium on new leasing and drilling permits on public lands. Biden has also fulfilled campaign promises that were important to tribes including revoking a permit for the keystone xl pipeline. I think there's a sense of indication. Recognition of treaty promises. Matthew campbell is an attorney with the native american rights fund who fought that project on behalf of tribes. In montana and south dakota campbell also represented tribes in the four corners region in their lawsuit opposing the previous administration shrinking of bears ears in grand staircase escalante national monuments. A move biden has pledged to reconsider important first step an important signal that tribal sovereignty will be recognized. The fossil fuel industry is likely to be among biden's biggest detractors. His climate change plan aims to achieve net zero emissions in the us by twenty fifty four national native news. I'm savannah mar reporting for. The story is part of a collaboration between national native news. In the mountain west news bureau native american tribes praised the biden administration this week. For issuing an executive order stopping the keystone excel pipeline but now they're urging additional action to halt other pipeline projects including the dakota access pipeline. The guardian reported the standing rock sioux tribe and the nonprofit earthjustice urged biden in a video to shutdown dapple biden has not made statements on that pipeline but last year when she was a senator vice president kamala harris signed in a mikus brief calling on a judge to shut it down while an environmental impact study was done. Dapple is already transporting half a billion barrels of crude oil daily last week. Seventy five female indigenous leaders sent biden a letter calling for a halt on fossil fuel projects. That threatened the environment. Culture and security of native american lands activist also want the administration to stop construction of line three which would transport canadian tar sands oil across indigenous lands in minnesota in montana this week the state legislature heard three bills that would continue. Efforts launched in two thousand nineteen to address missing and murdered indigenous people. The cut bank pioneer press reports. The bills faced no opposition. One reauthorize task force created in two thousand nineteen and a grant that went to a tribal college to create a database of every missing indigenous person in the state to other bills create a commission to examine cold cases and provide training for search teams and the kansas city star reports. The kansas house of representatives is also considering a bill that would allow the attorney general to coordinate training on murdered and missing indigenous people with tribes. The state bureau of investigation and other law enforcement organizations advocates. Called a good first step. In the philippines eight catholic bishops are calling for an independent investigation into the killings of nine indigenous leaders. The vatican news reports the military claims they were arresting members of the communist new people's army for alleged possession of firearms and explosives and that they resisted but eyewitnesses say. The men were unarmed and offered no resistance. The indigenous leaders were opposing the construction of a dam that would impact indigenous lands. Human rights groups say the government often labels people communists who are fighting for indigenous rights. Also in the philippines indigenous youths may lose a space where they had been sheltering from the military mugabe reports. A group of sixty eight indigenous students and teachers have taken refuge at the university of the philippines and his on city. The campuses of the university have been off limits to military and police under a longstanding packed but the national defense secretary declared an end to that. Pack earlier this month for national native news and making camera

Biden Matthew Campbell Biden Administration Tony Gonzalez Dapple Biden Mikus Joe Biden Montana Kamala Harris South Dakota Dapple Campbell Paris Kansas House Of Representative The Guardian Bureau Of Investigation And Ot Dakota The Vatican News Legislature
Tribal Broadband, Keystone Pipeline and Navajo Voting Patterns

Native America Calling

03:59 min | 1 year ago

Tribal Broadband, Keystone Pipeline and Navajo Voting Patterns

"This is national native news. Megan camera in for antonio gonzales a bill that would help a native american communities get more broadband access on reservation lands passed to the. Us senate indian affairs committee. Wednesday steve jackson reports from spokane fcc survey found that thirty one percent of households on tribal lands lack access to high speed broadband compared to seven percent of americans in non tribal areas at a hearing wednesday senator. Maria cantwell spoke about the impact that some washington tribes of experienced because of the lack of service for the caulfield tribe in north central washington. Many of the households don't have access to the internet. This means many of thousands don't have access to emergency service. Notifications connectivity is critically important during fire season especially this year as fires have forced evacuations from homes and businesses. It's absolutely unacceptable for these tribes and many others living on tribal lands throughout the state of washington to not have access to basic reliable broadband. Cantwell cosponsored the legislation. Which would require technical assistance be provided to the under served native communities and set aside fcc and usda funding for broadband deployment. The bill passed in a bipartisan voice. Vote wednesday and now heads to the full senate for consideration for national native news. I'm steve jackson reporting from spokane. A group made up of five. First nations in canada says it plans to invest up to seven hundred sixty five million dollars in the keystone excel pipeline bloomberg reports. Tc energy corporation is counting on the deal with natural law energy to save the controversial pipeline from the incoming administration of president elect joe biden. The pipeline must have a permit from the us government since it crosses the border with canada. The trump administration granted the permit but biden's campaign has said it plans to resend it. Raiders reports the agreement includes the neat and little pine first nations in saskatchewan and the urban skin creation montana first nation and louis bowl tribe in alberta chief alvin francis president of natural energy and chief of nickel neat first nation said in a news release. The deal is a historic one that will create intergenerational wealth. He also pledged that natural law. Mtc energy will ensure the pipeline is quote held to the highest levels of environmental and social responsibility. Natural law energy has until next september to secure financing for the deal in minnesota to people on wednesday locked themselves to equipment used on line three of the end bridge sands oil pipeline to protest permits granted for the project by the state native news online reports. The action was organized by the guinea collective minnesota public radio reports that approval of key water permit for the project prompted twelve members of an advisory group to the minnesota pollution control agency to resign that included white earth tribal member winona luke and bridges line three would transport up to seven hundred sixty thousand barrels of crude oil daily through northern minnesota. The project is opposed by five agip bands. If you look at a map of how arizonans voted in the selection. You'll see several blocks. That don't correspond with urban areas and gibson with arizona public media reports most of these rural precincts are from voters living in tribal lands high country news reports that sixty to ninety percent of votes in precincts across the navajo nation. When to biden and vice president elect comma harris. Allie young is the founder of protect the sacred a grassroots initiative responding to the pandemic and promoting voter education within the navajo nation. I'm very proud Especially tribal communities in arizona for showing the world. That arizona is indigenous. Dna that we re claimed arizona. A map created by abc. Fifteen arizona shows that on average almost ninety. Four percent of votes in the thaw of nation went blue tube for national native news. I'm emma gibson and i'm megan camera.

Steve Jackson Antonio Gonzales Us Senate Indian Affairs Commi Washington Spokane FCC Tc Energy Corporation Maria Cantwell Trump Administration Alvin Francis Mtc Energy Cantwell Megan Usda Biden Joe Biden Bloomberg
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

03:58 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"On the Mercantile Exchange the WTI futures price is now climbed above thirty six dollars a barrel. So you've got people on the business channels on the television saying Oh my goodness. This is the greatest rice recovery in the history of the Orioles, since it's been trading as future and by the same token. It, it's almost as if the financial market performance is completely separate from the economic reality of the country at the moment, because you already had the cove in nineteen situation now you've had almost a full week of this rioting going on and in increasing amounts, and all the response to it new fed all the economic consequences, our destruction, going on and have to feel like that's going to slow down and delay the full economic recovery in this country from the Cova. Therefore, the oil demand is not going to pick up quickly as one would have expected therefore, are the traders getting out ahead too far of where the price ought to really be at this juncture. That's the question. Well that's an important question and further complicate. The issue is the fact that we are seeing these production cuts being hewed to very closely with a couple of exceptions. The Iraqis Nigerians aren't quite following their prescribed cuts, but that's kind of expected. However, in the first part of twenty twenty, we had over a billion barrels of excess production generated just in the first part of two thousand twenty, and so now I think we're at I, think I saw it was close to three point one billion barrels of access oil and storage around the world, just waiting to be applied. There's a big wild card as well for oil prices and demand in the US and especially whatever okay going to do because suddenly. that. All Oil has to go somewhere. In, yeah, again, the pundits on some as a business channels have been referring to this as the rate vast of volume of unwanted oil and that's true to a certain extent, but it's going to have to go somewhere at some point..

twenty twenty Cova Orioles US
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

03:35 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"<Music> <Speech_Male> walk. <SpeakerChange> <Speech_Male> <Speech_Male> Yeah <Speech_Male> so in this letter. They're <Speech_Male> talking about <Speech_Male> accelerating emission <Speech_Male> reduction efforts <Speech_Male> within their own organizations <Speech_Male> <Speech_Male> continuing to <Speech_Male> support the development <Speech_Male> implementation <Speech_Male> scale up of <Speech_Male> innovative low-carbon <Speech_Male> solutions <Speech_Male> in oil and gas <Silence> and other industries <Speech_Male> <Speech_Male> advancing <Speech_Male> opportunities to scale <Speech_Male> up commercially <Speech_Male> viable environmentally <Speech_Male> responsible <Speech_Male> and safe Carbon <Speech_Male> Capture. Houston <Speech_Male> storage programs. <Speech_Male> <Speech_Male> And finally <Speech_Male> this Kinda points back <Speech_Male> to what <Speech_Male> Dr Barrel was saying <Speech_Male> continue <Speech_Male> to support governments <Speech_Male> as they design efficient <Speech_Male> policies <Speech_Male> that can accelerate energy <Speech_Male> transitions. <Speech_Male> So <Speech_Male> it sounds like <Speech_Male> the <Speech_Male> heads <Speech_Male> of all the companies <Speech_Male> that you'd <Speech_Male> think of top your <Speech_Male> head and you think of the Super Major <Speech_Male> Andy <Speech_Male> I e a <Speech_Male> r <Speech_Male> agreement that <Speech_Male> is going to be up to the <Speech_Male> governments to <Speech_Male> figure out a way <Speech_Male> forward for <Speech_Male> <Speech_Male> our industry <Speech_Male> to be <Speech_Male> cleaner and more environmentally <Silence> responsible. <SpeakerChange> <Speech_Male> <Speech_Male> So one of the line items <Speech_Male> in this <Speech_Male> This letter <Speech_Male> talks <Speech_Male> about advance opportunities <Speech_Male> to scale <Speech_Male> commercially. Viable <Speech_Male> environmentally responsible <Speech_Male> <Speech_Male> and save <Speech_Male> carbon capture <Speech_Male> used storage <Speech_Male> <Speech_Male> projects. The problem <Speech_Male> with that is <Speech_Male> I have seen <Speech_Male> at least to myself <Speech_Male> of of these <Silence> projects <Speech_Male> that <Speech_Male> were postponed. <Speech_Male> Put on hold due <Speech_Male> to Covid nineteen <Speech_Male> and have to be <Speech_Male> more than that so <Speech_Male> First <Speech_Male> of all these companies <Speech_Male> are going to have to catch <Speech_Male> up on what they've <Speech_Male> already postponed <Speech_Male> and then the <Speech_Male> scale up and coming <Speech_Male> up after that so <Speech_Male> <Speech_Male> The the <Speech_Music_Male> time frame on that <Speech_Music_Male> is going to be <Speech_Music_Male> a little more extended than <Speech_Male> might be indicated by <Speech_Male> this note <Speech_Male> Also <Speech_Male> I find it rather <Speech_Male> interesting that one <Speech_Male> of the line items is <Speech_Music_Male> to accelerate emissions <Speech_Music_Male> reduction <Speech_Male> efforts in <Speech_Male> their own companies <Speech_Male> such as <Speech_Music_Male> through contain reductions <Speech_Male> in methane <Silence> emissions. Now <Speech_Male> this is interesting <Speech_Music_Male> because our <Speech_Music_Male> friends at the National <Speech_Music_Male> Energy Technology <Speech_Music_Male> Laboratory <Speech_Music_Male> <Speech_Music_Male> Within the Department <Speech_Music_Male> of Energy <Speech_Music_Male> are in the middle <Speech_Music_Male> of doing <Speech_Male> extensive <Speech_Male> research <Speech_Male> on nothing <Speech_Male> reductions <Speech_Male> from production <Speech_Music_Male> operations <Speech_Music_Male> in other <Speech_Music_Male> oilfield <Speech_Music_Male> activities so <Speech_Music_Male> <Speech_Music_Male> It's going to be <Speech_Music_Male> interesting to see <Speech_Male> if there's <Speech_Male> a joint <Speech_Music_Male> effort <Speech_Music_Male> between the various <Speech_Male> entities <Speech_Music_Male> at some point <Speech_Music_Male> or whether we're <Speech_Music_Male> GONNA see <SpeakerChange> people <Speech_Male> following separate tracks. <Speech_Male> <Speech_Male> Yeah there's really <Speech_Male> any indication <Speech_Male> at this point of what <Speech_Male> path they're going to take. <Speech_Male> But that's that's an excellent <Speech_Male> point <Speech_Male> near there are <Speech_Male> some worthwhile. <Speech_Male> Government led initiatives <Speech_Male> to try to address <Speech_Male> these various emissions. <Speech_Male> Hopefully they can <Speech_Male> intersect at some <Speech_Male> point and Rita <Speech_Male> mutually <Speech_Male> beneficial result. <Speech_Male> So that's kind <Speech_Male> of what we're looking <Speech_Male> at this week. It's been <Speech_Male> a quiet <Speech_Male> week down <Speech_Male> here in the states but <Speech_Male> again there's <Speech_Male> quite a bit happening <Speech_Male> in Canada <Speech_Male> and obviously <Speech_Male> <Speech_Male> Aware Mr <Speech_Music_Male> or Dr. TB <Speech_Male> role is located. <Speech_Male> So <Speech_Male> there's plenty for us to <Speech_Male> keep up with <Speech_Male> so <SpeakerChange> with <Speech_Male> that <Silence> Kurt Abraham <Speech_Male> thanks for joining <Speech_Male> US and <SpeakerChange> helping us get <Silence> our heads around all this today. <Speech_Male> <Advertisement> <Speech_Male> <Advertisement> All right <Speech_Music_Male> thank you <SpeakerChange> so much <Speech_Music_Male> cameron. <Music> <Music> <Music>

"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

11:56 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Differ from what we're doing here in the states with our own trade organizations according our operators well I I can tell you this the the OJ UK and their counterpart in Newfoundland the you Newfoundland and Labrador Oil and Gas Industries Association. Those two groups are working far heart. You're in my estimation far harder than the trade associations here in Texas for instance I think they're more effective. I think they're pushing for much stronger. Action THAN ANYTHING. We saw out of the groups here. You know that that whole thing with the railroad commission has been quite a disappointment and you just got wonder why there's such a difference over there versus over here so as we as we look at what associations are doing in Canon UK versus us One of the things that stands out to me at least is the situation with Texas lines of energy producers a statewide association Texas which claimed somewhere between twenty eight hundred and three thousand members of member companies The alliance had an online event last week and Unfortunately they're supposed to have the secretary of energy in attendance. He somehow did not appear however the alliance did go through a thorough listening explanation of what they supposedly are trying to do for the industry for their members problem being Some of these things are kind of no brainers and don't really require a lot of effort on their part they support The Strategic Petroleum Reserve using that as a place to store crude oil for operators Well that's kind of a no brainer. Everybody supports that problem. Is You've got to get The White House and Congress to agree to do that You know then. We have this thing about produced water recommendations strategising evaluate increasing recycling and reuse of produced water And you know the the need to reduce the use of fresh water for fracking for instance and all of this was actually covered in a white paper that was put together by the alliance in the back after last year and from which we ran an article from the alliance itself on that very thing on not sure why this is suddenly news. The membership But they went in the stressed out again last week and then talk about some strategic goals about Playing an active role in developing responding to any potential policy. Solutions May emerge. Will I mean in the minds of some of us? They've already missed one potential policy solution. I think everybody knows what we're referring to. So it's GonNa be interesting to see what they think they can do. Otherwise in place of that. So that's the situation with them. The two pretty different approaches to a similar problem. And I guess you can see what the we'll see this week ambient what. The outcomes are of a proactive response versus a reactive response indeed so speaking of Texas Alliance in Texas in particular. There's going to be quite a bit. That are friends. Shale operators are thinking about this week from a operation standpoint and from a financial standpoint. Well they really do have a lot to think about in terms of activity levels The number of rigs drilling for oil. We should emphasize oil in the bigger rig count. fell another twenty one on Friday. Two hundred thirty seven for last week. That's all the way down from six hundred eighty-three nationwide just in mid March. So in a little over two months. You've lost almost two thirds of those rigs drilling for oil so they say that This is the lowest level of activity recorded since two thousand nine I'm going to have to take their word for it. And that along with the Bloomberg News Service. We haven't had a chance to look at that thoroughly but There's also a notation here that the shale patches already lost ninety thousand jobs over March and April according to a consultancy again. We'll have to check that number out but that would not surprise us in a least and probably going to go a lot. Higher Ninety Thousand by the way in just a couple of months is almost half the number of jobs lost during the entire period from two thousand fourteen through the year two thousand sixteen so much accelerated pace of reduction underway for sure. Yeah it's amazing. How rapidly that's happening. And how how deeply those cuts are being implemented in. Just seems like you'll see and it's of course it's happening. You know very deeply on the service side which is really unfortunate and you'll think just when a certain company announces a a number four figure number of layoffs. You'll think well there can't be any more than two weeks later. They'll announce even higher or digit number so unfortunately at I guess there's still plenty of needs between the knife and the bone as these companies cut in two quick points to make in relation to this number one were not by any means out of the woods on the oil price anytime soon because even though it's up above thirty dollars a barrel at least as of the previous week it's still not near enough for most producers to make a profit and in relation to the profit just example wonder if our the toilet advisers has lot of expertise with regard to the Balkan Shale for instance and. He told me the other day that as far as he can tell a lot of the operators up. There aren't GonNa need about forty five dollars barrel to break even so we're nowhere near back to that and You know if anything else happens with the price You're going to see even more well shutting all over again so if anybody's thinking about restarting some wells now is not the time to do it. Yeah unfortunately that stands in contrast to what some of the pipeline operators and other observers are seeing in different parts of the shield patch. Us they're starting to see some production coming back online increasing. We'll bit so hopefully. That's only a blip on the radar whale and we have one other item that needs to be discussed briefly. Because it's something we're going to have to keep an eye on only in this next week but throughout the next several weeks and that is An interesting trend were a lot of the analysis. Houses have decided that Certain segment of the Independent producers that are traded Publicly held are not worth their time to cover an analyze anymore We'll give you some examples. CENTENNIAL RESOURCE DEVELOPMENT CALENDAR TRILLION. Q. E. EP resources and even Chesapeake Energy and so One of these investment houses explained the reasoning that was stocks with market caps below three hundred million in share prices under a dollar. They're generally uninvested for the majority of our client base to their small size. Low trading liquidity analysis houses said that they were doing a real allocation of resources and internal refocus of our coverage list. In other words. These people are not worth our time. We're better than this. It's a bit of a disturbing and in trend in the analysis community. You would think they could behave a little better than that but apparently not And then yet. Another fellow With another Florida-based Investment House said Energy Rather smaller cap energy names of are an easy place to look at and these are companies. A lot of people don't have hope for so in other words what they're really saying. Is We think these companies are going to fail anyway. So why should we bother covering them? again it's a reflection of the greater problem affecting the industry and that is on the financial end of the equation. And so you know that that something. It'd be really concerned about keep an eye on because it's going to indicate I think if it continues that The industry in general is going to have a very hard time Getting some the financing. You would hope for is prices improving activity. Tries to rebound. Yeah you mentioned the the financial side of things and it's interesting to see the parameters that these Analysts are using to drop coverage. They're saying anything below a dollar a share which okay but and or the low three million dollars in market cap. That's three hundred. Three hundred million dollars of market cap is a pretty good amount and it seems like you'd be throwing the baby out with the bathwater when you want a discount. Companies that are below the top of my head that are in a very innovative still relatively healthy companies. That are well below three hundred million mark cap. So maybe it's just a little bit of Satan will say throwing the baby out with the bathwater again. Or maybe they are just genuinely ready to be done with that part of the industry. Well it's a bit of a snide attitude and quite frankly It's a little bit Disturbing coming from a couple of firms that are based right here in Houston and so You gotta wonder about that but you know if we wanted to be snide equally ourselves. We could say well. Maybe the reason that you companies are not going to cover these producers is the fact that you yourselves are in financial trouble and don't have enough resources to do everything but you just won't admit it We could say that couldn't we. Now it'll be could we? Aren't those kind of fellows here on the world oil daily whipped on. Say That Louis certainly not but that is indeed one of the myriad things that will be on our minds here at the show as we move into a new week the last week of May so. I think that there's plenty to chew on there and also got you know June around the corner and that means that more businesses opening up in the US so we may see some more developments in US demand just a a lot to think about. Is this month wraps some get ready for June? Yeah I was going to say one thing to think about over this next week in in the coming weeks in June is to keep an eye on driving activity bu the population here in the US in particular A lot of folks are thinking that A lot of people taking driving vacation somewhat closer to home during the summer as opposed to flying the very distant destinations and so we could see an interesting uptick in gasoline usage. So we're want to keep an eye on that absolutely would certainly will. So that's kind of what Mr cred Abraham and I are thinking about for this last week of May so with that. I hope you enjoy your the rest of the weekend on Sunday and Monday's a holiday. It's hard to tell since you're maybe already anyway. But we will be at work covering industry just like we always do so with that Mister cred Abraham. Thanks for the show today. Thank.

Texas US Texas Alliance Labrador Oil Newfoundland OJ UK Chesapeake Energy Mr cred Abraham White House Canon UK secretary Balkan Shale Mister cred Gas Industries Association Bloomberg Congress
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

05:07 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Resources on the federal level level shameless o'regan Says an expiration is key to federal help for Newfoundland and Labrador Because they feel like they're competing internationally with Norway in the UK. So they're going to look at it from that angle. See what form incentives could take. But there's no promises coming out from them at the moment and the problem is it's not just expiration. That's a problem up there. You've got two significant projects that have now been deferred delayed. And that's a real problem for so many of the companies up there. Because that's a very interwoven. Industry up there and You had one project The West White Rose field development project has been suspended as of March twenty second. We've had no word from Husky as to win. Work might resume working clues. A massive concrete gravity structure being built at the port of our agenda and you had hundreds of workers on that alone so I'll let his stopped. And then you had also the plan dry docking of turnover fields F. PSO In order to Proceed with a project to do with the call asset life extension so that the F. B. S. O. Would produce another eighty million barrels of additional oil but that dry docking would last six to seven months while they were supposed to have started that already by now and that hasn't happened because he Put that plan on the shelf about the same time. As west white rose was deferred and so on May the fifth companies said that they were evaluating all turn it options for that project because they were supposed to send it to Spain for dry docking but as we know Spain was one of the hardest hit areas for corona virus. And so now word is come out over the last week or so that The partnership the turnover. Jv Partnership led by Sun Core Energy has been unable to formalize a new plan for the vessels overhaul thus they are have decided to remove it from the field by this summer and sale it to a airport at a location yet to be named somewhere there in Canada for an unknown duration and the union representing nearly four hundred workers that Work working different shifts on the turnover. F-. Pso is really a raising the roof on this because he say that it's their information that You know this vessel if it's Set aside might not produce any oil for the next two years and so what are all those. Employees is going to do so Quite quite the regional controversy up there. Kurt and I know that Craig. Fleming our technical editor listed on that town hall meeting on the Fourteenth and put together a summary of it and outlined a lot of the Issues that you just described in a little bit more detail so I'm going to be sure and put that in the show notes as well go. Check that out and get up to speed on. What's happening in Canada? Because yet at that's really wild about the travails of an F. Pso I'll bet it's a Canadian flagged. Fbi probably half the issue but I'm not gonNA speculate will indeed. We'll have that story posted up on the website and we'd courage people to read about that and we'll probably have some additional information When the June issue of the magazine comes out and perhaps by then there'll be some more developments in this ongoing story. Yeah yeah well speaking of ongoing developments or this week we are going to have a couple of guests on the show. I'm really excited about on Tuesday. We're going to have Simon Watkins. The noted oil analyst trader and author based in the UK. He's GonNa bring us up to speed on what the Saudis are doing. What they're thinking and I think that if you've gone to hearing if this shows before it'll be a pretty entertaining. Listen I'm look reported talking to him and then on Thursday we're going to have Mr Artem Daas who is with Westwood Global Energy Group. And he was on the show last week. Emily Opportunities and the IPO market in oil and gas and also gave us some interesting insights on what private equity thinks of all of the travails of our industry. Right now so he's GonNa come back on. We had a lot to talk about. We ran at a time. And so we'll get to talk to him some more on Thursday so be sure to check. Those out are moving for doing that. And that's going to be the week. I think that we gonNA continue to see these. Production cuts take effect and see some some more demand growth taking place as long as nothing. Crazy happens with a bunch of tankers. Then we should be good week so With that Kurt. Thanks for being on the show. This morning Looking forward to talking to some more this week all right thanks. Karen should be interesting once again in the coming.

Mr Artem Daas Kurt UK Canada Spain Newfoundland Fbi Simon Watkins Sun Core Energy Norway Karen editor Westwood Global Energy Group Emily Opportunities analyst Craig
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

04:21 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

08:56 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Air force are enabled US arrived then? There is consolidation with the tier threes in the tier to create something. That's more efficient and that can actually was done The cycles better. So Mr Daas to kind of put a crown on this discussion on the portion which sector between operators and service companies you know which sector of of those two groups in which regions. Who Do you think is in the best position to act opportunistically right now in this time where we're starting to see? Maybe a bit of a floor. In in demand declined. That seems to be leveling. Prices are recovering for now Who's in the best spot to to strike? That's difficult one to answer placed. I think I would like to think that if you look at the evidence today. Operators and service companies are both the general type of you know the general mid Cap large-cap operators And these service companies. They're quiet focused in running their businesses. And I think Amway. It's there in their minds but it's probably not significantly a priority for them at this stage However these times you know you always look to thank around is their capital in the market. What kind of capital is that? And then how can that capital be used to drive emanate so we know for fact that there is a lot of dry powder sitting with private equity and other investors today other fronts of private capital and? I wonder if there's an opportunity here for some of the more focused energy focused private equity and private capital investors to actually think that in the downturn you get to actually see businesses in their real date. You know you get to see sisters have real strengths or the weaknesses. No but the quality of the management teams visions strategies of the employees and therefore they have an opportunity here to actually come in with the capital and if they can actually find the right people the right management teams than they can quickly look into areas that they feel have the growth trajectories that will start to materialize as we come out of this downturn and for them. I think that's an opportunity to. I should look really quickly and act very fast to understand where those opportunities are and how did the capture is opportunities so I think from that perspective. They are well placed to do that. They also down the benefit of not having to deal with the day to day running a business that most corporis weather pure service company has so I think that flexibility allows them or gives them an advantage to look at emanate. More closely into scrutinize. The opportunities. Better having said that. I do think that you know she started looking at some of the bigger service companies. The likes of the Jay's the Halliburton's the Baker Hughes JEEZ ETC TECHNIQUES. A lot of these companies have always been acquisitive and they have always looked up their portfolio. They have tried to understand what to divest. What acquire at how rest lies the portfolio Proxima services? I'd imagine that these companies will also be looking out this quite opportunistically and they'd be looking at it quite strictly. Because I think as businesses they're well positioned and they're always as part of the strategy is to understand how to keep themselves ahead of the game citing those kind of companies again the the large diversified companies would be looking into Emmy Enter. Probably better place than others to execute and that. I think on the EMP side. it's going to be a lot around companies who can actually survive at thirty thirty five dollars a barrel. Then looking into emanate stay. How do we again digressed? And Russell is the portfolio For obvious reasons I won't be taking the names of those companies but ultimately I think You know if you think about the Lower Skopje and peas the focus. There is obvious. Understand how do you balance the spitefully facets where do you focus where the areas that we get out of and then how do you organize the business to actually have a business case? That runs a thirty forty dollars per barrel right now. The Cesky this for real briefly and then we'll move on. You mentioned the capital markets. I know that here in the states. There's a lot of shift in the capital markets in terms of interest in investing particularly in Land operations and shale plays etc. Do you get the sense that there is indeed sufficient interest in these markets to to find out some of these mergers acquisitions not at the moment. I think we came into this downturn. Remember Cameron with the environment where the returns from the industry warns looking that great anyways right scientific through the last downturn. There's been a lot of focus especially in the. Us sale to move away from production growth and focused more on aspects like cash flow Capital Discipline Castro for generations. So it was more about capital discipline at the expense of growth so there was a shift in that sense and I think with capitalist fungible so effectively. If you don't have the right returns that you've done procedure right returns in a particular sector capitals not GonNa go into that sector right away. Long-term though I do think that Capital will come back to the sector especially in the US as the momentum starts to build says start going from twenty to forty to sixty dollars a barrel and you see upward. Trajectory DEMANDS STARTS TO PICK UP supplies stars to come back and you know we start thinking around energy security and all the aspects around that I think at that point capital will start to come back. That's my hope and with the momentum. I think there's always a chance for come back in the immediate. I think in the near future as kind of traverse through this time with the pandemic markets are going to be extremely challenging especially the equity markets even with the debt markets. I think there will be much more cautious in terms of how the evaluate DNP's developed service companies service companies will find it excessively more difficult to tap into any form of capital markets than the MP's and then as you kind of look into the other side of world into the other big capital market which is the European capital markets. I think the European capital markets are one where traditionally there has been a good amount of appetite for natural resources particularly gas. We saw the entire renaissance appeals for oil and gas between two thousand three and seven in the London market but a lot of that was really focused around investing in small sized companies which were able to provide an expiration upside so a team of expiration focused individuals would go and make the discoveries. And then you would sell that a premium and that's where the investors looked returns today. What you have in the European Cup markets is obviously a very strong focus on ESPN Transaction probably a few notches. More than what you send the. Us flight and I think as you look through the impact of es g and the energy transition I think there is limited. Appetite in terms of investing in on gasoline in the equity markets is not going to be completely close to it. But I think it's going to be more difficult to access. And then the companies that will be able to access those markets going forward will need to have a real story that looks into their addresses. The speaks addresses energy transaction aspects. And as a story. That's quite different from some the companies who were able to access the markets Previously so I think there's going to be a shift from that perspective. I don't see a raft of abuse happening in the next twelve eighteen months. I think over Oregon the next couple of years but as we start to get into a more stable ground and there is meant to building up into the commodity markets capital. I think we'll come back but it will be a lot more choosy. I think they will be looking at opportunities. evaluating each Jonas own and investors can afford to be choosy. That was Mr Aaron Erim dos have of consulting at the Westwood Global Energy Group. WanNa thank Mr Dasu time. Today we had the things that we want to talk about what we just ran short of time so we will get to catch up with Mr Dasa gain here in the very near future. I'm really looking forward to that and I think Based on today's show will be too so with that. Thank you for your time today on the world oil daily brief. And we'll see.

US Mr Daas Mr Dasa Mr Dasu Mr Aaron Erim Halliburton Skopje Oregon Proxima Westwood Global Energy Group Jonas Jay ESPN Cameron Russell
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

16:46 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"To the World. Oil Daily brief podcast. I'm Cameron Wallace. And today's Friday may the first and has been another interesting week here at the show. We've had a lot happening here in Texas and indeed worldwide with oil prices and some green shoots for recovering oil demand in certain certain large markets. So to help us understand what's been going in this weekend. Prepare for the next. We have. Kurd Abraham Editor in chief of Royal Magazine. Kurt thanks for being on the show today. Well thank you Cameron and I have to say I'm glad to see the week coming to spend an exhausting series of days as you know So much going on both in the forefront of news also in some of the back channels Got An interesting lineup of things. I think we want to talk about today. Just to let people know we'll be talking a little bit about record. Opec output and a thirty year high. We want to talk about. Brazil seeming to be somewhat isolated From the demand problems We world oil have just finished and posted A very special survey on what people would like the Texas Railroad Commission to do which probably is not necessarily the same thing as what they will do. we've had some very interesting Financial news out of both Exxon Mobil and Chevron and none of it's good so we'll touch on that and then we'll have some market numbers at the tail. End here so I guess we ought to get started. I on the OPEC output and It's really amazing that in it's hard to believe that we haven't hit level of OPEC production that. We have now in thirty years of surprising to me. But I guess it's true It says here that Production From OPEC soared by one point. Seven three million barrels a day in April. And almost all of that. I am sure came from Saudi Arabia. Which was pumping a record of more than eleven million barrels a day and the organization overall pump thirty point three six million barrels a day in April in mind Jim. Most of that came in the in the last three weeks of the month so that that's really astounding well. It's it's interesting because we know that Saudi Arabia said they were GonNa just you know. Pull out all the stops and go. Kuwait went ahead and did the same thing and Russia did too I. Kurt and a little surprised that the number is only one point. Seven three million barrels day. I would have thought that with all those guys just going full out that it would have been a higher number than that. It's worth noting that they did not get the did not make it to the twelve million barrels a day. They threatened so even with the pedal to the metal. It couldn't quite hit that twelve million barrels a day mark well now It does say here in the fine print of this. This news wire report does say that Riyadh meaning Saudi manage to push output to twelve million barrels a day but only for a few days in early April and apparently they were having trouble maintaining that and so their production actually Got Back Down to about an average of eleven point. Four and also. Let's not forget that. For the last several days of April they made a point of ever so slowly reducing production as they came onto may first deadline from the new deal and the other factor you have to consider as Kuwait for about I guess the last seven to ten days of the month had already started back off its production. So that may account for the overall monthly average only rising one point seven three million. I agree with you. I thought would have been two or hello so I will have to see if Sunday's Statistics don't get revised and we wind up seeing a higher number. Anyway we'll bet that little blip at the beginning of the month and I know that I've beaten drum lot so we'll go out and beat it one more time a debt that little blip at the beginning of the month from the Saudis had to do with them dumping their stockpiles strategically placed around the world dumbbells onto the open market. And so they were able to say yeah we hit twelve million and just like you observed. Kurt it didn't last long because it just wasn't wasn't sustainable. Spoke now but you may be onto something there part of that Average in the early part of the month baby skewed by as you say some the dumping of of stocks of raw ready set to go offshore in into the market. So on this on this topic just real quick Kurt did you see that I guess there's a real problem with all of those tankers that the Saudis loaded up with forty three million barrels of crude clogging up the ports around here. Oh yeah well that's The case out on the West Coast by L. A. That's the case down here in the Gulf of Mexico. Not sure about the east coast. Wouldn't be surprised. And you know this is the very thing that caused Senator Ted Cruz of Texas to issue his famous twitter about a week ago where he said. Tell the Saudis to turn those tankers the hell around so We kind of know where he stands on that issue obviously It's it's been interesting to watch. How suddenly oil-tanker day rates are going right through the floor whereas you had trainers scrambling to find any old tub. They could find to store. Oil On to take advantage of the pricing can tango now that the made the big OPEC. Exporters are indeed throttling back. Suddenly there's a lot of Vessel availability again which strikes me as kind of odd. You'd think that they'd be snapping that up for tango purposes. But maybe maybe that really wasn't that big of a thing maybe not to like. I say I think we'll have to wait for another several days here to see some of these numbers. Don't sort themselves out a little better. A lot of this is preliminary so It may make a little more sense next week. like to move onto speaking of storage liked to move onto the situation down in Brazil. Because it's really quite interesting and it's a whole different situation down there as opposed to up here in the US and Canada and for that matter to a certain degree even in Mexico and in certainly in some of the other places around the world We've got this unique situation where the Brazilians are not particularly worried at all They say that they've feel fairly confident. And reason they do is two things one their ability to store crude in the words of the NPA the National Petroleum Agency. They remain Robust and they are reporting the the National Troy maintenance is that they have one hundred fifty nine million barrels of capacity with more than half a relatively new offshore production projects and So they're feeling quite good about their ability to store crude in addition to that they have a number of contracts with China. Wouldn't you know and as a Chinese Demand continues to recover fairly steadily in Somewhat rapidly Those are going to kick in and so the Brazilians are feeling like things are okay for them. As opposed again to the situation up here I'll be here are glad they didn't take that. Opec invitation a few months ago. No I'm sure they're glad they didn't either. They're actually sending a fairly well down there. We'll see if that continues And that that's obviously a contrast in Mexico Colombia Ecuador which all produce by the way lure quality grades with more limited markets. So that's another factor as well. Well it's great to hear that. Brazil is in such a good position because that is one of the leading regions for a deepwater technology development and implementation. That's a great way to help. Keep that side of the service industry going. Challenging fields of Brazil are still viable. And if that weren't the case I think there'd be additional pain for a lot of these Service companies and Best Contractors et CETERA ET CETERA. So I think that's a really great thing for our industry in general that Brazil is in a position. There agree so now come back to the US and we'd like spend a little time here talking about something we had world oil did this week. We sent out a brand new survey Those who've been listening for awhile remember that we did a survey of Overall US READERSHIP. Asking them if they favored some kind of imported oil tariff as a means of reducing that amount coming into the country and helping to prop up the price so now we did another survey which we just finished up this morning literally and we have the results and this was asking people what they think. The Texas Railroad Commission should do and we got some really interesting and quite frankly clear-cut numbers on serving. I just like to sample little bit of that. If we may We had One Thousand One hundred sixteen readers strictly in Texas in our professional readership than answer the survey that answered all the questions. In the survey that's astounding. That's a really high sample We're very pleased with that result and we can tell you that on the principal question as to whether they think the railroad commission should do rationing sixty point three percent said yes only twenty nine point seven percent said no and then about another ten percent or unsure. That's very clear cut. That's a very interesting juxtaposition When compared with what the Railroad Commission Chairman Wayne Christian has been up to during this week. As you know the chairman somewhat surprisingly didn't see this coming decided late in the day on Wednesday that would have been April twenty ninth to insert a long op Ed piece into the Houston Chronicle and into its website that detailed extensive thoughts and reasons that he had in his mind and shaped his decision to suddenly say at the end of the op-ed that he is not in favor of pro rationing. Now you would have thought that he would have waited until the official meeting on next Tuesday may fifth. Can't quite figure out why he decided he should come out ahead of the meeting and make the whole point of having an official vote on a subject. Newt because you know they came out with this blue ribbon task force. He made a big deal about this in the last Meeting that was online on April. Twenty I had B. Six Texas oil gas associations guide the Blue Ribbon Task Force and the point was to study all the oil market situation as thoroughly as they could in two weeks. Look at all the options on the table and then make recommendations back to the three commissioners close to the meeting. Which would I would think of in maybe on Monday or even over this weekend and then have the vote on Tuesday the fifth but not so and as you remember Cameron. We have discussed a little bit about where some commissioners have been sitting on this issue. We felt for some time. You and I've talked about this. That Christie craddock was probably an opponent from the beginning. We obviously think that the other Commissioner Ryan Sitton has been a vocal supporter and in our minds up until Wednesday. We felt like weighing Christian as the chairman was probably the swing vote. Now there's no swing vote anymore. It looks like we're likely going to have a two to one vote on Tuesday officially but you gotta wonder what they're thinking when you see the survey numbers that we have. We've touched on this a few times before and I think that it's easy to underestimate. Just how potent a good lobby can be and I think there are some some very vested interests in doing things a certain way at seeing certain outcomes for asset holders in in Texas Well we literally big of head of had I don't know how many phone conversations over the last two days now with various people that we know in the industry here in Texas as to what the heck is going on. I had one of our Good contacts suggests to me that This was simply a case of the chairman. Following the lead of the governor when the Governor says. Oh everything's going to be up and running and back to normal in sixty days so hey demand will be back in sixty days. Why do anything? But I don't agree with the governor on the timing. I don't think you do either. We don't think that that's going to pick up quite quickly And every day that nothing is done. More destruction continues to happen to parts of the industry I had somebody else suggests to me that somebody leaned on the chairman in a very definite way and caused him to put this on Wednesday. We have no reason. I mean we have no evidence to back that up but that was just a theory you know could be a lot of things but the flag of the matter is they are going to go against what a solid majority of the industry would prefer. So that is a problem. The strategy involved with releasing that op. Ed before the vote makes me wonder if that was intended to go out after the vote and just jumped the gun. Maybe AT AREN'T I? I really can't understand why someone like Mr Christian. Who was you know? Obviously a career level would do something like that. I mean it really just sort of you know negates value. Everything's GonNa come after that because you're right. I mean I think is pretty clear where Sydney credit stand. What are we doing now? It the whole thing is very odd. It is very opportunity. It's it's the fact that no one can really find a good explanation for it which leads to This one theory that Somebody leaned on him in a very definite way again. There's there's no way to substantiate that theory but when you don't have any other good reasons That kind of thing comes forward but they have now gone in kind of you know made the whole meeting on Tuesday. A moot point In kind of taken away the spirit of what that meaning was supposed to be in it quite frankly And really sort of taken away the purpose of the Blue Ribbon Task Force. Yeah that that was supposed to last through this week and maybe they were going to give them recommendations over the weekend or on Monday. You know we heard all this stuff about we're gonNA take full remember. The word full two weeks that did not happen and quite frankly we never heard anything out of the Task Force. Nothing public about who was on this task force whose who decided what What was sent to the commissioners nothing?.

Texas OPEC Kurt Brazil chairman Blue Ribbon Task Force US Cameron Wallace Texas Railroad Commission Saudi Arabia Mexico Oil Daily Wayne Christian Kuwait Kurd Abraham Riyadh Editor in chief Senator Ted Cruz
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

14:25 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Good afternoon and welcome to the World. Oil Daily brief podcast. Today's Wednesday April. The twenty ninth. And there's quite a bit happening outside of the US from Latin America to Canada and Beyond and so to help us understand what is going on around the world today is Kurt Abraham Editor in chief of world oil magazine so Kurt. Thanks for being on the show today. Thank you care and As always another busy day here last couple of days have been quite interesting We think we want to do something a little different today. Just dive into an international item. Right away because It could have eventual ramifications for the market in terms of the overall supply level. It won't happen overnight in in. Fortunately it's not going to happen overnight. Although that because otherwise that would contribute to a worsening the already bad situation but we have an item here out of Venezuela where the State Oil Company. Pdvsa is considering a major overhaul and that would encompass streamlining of its business ventures They might Look at Giving up a total state monopoly As people will remember yes you had European US firms that could participate in Venezuela. But it was always in partnership mostly with the PDVSA so this could be quite a different Oil Sector for Venezuela going forward assuming that they put all this into play now. This is all coming from the new head of PDVSA This Mr Shabas and He was Appointed of course by the current Venezuelan. President Nicolas Maduro obviously the. Us does recognize Madero. Madero is in effect running the country so he picked Chavez just on Monday and This fellow Shabas was Former energy minister and at one time was head of the US refining units CITGO and anybody who has seen a CITGO gasoline station knows what we refer to So that that's all very interesting developments and the reason that this actually could see the light of day this this kind of overhaul of the oil sector in Venezuela is the fact that of course He's been handpicked by Enduro so obviously he would not come out with this. At Madeira was no K with it and it speaks to obviously some desperation on their part to try to restore the oil sector to some level of that. is similar to what they had before everything. Got Out of control down there It says here. The plan is one year the making and costs for PDVSA to dismantle its non-oil affiliates emergence European business into a Russian based unit. So that makes sense because we all know that Russia has had a building level of influence in Venezuela. So that would figure yet. It's also worth noting that they are eliminating some affiliate businesses in non energy sectors like construction farming etc etc. I know that they are trying to get their economy back on some sort of normal footing allowing dollar trading and trying to get Some sort of currency working and it would make a Lotta sense that there is a part of that narrowing pedal vases remit to only energy and not having to singlehandedly power the socialist regime. It looks like they're taking a very seriously kirk where the other interesting part of this cameron is a fact that It says here that The most productive. Jv'S PDVSA has had and will be Rosneft. Petra Monta Gas and Chevrons Petro Power and Cpc's Cinna Venza. All of those are supposedly going to be untouched. That they will continue to operate. Now What's interesting about? That is chevrons unit? You know trump. If I'm not mistaken just several days ago pulled the the waiver that Chevron had to go ahead and keep operating in Venezuela I will be very interested to see what happens with the White House on this because it's not going to be in sync with the president's current attitude toward the country so we'll have to see how that works itself out Something else that's quite interesting. Is the fact that the company hopes to produce one million barrels a day in the short term compared to current estimated output of only six hundred sixty thousand barrels a day now at one time some years ago we would have said one million barrels. A day is the goal. Really but Right now that actually looks fairly ambitious given all the problems that they do have just going from six sixty up to one million a day is going to take some real effort and I'm not sure that they're up for it just yet unless they get some really heavy help from the Russians and that certainly was a possibility that must be what they have up their sleeve kirk because Halliburton and service companies have basically shuttered their operations since trump's administration tightened the on the Variances for the sanctions. So it's gotta be the Russians to help them do it or I suppose the Chinese. But it's not GONNA be any any. Western companies helping them. Add those barrels in funny as in strange angle to this whole situation was the fact that they're probably some countries and some companies right now. That are Cheering FOR VENEZUELA NOT TO. Get it back up to one million barrels a day because that would just further complicate an already Saturated market. That's true absolutely so we'll have. We'll keep an eye on this From the next week or so. So then we have another interesting situation developing To the north of us up in Canada where There's just a few glimmers of hope up there all of a sudden and maybe you WanNa just Kinda talk about that. A little bit sure yet. Two of the major producers up in Canada namely Senova Energy and Husky art saying they're seeing some demand for refined products in China starting to return to their pre pre pandemic levels and so based upon that in spite of will price being where they are they feel like there is some hope that the market will rebound in the months to come and so they. Are you trying to be prepared for that? The crude market in Canada has really sort of stabilized Between the borders being close to to a great extent and other sorts of measures put in place. That really sort of ring fenced. All the different countries production to themselves Canada's kind of got a handle on it. They've stabilized at around thirty two thirty three million barrels and so they're looking forward to China picking back up. They feel like they're seeing those glimmers of hope that you mentioned that China Chinese demand will indeed pickup is indeed in fact Here's a couple of extra details. Seems as though? Oil inventories have stabilized at about thirty two nine to thirty three million barrels and They're saying that there have been no material builds week on week lately up there in Canada so that that actually is some good news so it appears from Some comments made here by some of the folks. Up in Calgary that The country that started the whole problem. Globally in terms of oil demand through the corona virus. China is now going to be the partial salvation of some of the Canadian producers You've got the CEO O. OF SENOVA ENERGY ALEX I guess you pronounce that. Poor Bay said he seemed demand for refined products in China. Start to return to a pre pandemic levels expects a similar scenario to play out in north. America down the line in months ahead Husky Energy's CEO ROB peabody's after neutral concerned about the company's ability to store excess gasoline production. He sees energy complex in the US midwest coming back into balance after what he calls the train wreck of reduced demand for measures to combat the virus so Unrefined product side people. He says there are beginning to see some glimmers of hope so it looks like things are bottoming out in Canada in. May Begin to ever so slightly improved. But it's going to take quite some time so that's the situation up there. Nothing obviously very promising on the drilling front up there at the moment. That's going to take a long time but Certainly on the Downstream side of things. It's looking a little bit better while I'm sure they'll be happy to take that. It's been a tough tough period for our friends up north Speaking candidate Kurt. I'll say this just real briefly I saw that See Knock and friends. Some of the other Chinese National Petroleum Organizations announced that they were cutting their cap ex budget for twenty twenty by nineteen billion dollars and As from should remember that they had in the middle last year of big government driven push to invest and grow their own domestic drilling an exploration and production capabilities. And so now you know here. We are along with everyone else. They are cutting their Capex by pretty dramatic number so this may indeed be a light at the end of the tunnel that the Canadians are seeing in that their market is picking up and they're having to throttle back some of their more ambitious plans to replace some of that imported crude. Yeah that that's very interesting. Nineteen billion is a lot of cash. That's not going to get spent in. You know they've got holdings all over the place. I've got holdings in the US. A gun in Canada. They've even got it in east. Canada and the offshore They've got it in a number of producing provinces so that's going to have a ripple effect all over the place. I dare say so. We'll have to keep an eye on that as well and then we have yet. Another item here More US CENTRIC. But something that definitely needs to be talked about in. That is whether or not they vote to do it. The Railroad Commission of Texas nonetheless has to I believe by the way the state laws written they have to write up a proposed order that would implement pro rationing Probably to the tune of twenty percent. It looks like They also have to seek public comments on the proposed order. All of this they're mandated to do so. There are a few people if they read just certain headlines Paragraphs might think that the commission was leaning toward implementing the pro rationing but That is a bridge. We Dare Not Cross just it. All they're doing is really setting up the post order to be ready next Tuesday if they do vote on it and then it will be a vote up and down on that proposed to order. So it says here you know. Obviously they have in order to production cuts since one thousand nine hundred seventies And of course we all know that there are different sides in the industry pro and con on that They're going to take public comments. By the way for those that are interested about the proposed order via email through may the fourth. That'll be next Monday. So if you want to comment on that go to the Railroad Commission site and look up the email contacts for the various commissioners Taxes production by the way was five. Point four million barrels a day in January and we just got new statistics for February from the commission today showing that that Production was still around that figure last month a rather in February at about five point. Three six million barrels a day so when we get the march figures out. That's going to start to tell the tale but February as we all remember was still not really that involved with the corona virus. So you pretty much saw regular output as per January. So Kurt going back to the commenting on the preparation issue. You're working on something along the lines for commenting operations. Well right now aren't you? We are indeed because you know It's one thing to get certain continents out of certain companies and entities associations. What not and. It's another thing to get the feelings of a larger cross section of professionals in the industry that Live here in Texas would be affected by directly. Their jobs would be for sure and so we thought it was important to try to sample. Get a good cross. Section of what people are really thinking on the subject so we sent out a survey to our readership in Texas yesterday morning We've already had quite a bit of results. Come back in. We're not quite done with it. When probably won't be completely done till sometime Friday but it is very very interesting and It something that we probably are going to want to share with the commission with a number of other folks because it certainly Provides a very interesting picture of what folks are really thinking and you did something similar to that of the beginning of the pro rationing debate as well and so they're kind of I'M NOT GONNA see they're expecting to hear from from you and from world oil..

Canada US Venezuela Kurt Abraham Pdvsa China Oil Daily trump kirk president Texas world oil CITGO Editor in chief Nicolas Maduro
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

09:07 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And this is your top oil and gas news for Thursday march. The twenty sixth. We've been talking a lot this week about production so today we'll take a look at what's happening with oil demand and the resulting need for storage options for all this extra crude. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise nearly thirty percent by twenty fifty. The world is evolving rapidly and so are the challenges harmful emissions chief among them therefore the solution must evolve rapidly if we are to meet society's ever-growing demand for clean energy Siemens partners with oil and gas customers to navigate the normal delivering what matters most safety efficiency reliability sustainability and ultimately peace of mind. Today's upstream operators face unique challenges including remote locations space constraints and the high costs associated with non-productive Time. Siemens has an extensive track record of helping operators improve performance and mitigate risk in offshore environments visit Siemens Dot com slash oil and gas to learn more about Siemens Engineering Services and technologies for platforms vessels including F. Pso's and let secure a sustainable energy future together. Global oil demand has fallen as much as twenty percent from last year as more countries lockdown billions of people inside their houses in a bid to halt the spread of the Corona Virus Russell. Harty the head of vital group said the consumption of crude has dropped by between fifteen million and twenty million barrels. A day from the normal level of one hundred million barrels a day he believes the loss will continue at that level for at least a more weeks contributing to an average annual decline of at least five million barrels a day which is by far the largest global market has suffered since reliable data is available from the early nineteen sixties. There's a lot of oil in the market and there's a lot of stocks that we're going to have to build because it's not going to be consumed he said highlighting the national lockdown announced on Tuesday in India that has contributed to a fresh substantial loss of demand. The oil trader estimates. Gasoline demand is down fifty percent in Europe and thirty five percent in the US while diesel is less affected. Jet Fuel. Consumption has virtually gone with six million barrels. A day lost out of a normal level of seven point three million barrels a day around the world. Refiners have already reduced the amount of crude they process by seven million barrels a day vital estimates and they will cut a further seven million throughout this week. That'll push the problem from the refined products into the crude market. Everyone is then going to try to figure out what happens with crude. Unfortunately using the United States Strategic Petroleum Reserve to take as many as seventy seven million barrels off the market is out of the question at least for now. The trump administration halted plans to start buying oil to top up the nation's emergency stockpile after failing to win funding from Congress throwing a wrench of his most tangible efforts to help struggling drillers cope with the price wrote. The Energy Department said a notice dated Wednesday that it was withdrawing a march nineteenth tender for the first part of its plan to purchase seventy seven million barrels for the reserve. The American energy sector is a major driver of our nation's economy at is being significantly harmed by the impacts of Cova Nineteen and international market manipulation. Shalon hines a department. Spokeswoman said an email small to medium size American energy companies and their employees should be provided the same relief being provided other parts of the economy. And the Secretary Calls On. Congress to work with the administration to fund the President's request as soon as possible. Some have suggested that the Energy Department might come up with the money in its own budget to fund the purchase for the Government's petroleum reserve congressional appropriators routinely. Sign off on internal budget. Transfers requested by the federal agencies should funding become secure for the plan purchases the deal. We will reissue solicitation. Today's oil prices are reflecting the removal of the S P R option. As of noon today Brent crude was down eighty four cents to twenty sixty five a barrel and West Texas intermediate is down one dollar and thirty five cents to twenty three fourteen not counting the Strategic Petroleum Reserve global storage capacity is filling up quickly with key producers only days away from having zero available storage space looking at the market holistically. The world will run OUT OF PLACES TO STORE OIL IN AS LITTLE AS THREE MONTHS. According to an industry consultant. Ihs MARKET SAID. The current rates of supply and demand. Mean inventories will increase by one point. Eight billion barrels over the first half of twenty twenty with only an estimated one point. Six billion barrels of storage capacity still available producers will be forced to cut output because by June. There'll be no place left to put. All the unwanted crude. The oil market has been hammered falling demand as a result of the corona virus outbreak and a Saudi Arabia vows to flood the market with crude at deep discounts following the collapse of the coalition of OPEC producing countries and allies including Russia on Thursday Pakistan. Banned imports of crude and fuels because it storage sites are full. Supply may exceed demand by twelve point four million barrels a day in the second quarter with other traders banks and consultants also forecasting bumper surpluses vital said on Wednesday. The demand has fallen as much as twenty million barrels. A day from last year production is going to have to be reduced or even shut in said Jim Burkhard head of oil markets that IHS it is now a matter of where and by how much they're already signs in prices about a potential scarcity of storage space in the US the so-called WTI cash role traded down at the lowest level since December two thousand eight on expectations that inventories of the delivery point for US futures would balloon in coming weeks and months. Meanwhile Brent futures are trading deepening tangle structure or spot. Prices are discounts to those in later months as a market trust to create the necessary financial incentives to store by pressuring near-term prices measures of the physical market for actual barrels of crude are also pointing to weakness globally of the world's three largest oil producers. Russia has the least amount of available storage capacity at about eight days according to IHS. Those figures are based on the amount of production that could be stored if exports dried up. Saudi Arabia has eighteen days and the US has about thirty Nigeria. The biggest producer in Africa is the most vulnerable among the areas measured by IHS estimated first. Quarter Twenty Twenty daily production of one point nine million barrels a day would fill up available local storage in one and a half to two days as an example of how serious this is getting in the United States. The glut of oil is growing so fast that at least one pipeline owner concerned widely traders may try to stowaway crude on its pipeline network until prices improve plains all American pipeline is requiring customers to prove they have a buyer or place to offload grew. They're shipping companies pipes. According to people familiar with the matter the idea is to prevent anyone from using planes network to park oil in lieu of higher prices. With the key storage hub in cushing. Oklahoma already more than half full concern is rising among investors and oil producers that the sure fit of American crude may overwhelm storage capacity and force companies to shut down wells shale. Explorers are dialing back drilling. But it won't have a meaningful impact on overall crude supplies anytime soon. Similar anxieties are racking the fuel markets as the Cova nineteen outbreak saps demand and foreign producers swamp global markets with oil colonial pipeline company operator of the busiest. Us fuels conduit last week warned clients that any gasoline or diesel on their system that had no end user or storage vacation would be sold off to the highest bidder. So that's pretty much where we are today. The conversation is shifting from how high can daily production go to what happens when we run out of places to put all this oil. Sounds like we're pretty close to finding out and so there you have it your top oil and gas news for Thursday march. The twenty sixth on tomorrow's show we'll be joined once again by Kurt Abraham Editor in Chief of world oil magazine to share the rest of the results of a survey on government intervention in global oil gas markets. Today's content courtesy of world oil magazine and the Bloomberg New Service. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily newsletter..

United States Oil Daily world oil magazine Cameron Wallace oil trader IHS the daily brief Energy Department Siemens Congress Brent crude Cova Saudi Arabia daily review Russia
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

01:45 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. Today is Friday March thirteenth. I'm Cameron Wallace joined by Kurt. Abraham editor in chief of World L. Magazine Kurt. Thanks for being on the show today. Thanks Cameron it's been quite a week. Hopefully things will settle down a little bit but no guarantees. That's for sure I thought we ought to do at this. Point is maybe review where we've been through this week. What we may see come next week and talk about a little bit about motivation by some of the players and then talk briefly about a couple of things we at the magazine in the world. Oil Brand are doing. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise. Nearly thirty percent by two thousand fifty. The world is evolving rapidly and so are the challenges harmful emissions chief among them therefore the solutions must evolve rapidly. If we are to meet society's ever-growing demand for clean energy seems partners with oil and gas customers to navigate the normal delivering what matters most safety efficiency reliability sustainability and ultimately peace of mind. Today's upstream operators face unique challenges including remote locations space constraints and the high costs associated with non-productive Time. Siemens has an extensive track record of helping operators improve performance and mitigate risk in offshore environments visit Siemens Dot com slash oil and gas to learn more about Siemens Engineering Services and technologies for platforms and vessels including F..

Cameron Wallace Siemens the daily brief Oil Daily Kurt Siemens Dot Oil Brand daily review Siemens Engineering Services World L. Magazine editor in chief Abraham
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

04:02 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these your top oil and gas headlines for Wednesday march the Fourth Chevron CEO says they won't follow in the footsteps of other Super Major's aspirational climate change goals. Oil prices stopped their recovery as Russia's delegate walked out of the OPEC plus meeting in Vienna this morning and a consensus seems to be building on Wall Street around coming contraction in global oil demand. I up Mike. Worth didn't beat around the Bush yesterday. Saying Chevron won't go carbon-neutral anytime soon worth the chief executive officer of the second largest. Us Oil Company called the goals set by many European rivals. Aspirational instead he said Chevron will take a more realistic path for a major producer of fossil fuels with concrete actions to reduce carbon emissions within its own operations. We've not set long-term targets that were not exactly sure how we will get to worth said in an interview with Bloomberg TV. Our approach has been get on the path start taking actions set short-term accountability metrics and make progress and start marching in that direction in contrast BP last month committed to being carbon neutral twenty fifty while Shell Repsol and Ian. I have pledged to make large reductions in carbon emissions over the long term. Those promises have won. Favor with environmentalists and investors but according to critics the companies have avoided the difficult truth that no large oil major has yet worked out how to produce carbon-free energy and also turned the big profits associated with oil and gas at its annual investor meeting in New York on Tuesday Chevron committed to financial targets for the next five years and outlined projects for the next decade it's targets for lower carbon intensity emissions end in two thousand twenty three wirth's comments could be a reality check for executives thinking they can have it all. The world's super majors are among developed markets. Most prodigious dividend payers so far solar wind and battery storage projects have shown they can fund such payouts over the long term at some point oil and gas companies. Face a choice. According to worth he said. Shareholders top priority is seeing improving returns in Chevron's oil and Gas Business and the company responded Tuesday by promising to shower them with eighty billion dollars in cash over the next five years. He said if we do things that are only good for the environment and not good for shareholders. That's not sustainable. If we do things ignore the environment and are only good for shareholders. That's not sustainable either. It's finding that intersection. That is the challenge. Both long term aspirations and short-term targets are needed to reduce emissions to net zero by mid century according to Kathy Mulvaney a campaign director at the Union of concerned scientists. That is what the Paris accord says. The world needs to prevent catastrophic climate change. She said it's totally legitimate for people to focus on how to get to these targets. It's hard to give Chevron the benefit of the doubt when its own goals are so limited. Exxon Mobil Chevron isn't concerned about peak oil demand because the surgeon global population will need all forms of energy including oil and gas many decades into the future worth said companies with the lowest cost assets will be the ones to produce those fossil fuels and worth said he is positioning. Chevron to be in that category European energy companies expect that renewables will become a greater part of their overall production over time. Chevron will only invest in renewable energy to support its oil and gas business for the time being according to its presentation at the conference it will continue to invest in novel early Stage Technology. That could replace oil and gas over time. It's previously announced emission targets referred to intensity meaning pollution per unit of energy as opposed a total emissions allowing oil and gas production to rise over. Time worth. Said it's the challenge of more energy for growing world and reducing the carbon footprint. People are going about it a little bit differently. I don't think that's a bad thing. Today's episode of the daily brief is brought to you in part by Siemens with a global population expected to rise nearly thirty percent by twenty fifty. The world is evolving rapidly and so are the.

Chevron Fourth Chevron CEO Oil Daily Exxon Mobil Chevron Us Oil Company Kathy Mulvaney Bush Cameron Wallace Gas Business OPEC
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

09:37 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace and easier. Top Oil and gas headlines for Tuesday February the eleventh today. We'll take a look at corona viruses impact on Chinese gas demand in the US. Natural gas prices fall to a four year. Low and oil is holding fifty dollars a barrel as it appears that OPEC won't take any emergency action. I up the impact of the novel. Corona virus on Chinese gas demand will depend on both the severity and length of time required to contain the outbreak. Wood Mackenzie Research Director Robert. Sims estimates gas demand lost China has reached two billion cubic meters by the end of the first week in February with more than half of this loss concentrated in the Industrial Sector. Though many international airlines have suspended travel to and from China through March and April Sims expects domestic flights to resume in February with the resumption economic activity although limited wood Mackenzie estimates a full year. Gas Demand Reduction of between six and fourteen billion cubic meters at twenty twenty depending on the length of time required to contain the outbreak. You're on your growth. Rates dropped six percent and four percent respectively mostly the result of downgrades as compared to pre corona virus outlooks of eight percent of growth domestic upstream. Gas Production is affected by preventive measures to control the virus and travel restrictions have reduced manpower onsite however as baseload pipeline gas can be delivered in closed off operations. It is less affected. Wood Mackenzie is forecast domestic supply to be lower by between one point six and two point nine billion cubic meters ellen g will bear the brunt of this reduction domestic gas demand although some disruption to domestic gas supply is also expected to travel restrictions and reduced operations. Wood Mackenzie currently estimates the downside impact Chinese Ellen. G demand as between two point six million tonnes in the best case with recovery by April and six point three million tonnes in a more prolonged case with slow return to normal. The Corona virus outbreak and his impact on Chinese gas demand could have come at a worse time for the already oversupplied Global Ellen. G MARKET DISAPPOINTING. Apec demand growth contributed to the having LNG prices through two thousand nineteen and further new volumes emerging from US producers. Wood Mackenzie was already anticipating lower prices through two thousand twenty prior to the corona virus. They had expected the Pacific market to absorb nineteen million tons of the approximately twenty seven million tons of new supply. Growth in twenty twenty. This assessment was based on the view with the Pacific demand. Growth would rebound significantly from last year. However warm weather through December and January in northern Asia has already put pressure on inventory levels in China South Korea and Japan and further weakening already soft North Asian spot market with too much ellen g and nowhere left to place it. It looks like a supply correction is needed to balance the market. Would Mackenzie is expecting supply response in some markets like Egypt and potentially eastern Australia? We're the likes of shell an AP L. G. could attempt to sell gas into the domestic Queensland gas market however it is us Gulf producers who have the highest marginal cost of supply and the most flexibility. The Chinese government said would offer support for companies seeking to clear force Missouri on international contracts. The first such reported notes were sent by last week to Ellen G SUPPLIERS AND CNPC and sign a PEC could follow suit entering force. Measure is rare in LNG markets and. We'll be contractually complex contract. Wording will need to explicitly include epidemics as force majeure events demand-reduction on its own or noticed by relevant Chinese government. Authority will likely be insufficient in addition prior to being released from their obligations to receive cargo. Buyers would need to follow contract procedures proving that actions had been taken to minimize overcome the impact of the force majeure event total contracted volume into China in two thousand twenty is fifty four million tons per annum still less than the two annual demand scenarios presented Mood Mackenzie's best case and prolong case so while major Chinese buyers may call for force. Major suppliers may insist on trying to deliveries to later in the year once demand impact of Corona virus has diminished given the widespread between high contractor prices and low spot market prices expected to persist through twenty twenty. There is a strong commercial incentive for each side to resist the actions of the other. If buyers do succeed exercising force measure the revenue impact on sellers could be significant. The approximate price for many of these oil index contracts is around fourteen point five percent of oil range equivalent to eight dollars and eighty three cents per million. British thermal units this compares with spot prices of around three dollars and fifteen cents per million. Btu's Today's episode of the daily brief is brought to you in part but Energy Web Atlas Energy Web Atlas delivers real time market data analysis and coverage of midstream infrastructure and downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petrochemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com in the US. Natural gas futures sank to a four year low as the latest forecasts all but eliminate bulls hopes for late winter. Cold push frigid weather in parts of the Midwest and West. This week won't stick around for long. According to Commodity Whether Group LLC mild temperatures are poised to blanket the eastern half of the country February a shift from previous outlooks that showed lingering chill. Unusually warm weather has wreaked havoc on gas demand allowing an onslaught of supply from shale basins to overwhelm the market American liquefied natural gas cargoes a key outlet for production are at risk of being curtailed as the corona virus outbreak in China curbs consumption the resulting collapsing. Gas prices is squeezing profits for us. Exporters the gas glut has been especially severe in the Permian Basin. Local prices for March delivery dropped below zero output from the West Texas New Mexico shale play or gases extracted as a byproduct of oil drilling is increasing so fast that there isn't enough space on pipelines to take it away guess futures for March delivery slid five percent the lowest settlement since March ninth two hundred sixteen the premium for April gas over the March contract widened to three point. Eight cents a sign that traders don't expect an end of winter supply crunch finally today. Oil is holding near fifty dollars a barrel in New York on signs that OPEC and its allies. Probably won't go ahead with a much touted. Emergency meeting even as global oversupply piles up. While the coalition's technical experts have recommended a production cutback as corona virus batters demand Azerbaijan's energy minister told. Ria Novosti news wire that the group is unlikely to holding early meeting Saudi Arabia's pushing for action yet key partner Russia has so far resisted as the alliance dithers conditions in Global. Crude markets are deteriorating a discount on prompt crude which appeared in Brent Front month contracts last week for the first time in a year is taking hold in the futures market the pattern which is known as tango and usually indicates oversupply now extends all the way through September contracts oil short-selling has more than doubled in just two weeks hedge funds boosted bears wagers against WTI crude by forty one percent in the week ended February fourth following a fifty two percent surge a week earlier another indicator closely watched by traders. The so-called red spread between December contracts and consecutive years is also shifting towards tango after collapsing from a dollar thirty one a barrel and late January to just four cents on Monday OPEC and its allies. Have shown some readiness to intervene with a committee of technical experts counseling last week that the coalition which pumps about half of the world's oil should deepen existing production cuts by an additional six hundred thousand barrels a day during the second quarter yet Russia. The biggest crude producer within the group hasn't yet announced whether it will back the policy or meeting before the group scheduled early March gathering to make it happen. Prices could come under further pressure if talks aimed at ending the conflict in Libya were blockade of ports has pushed production to the lowest level since two thousand eleven lead to a restoration of output. A two day meeting started. Sunday is being closely watched for any sign of a deal that could restore over one million barrels a day of output to global markets. And there you have it our top oil and gas new stories for Tuesday February. The eleventh content is courtesy of world oil magazine and Bloomberg News Service. Treat more on. Today's topic's please visit world oil dot com slash news. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily.

China OPEC US Cameron Wallace Wood Mackenzie the daily brief Oil Daily Mackenzie ellen g oversupplied Global Ellen world oil magazine Wood Mackenzie Research daily review
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

12:40 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"TO THE WORLD. Oil Daily brief podcast. I'm Cameron Wallace. Integrating people processes and technologies is a complex challenge in modern offshore drilling operations from an operator standpoint finding a baseline of reliability and certainty to maximize rig operational. Time is the primary goal at Baker Hughes Twenty Twenty annual meeting in Italy. Last week I had the opportunity to sit down with chuck show Vier Baker Hughes Vice President of subsea drilling systems. Chuck Walk me through. How new technologies are driving productivity to drilling actions and helping build that baseline of reliability and certainty so chuck? What are some of the challenges that operators are facing exploring offshore fields today? I think as as you've heard in the event At least over the past few days. It's really trying to figure out how to embrace drives sort of value and productivity into their actions. I think as we're all trying to figure out how do you integrate technology and people and data and processes it's sort of a complex ecosystem and so it's not sort of just any one thing thereafter but it's something that thereafter it's sort of a proof point because it can get so big it gets real hard for people to sort of wrap their mind around it and so from an operator standpoint. We're the business that I lead for. They will fi group for Baker. Hughes worth maybe one segment removed because of the equipment in the service that we provide is directly to the drilling contractor who then serves the operator and so for us what we're really looking at. It's just providing that baseline of reliability and certainty with reliability certainty. That comes down to keeping operations up and avoiding unplanned rig downtime a fair statement. Oh Yeah I think it's interesting that you kind of go through this this the concept of non-productive time which comes in many many different forms. There's no doubt that unplanned events and planned events actually carry the same gravity. It's just the difference between an unplanned event. You feel a little bit more embarrassed. Where on a planned event you figure I can drive productivity but but you know if you if you take it from pure sort of binary view. Both of them are just time that you could spend differently so then the question is can you apply the same tools to manage both and we're seeing some some activity of that through the information. We're getting where you can okay. So unplanned time and plan ric time are similar however the implications of the unplanned time as far greater could could be. Here's here's how to think of it in a weird way plan time to do maintenance or other prescriptive acts from drilling contractors standpoint are those things that are typically borne by the operator unplanned time from the drilling contractor in a weird way goes to their account. So when you sit here and you look at. Who's lever are you working on at the end of the day? The operators covering the overall spread cost. And when I all will occur on both fronts from their standpoint they're vested in both the drilling contractor invested in one more perhaps than the other and so what we're seeing is that line is starting to blur a little bit so yes no doubt that unplanned is one word you know most people whether you kind of call it embarrassment because it was something he didn't plan for Or if you were to say no. We plan for this much uncertainty. You kind of go. Well what kind of planning aspect that. And so that's that's where you start to see this whole. This whole aspect is starting to effectively. Fold on itself to where everybody is vested in driving out planned maintenance and unplanned actuality because those two things maintenance directly effects unplanned an unplanned directly affects maintenance so those things are just I mean they're conjoined or if you want to say locked the him. What kind of technologies kind of approaches do you have at your disposal that can help reduce that unplanned time and make that more predictable and something that you can actually project implant for an an operation one of the things that we've been investing in that rides on the control system as product called? Sea Legs see lyrics has been something. We've been developing in the Organization for a while in effectively the unplanned in planned activities on a drilling rig especially deepwater drilling rig really revolve around the availability of the subsidy drilling system. The solidifies platform that we have developed is one that basically connects to the B. O. P. Control System and then provide you affectively all the fidelity that you need to begin to build and connect to the maintenance programs that both the oem prescribe as well as the equipment owner prescribe for that. We call it the care custody and control of the equipment so the package actually then begins to give you a really high fidelity registry of what's happening to the system and what is being done to the system once you integrate those two this is when you can start to apply simple things where you start you know the old crawl kind of walk in and run. The first cross cycle is how do you even just take cycle counts and just say like a mileage odometer used to say change your wall ever six five thousand miles or six months. Whatever comes first well in a weird way. We just had time based maintenance on the equipment. Now we're working on okay. We now can count cycles for you can begin to monitor where those cycles occurring and then you can start to integrate that with the engineering discipline on meantime between failure and those things to begin to improve the performance of the equipment. You can also take that connected to the maintenance system so when you cross over from the unplanned to the planned you have some data that you can say at the rate you're using this unit at the next plan cycle because we have some information about the meantime between failure. You ought to consider doing these things as well. And that's where you start to build. That's why when you sort of evolved from this crawl to this we'll say toddling stage where you are now. Beginning to challenge. Were the assumptions that we use on mileage or time. Now let's apply some information that we can actually have a little bit of this for like a better word circular interrelated loop to where you can say if I do this. Does this extend or does this drive any benefit and so? That's we're working with the sea legs package in. Its is starting to bring really great benefit. Where's the data? Come from the power see lyrics and I know that has many moving parts and they're all potentially I suppose generating data. How does how does that connect with? What's he doing on the software side? Yeah so seen Lennox if you can kind of put it there. It's basically an edge device that is connected to the O. P. Control System. The control system has a number of direct sensors but it actually has a number of indirect functions that you can pull off of it because so direct sensors pressure temperature time just some of those basic things but the other things that occur. Is You then take the subject matter experts in line them up to say when you request the system to do one thing this other chain of events occurs and that other chain of events where he takes subject matter experts ply that running on top of the the information systems creating so actually create this sort of call it multi faceted data set that says anytime this event occurs this other assortment activities also occurred so it's in effect an indirect data source that creates factual direct data so it goes from the peak control system? It is then at the edge on the ring this were all the data resides and then that data can be sent then onshore to be put into a broader data lake so we can get a richer data experienced then make a broader assessment of fleet of equipment that is similar so that we can then begin to develop a much more rich sort of data set to then make decisions about how best to do care custody and control of the equipment so that lets the operator leverage the experience and the track record of all the other devices that are similar operating in similar state he's able to leverage the information that those generated to understand to better understand what he's seeing on his own site for sure on that front right now obviously ownership data sharing is sort of just an ever evolving space. And it's really interesting when you begin to sort of say. Whose data is that. And that's probably a whole discussion especially in the space. You're in for for another discussion. Certain people are are very open with it when you being in a challenge them you know that you need to analyze the data a little bit so that you can say look just like an industry take the aviation industry. There's certain things where you go. What DOES HE AVIATION INDUSTRY COMPETE ON? Do they compete on? My plane is safer than you're playing. You kinda go no not so much so when it comes to safety and those types of things that's where we say look. The data sent ought to be rich. On a half plurality to everybody on have access to the safest most reliable blow up prevention system where things begin to sort of become a little bit. Noisy is when you say but I'm gonNA try some things on maintenance. Intervals are on different things to make my system a little more competitive than somebody else's or if you have an event and all of a sudden a little bit of oversight comes into sort of assign causality to it. Things get a little bit complicated on. Where should this day to be? But at a high level the answer is yes our desire. Is that the equipment that we make provides. Not only the most safe but the most reliable and available in predictive which gets to the run piece of the crawl. Walk run element predictive So that it can perform at best because at the end of the day we just want all of the clients not only the drilling contractors but the operators as well to have a preference for equipment gotta to think that something like that would be of particular interest in the some of these new emerging basins like offshore Suriname and Jonah where. They're just is not a whole lot of shore infrastructure to leverage for warehousing of parts or spares. When I've got a long supply chain that would be something that I think would be pretty important. Yeah this this this is an. You're getting to. We'll call it some of these other in a weird way almost ten general things because one of which is we're looking to improve the performance drive some things but we're also doing especially when we have some contractual service agreements with clients where we're actually connected to the ship are or the vessels inventory system because what happens as soon as you know. Here's where I'm going cycle counts. Here's what the maintenance interval looks like. Here's the next inbetween well maintenance and what we're GONNA do. We then interrogate the inventory to be able to say M I in a position to take those actions you can then move to that next level it says if my lead time or my replenishment cycle looks long. I'm in a remote location or my shore-based support requires ninety days and duties or whatever to bring things in you can then start to change your stocking levels to meet when you when you move around because obviously these are. These are mobile drilling units. They find themselves right now unfortunately and really short contract spans. I mean the average the average tender. I think this year was roughly in the range of twelve months. And so you are spending some time. Where these rigs are moving around and point. Sometimes they're not some of the most accessible places in the in the world and so you do optimize working capital that you have on the rig but at the same time you WanNa maximize that Riggs availability to do it needs to do. And so yeah. We're definitely connecting inventory into that decision process as you start to build the system forward so I remember hearing about the way control systems. Used TO WORK. You'd push the button. The light would go from red degreen which means the rams of closed but really in in reality would have meant as you push the button. The Rams may not have closed now. What is able to do with all that data and it's processing capability is say you push the button and yes the rams closed. They took this amount of time to close..

Vier Baker Hughes Rams Chuck Walk Baker Hughes Twenty Twenty Oil Daily Cameron Wallace Vice President Italy B. O. P. Control System Hughes O. P. Control System Suriname Riggs Lennox Jonah
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

02:14 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these your top oil and gas headlines for Monday January the twenty seventh another new discovery offshore Guyana pushes recoverable oil in establishing block beyond eight billion one of the most important elections for climate change is about to take place in Texas and oil prices posted their worst week and over a year as concerns. Mount the Asian Corona virus will cripple demand. I up Exxon. Mobil has increased its estimated recoverable resource base in Ghana to more than eight billion oil equivalent barrels and made a further oil discovery northeast of the producing Liza field at the U. R. Exploration. Well the sixteenth discovery on the Stab Rick Block the new recoverable resource estimate includes fifteen discoveries offshore. Ghana through year end of two thousand nineteen. The yaro discovery is the first of twenty twenty and we'll be added to the resource estimate at a later date. You are encountered approximately ninety four feet of high quality oil bearing sandstone reservoir. The well drilled in six thousand three hundred forty. Two feet of water is located approximately ten miles northeast of Elisa field which began producing oil in December of twenty nineteen production from the Liza Phase. One development is currently ramping up and will produce up to one hundred twenty thousand barrels of oil per day in the coming months. Utilizing Elisa Destiny floating production storage and offloading vessel the Liza unity. F- PSO which will be employed for the second phase of development and we'll have a production capacity of two hundred. Twenty thousand barrels of oil per day is under construction and expected to start production by mid twenty twenty two pending government approvals and a project sanctioning of the third development production from the PR afield. North of the Liza discoveries could start as early as twenty twenty three reaching an estimated two hundred twenty thousand barrels of oil per day four drill ships in Ghana. Continue to explore and appraise new resources as wells developed the resources within approved projects. A fifth drill ship is expected to be deployed later this year..

Oil Daily Ghana Cameron Wallace Liza Phase Liza daily brief daily review Rick Block Exxon Mobil Guyana wells U. R. Exploration Texas
"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

08:05 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Thursday January. The twenty third oil is sinking to two month low as the ASIAN CORONA VIRUS THREATENS DEMAND One of Houston's best known shale bankers is telling the city to embrace the energy transition and continued unrest in the eastern Mediterranean. Has a fleet of oil tankers held up off the coast? I up oil tumbled to a two-month low on speculation that China's corona virus outbreak may demand futures declined as much as three five percent to below fifty five dollars a barrel in New York on Thursday. As the world's largest oil importer effectively quarantined a major city to contain the SARS like virus which Goldman Sachs worn could trim global consumption. The alert has overshadowed concern over the hall. Exports from Libya oil is bearing the brunt of the anxiety due to the potential. Hit to travel especially as it's happening just before the Lunar New Year holidays which is the biggest human migration in the world. Goldman Sachs predicts. The virus May crimp global demand by as much as two hundred sixty thousand barrels a day this year with jet fuel accounting for around two-thirds of that loss if the SARS epidemic of two thousand. Three's any guide. West Texas intermediate futures for March delivery slid a dollar seventy seven to fifty four ninety seven a barrel on the New York. Rick talks change after earlier. Falling to as low as fifty four seventy seven which was the lowest since November twentieth? Meanwhile a measure of oil market volatility rose to its highest level since October Brent futures remarked settlement declined a dollar eighty three to sixty one. Thirty eight a barrel. The global benchmark traded six dollars forty two cents premium to WTI. For the same month China ban travel from Wuhan a city of eleven million in efforts to stop the spread of the virus that has claimed at least seventeen lives so far and infected hundreds. The country is the biggest importer oil. By far the World Health Organization will meet again today to determine if it should declare the outbreak a public health emergency of international concern after delaying. Its decision yesterday. Meanwhile in the US and Energy Information Ministration report today is expected to show domestic. Crude supplies rose by eight hundred thousand barrels last week. The American Petroleum Institute reported a one point five. Seven million barrel increase in crude inventories. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing a sustainability initiative for their company working on technologies to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstract for the conference or being accepted online through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy dot com. The energy transition is coming to Houston and north. America's all capital had better be ready. According to one of the city's best known oil bankers. The oil and natural gas industry is about to undergo a seismic shift as climate change pushes cleaner energy. Sources to the forefront Bobby Tudor founder of Investment Bank Tudor Pickering and Holt said Wednesday in remarks prepared for an address to the Greater Houston Partnership. Although tutors warning is something environmentalists academics and European oil. Ceo has been saying for a few years now is now coming from an unlikely herald or the key. Financiers and beneficiaries of an industry that generates one third of Houston's economic output the economic vitality and growth of our region's economy is inextricably tied to the Energy Industry Tudor said to traditional oil and gas. Business is not likely to be the same engine for growth in Houston for the next twenty five years that has been for the past. Twenty five years Houston has for decades. Been the epicenter of the North American Petroleum and Chemical Industries and is home to roughly four thousand six hundred energy companies according to tutor that puts America's fourth largest city in an interesting position as climate change. Prompts calls for a dramatic shift in how businesses and consumers power trucks trains airplanes and power plants. If you WANNA restaurant or a law firm or a clothing retailer or a travel agency. The health and vitality of the energy industry matters to Your Business and your community and in all probability matters more than you know Tudor said. The wealth generated by the industry has been widely impactful to the city tutor. Insisted it's not the end for oil and gas. Neither production nor consumption are disappearing anytime soon. He said but the challenges are daunting coupled with poor financial returns climate change concerns have the industry dramatically out of favour of the moment in most every corner of the investing and political world. Gas will play a major role in the transition despite the objection of some environmental groups and politicians who advocate a total rejection of fossil fuels. Even some investors are demanding more refined and fulsome corporate disclosure environmental social and governs metrics. Oil Executives aren't clear on how to comply Tudor said the topic hit the headlines last week when black rock. Ceo Larry Fink wrote. Investors to unveil a plan to incorporate climate change considerations into investment decisions. Today's episode of the daily brief is brought to you in part by Energy Web. Atlas Energy Web Atlas Delivers Real Time Market Data Analysis and coverage of midstream infrastructure downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and contacts operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petrochemical projects users can effectively pursue new business opportunities with greater mark insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com off the coast of Libya. One man is holding up several million tons of steel Khalifa after the military leader who controls critical parts of the north. African oil producer ordered the closure of its ports and kilo fields at the weekend while haggling over truce with the national government as he rebuffs pressure from world leaders to reach a settlement. A line oil tankers waiting to load is forming. Libya's it'll ports crude exports that would typically see one million barrels a day have ground to a halt ten ships able to carry eight million barrels are floating in the country's waters mostly onto key export terminals Libya primarily ships to Europe. The cargoes can go to the US and China and refiners prize. It's low density high quality crude for the ease of processing it into fuels like gasoline. Although it's the biggest supplier option since missile strike briefly disabled half of Saudi Arabia's oil capacity in September crude markets have shown a surprising level of indifference to the Libyan crisis consumers remain comfortably supplied by a wave of new production ranging from US shale to Jonah and traders are increasingly focused on whether demand will hold up in a deeply certain macroeconomic. Climate also refiners have grown accustomed to eradicate output from Libya or political conflict. Since the fall of Moammar Qaddafi has knocked out about forty percent of capacity for most of the last decade markets. Could soon take notice of the disruption drags on however according to Amrita son chief analyst Consultants Energy Aspects Limited in London as the scenario of ships in Libya's waters shows no signs of moving. That moment may begin closer and there you have it our top oil and gas news stories for Thursday January twenty third content is courtesy of world oil magazine and the Bloomberg News Service to read more on. Today's topic's please visit world oil dot com slash news. I'm camera Wallis. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free daily newsletter..

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"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

07:01 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these your top oil and gas headlines for Tuesday January the fourteenth the state of Texas has processing drilling permits at a record pace in a blow to Canadian. Morale and Cana- has finalized. Its plans to rename itself and move to the United States. Norway's Finance Minister says the era of oil and gas production is not about to end and though towel has hired Maersk drilling drill a record setting well offshore West Africa. I up for the second year in a row. Railroad Commission of Texas staff have set a record of taking just two days on average to process standard drilling permits which is one day below the legislative requirement. This efficiency helps foster the growth of energy production statewide during calendar year twenty nineteen the RC process. A total of eleven thousand six hundred fifty four new drilling permits Texas leads the nation oil and gas production with the Permian Basin in West Texas ranking as the top energy producing region. Nationwide in the last twelve months. Texas operators reported one point four three eight billion barrels of oil and almost ten trillion cubic feet of total gas produced additionally the US Geological Survey estimates the Permian Basin contains sixty six billion barrels of oil nearly three hundred trillion cubic feet of natural gas and twenty one billion barrels of natural gas liquids in the Midland Delaware basins obtaining a drilling permit from the commission is one of the first steps. Oil and gas operators must take along with filing an organization report and posting necessary bonds drilling permits indicated for welby vertical or horizontal. The wells proposed location and specific hydrocarbon fields to be produced once approved permits valid for two years. Today's episode of the daily brief is brought to you in part by Energy Web. Atlas Energy Web Atlas Delivers Real Time Market Data Analysis and coverage of midstream infrastructure downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petrochemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot COM in Canada and Kenna one investors approval to relocate to the US and change. Its name to inventive. A planet has dented morale. In Canada's beleaguered Energy Industry about ninety percent of security holders voted in favor of the plan and kind of said a statement Tuesday after a special meeting in Calgary. The company produces oil natural gas in both Canada and the United States and Canada can now push ahead with the plan that has added to the gloom surrounding Canada's oil industry which is suffering from a lack of pipeline space. That is weighed on prices and prevented producers from increasing output. The dismal environment has prompted foreign companies to sell more than thirty billion of Canadian Energy Assets. In the past three years losing encana carries an even sharper sting because it was one of Canada's market companies born out of the nation's nineteenth century railway boom and the candidates name was a nod towards the country of origin the company which is moving. Its head office from Calgary to Denver said relocating to the US will allow it access to large ripples. Investment capital including index funds and passively managed accounts montreal-based let coach Bruce own associates and Connah's fourth largest shareholder blasted the planet November saying the move is highly discriminatory because it forces investors holding the shares in Canadian focused funds to sell the stock at a time when the price is relatively weak. The company holds about four percent of encounters shares in Norway Finance Minister Sieve. Jensen says she sees no reason. Why the oil and gas? Her country produces can't be part of a future focused on sustainable energy speaking in an interview on Tuesday. Jensen says it's important focus on emissions but the debate needs to be more nuanced to ensure that more efficient forms of fossil fuel production aren't discontinued the richest. Nordic nation has long argued that it's unrealistic to think that oil will no longer be needed in the future Norway's therefore making the case that it should be the last producer to stop drilling because it's operations of some of the lowest emissions of greenhouse gases indeed Ecuador Neptune drilling announce the award of several new production licenses in the Norwegian continental shelf today to learn more about those specific awards. Please visit world oil dot com slash news. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing a sustainability initiative for the company working on technologies to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstracts for the conference are being accepted through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy dot com. Finally today Maersk drilling has been awarded contracts for three well exploration drilling project by totalitarian P for its seventh generation drill ship Maersk Voyager mayors voyager will be employed offshore Angola and Namibia for a campaign which includes the deepest water depth ever drilled off shore. The project includes two wells offshore Angola in blocks thirty two and forty eight plus one. Well Offshore Namibia. The campaign is expected to commence in January twenty twenty with an estimated duration of two hundred and forty days. The total value of the contract is approximately forty six million dollars including a mobilization fee the contracts include two additional one. Well options the well. In Angola's block forty eight will be drilled. A new world record water depth. The three thousand six hundred twenty eight meters. The current will record is three thousand. Four hundred meters set by mercy. Voyager's sister Jill ship venturer when it drilled the Raya one well for Hotel Officer Uruguay in two thousand sixteen to support the campaign in Angola. Namibia Maersk says they will be working with local partners to power successful outcomes and strengthen the development of the local oil and gas industry to the benefit of all parties involved and there you have it in our top oil and gas news stories for Tuesday. January fourteenth content is courtesy of world oil magazine and the Bloomberg News Service to read more on today's topic. Please visit world oil dot com slash news. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today stories and sign up for our free Daily News..

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"oil daily" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

09:10 min | 2 years ago

"oil daily" Discussed on World Oil's Daily Brief

"Welcome to the daily brief the world. Oil podcast network daily review of market news emerging trends new technologies and the people who are advancing the oil and gas industry. Here's Cameron Wallace with your top news. Stories of the day. Good afternoon and welcome to the World. Oil Daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Monday January the thirteenth. We'll take a look at the influence. Gasoline prices can have on. Us Elections a hedge fund that one big by shorting. Us Shale is bullish on Canada's oil sector and the EU is planning to unveil a climate neutral economy plan for the price tag of more than one trillion euros. I UP DONALD TRUMP's decision to authorize the killing of Iranian general and reignite Middle East tensions underscored US political reality higher gasoline prices continue elections analysts and energy executives say any sustained price increase that sends gasoline above three dollars per gallon. Could Siphon votes from trump November while dampening enthusiasm for twenty twenty democratic campaign promises to ban fracking for oil and gas and limit domestic energy development? The president who's counting on a robust economy to win reelection in November and maintain Republican controlled. The Senate is banking on record shattering surges in domestic oil production to absorb any shocks unleashed by his moves on Iran. But trump's confidence belies. Us refineries continue reliance on heavy grades of crude from the Middle East as well as warnings from oil analysts that renewed tensions or strike on energy infrastructure could still pinch American consumers at the pump. Americans don't pay close attention to foreign policies but they do care about gasoline prices. The fear of gasoline prices spiking will make president trump. Wants to have a more muted military response to this Iranian situation said Dan Eberhardt Republican financier and Chief Executive Drilling Services Company Canary LLC Middle East oil facilities and shipping routes remain a prime target if Iran seeks further retaliation for Casino Sulejmani death in a US drone strike clearview energy partners told clients that trump's conciliatory comments. Wednesday donor raise continuing risk for regional crude oil production and transportation ranging anywhere from hundreds of thousands to millions of barrels per day any attacks designed to disrupt the flow of oil. Could drive up the cost of both crude and gasoline refined from it shaking up. The politics of energy for trump and democratic rivals moves in oil are often followed shortly by shifts in gasoline prices and motorists frequently hold presidents on their politicians in power accountable for the increases years of relatively low gasoline. Prices HAVE BLENDED AMERICAN. Motorists concerns about classic pocketbook issues enabling twenty twenty democratic hopefuls to outlined broad plans for combating climate change and curbing domestic oil development Bernie Sanders Elizabeth. Warren and other presidential candidates have gone even further promising to outlaw hydraulic fracturing that has driven US oil natural gas production to record levels confronting climate. Change has been a priority for Democrats seeking the presidential nomination and so far. There are no signs of candidates have shifted their approach in response to Iran. Us TENSIONS. The issue was popular. Democratic primary voters largely. Because there's very little economic anxiety right now said Benjamin Salisbury a senior policy analyst at height llc a sustained boost prices could upset the dynamic and curb some lawmakers zeal to tackle climate change by putting a tax on carbon dioxide emissions generated by burning oil gas and coal. But it wouldn't happen overnight in the short term climbing Croon. Gasoline costs might just 'cause politicians and voters to dig in Salisbury said. The people who support fossil fuels as an economic driver would say this is why we need more pipelines refining drilling and the people. Who Don't we'll say this is why we need more electric cars. Today's episode of the daily brief is brought to you in part by Energy Web. Atlas Energy Web Atlas Delivers Real Time Market Data Analysis and coverage of midstream infrastructure and downstream projects as the most comprehensive tool in the market energy web atlas provides access to key global project details and context for operating licensing construction engineering companies. This is the only fully integrated global intelligence platform for liquids and Gas Pipelines. Ellen G gas processing and refining petro chemical projects users can effectively pursue new business opportunities with greater market insight and the most current project intelligence to learn more visit Energy Web Atlas Dot Com continuing on the finance side after big wins shorting. Us Shale companies last year one energy hedge fund is turning its sights on the beaten down Canadian oil sector after gaining forty percent last year. Westpac capital management is betting. Canadian firms are better position because they don't need to spend as much as their US counterparts giving them a higher level of free cash flow. Also oilfields in. Canada aren't experiencing the rapid rate of production declines that has plagued companies operating in American shale fields. Canada's energy industry has seen a wave of financial blows in recent years driven by a lack of pipeline availability. That is choked off growth prospects. That's prompted foreign companies to ditch more than thirty billion dollars of assets in the past three years at current oil prices. Canadian oil names are generating gigantic amounts of free cash flows as they aren't spending money to grow their product. They're just spending to maintain it. Says Louis Lemay Chief Executive Officer LONDON-BASED WESTPAC? It's just a little bit. Odd to energy valuations at all time lows when SNP valuations are at all time highs. It's truly unprecedented. He said already. There are signs. The Canadian players have regained their footing. The S. and P. T. S. X. Composite Energy Index which comprises Canadian Energy companies quietly outperformance. Us equivalent in two thousand. Seventeen T. securities maintained an overweight stance on the Canadian Energy Sector while downgrading. Us Exploration and production companies. Today's episode of the daily brief is brought to you in part by the Sustainability Leadership Conference in energy. This first of its kind event is for all professionals with an interest in developing sustainability initiative for their company working on technologies to make oil and gas cleaner and minimizing the social impact of the production and use of hydrocarbons abstracts for the conference are being accepted online through Saturday January. Twenty fifth to learn more about the sustainability leadership conference in energy. Please visit sustainability in energy dot com. Finally today the European Union will unveil an investment plan next week designed to mobilize at least one trillion euros over the next decade for an unprecedented shift to climate neutral economy. The Sustainable Europe investment plan will be the financial pillar of the green deal a sweeping strategy to eliminate greenhouse gases by the middle of the century the European Commission. The blocks executive arm wants to pull together a set of new policy initiatives with existing tools and ensure coherent framework that will spur investment from every corner of the e U The EU budget associated instruments will trigger at least one trillion euros of sustainable investments. The commission said in the due to be adopted on January the fourteenth however more will be needed to master the challenges ahead public finance needs to lead the way but private actors will need to provide the scale with president trump set to pull the world's biggest economy out of the Paris climate accord and China. The world's biggest polluter still building more coal power plants than the rest of the world combined. Europe is looking to seize the initiative and the global campaign to rein in the effects of climate change and betting that it will bring a dividend in terms of jobs and economic growth however the cost of the transition are dizzying reaching the existing targets which include reducing emissions by at least forty percent by twenty thirty from nineteen. Ninety levels will require additional spending of two hundred sixty billion euros annually. According to the commission's estimates investments in sustainability are held back by regulatory uncertainty a fragmented market coordination failures unlimited access to finance the sustainable Europe investment plan aims to increase funding for the transition with the budget devoting at least twenty five percent to climate ensure that financial institutions and private investors have tools to properly identify sustainable investment crowd in additional private funding through leveraging the US budget guarantee and turn the EU investment bank into a climate bank. The US lending arm will double its climate related lending the transition to climate neutrality. Would start this year and involves stricter emissions limits for industries from cars to chemicals revamped energy taxes greener farming new state aid rules for companies and possibly an environmental import tax. Everything from finance to the design of cities would need to become more sustainable. And there you have it. Our top oil and gas news stories for Monday January thirteenth content is courtesy of world oil magazine and the Bloomberg News Service to read more on. Today's topic's please visit world oil dot com slash news. I'm Cameron Wallace. Thanks for listening today. Thanks for listening to the daily brief on the world oil podcast network. If you have any questions or comments on the program please email editorial at world oil dot com and check the show notes for more information about today's episode. Don't forget to subscribe either on Apple podcasts. Or wherever you get your podcast also be sure to visit world oil dot com for more information about today's stories and sign up for our free Daily News Life..

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Oil prices rise on fear of Iranian retaliation against U.S.

Chris Plante

00:46 sec | 2 years ago

Oil prices rise on fear of Iranian retaliation against U.S.

"Org Ron has now told harsh retaliation for U. S. airstrike near Baghdad airport that killed its top general course wanna Christine Romans tells us Iran could try to disrupt oil tankers that flow through the strait of our moves quarter of the world's oil daily supply goes through that very narrow route so that is really a kind of the leverage that Iran has here to drive up global oil prices which drives up gas prices which election year is something that could be the kind of economic warfare oil prices are up sharply major stock markets falling after that attack the price of oil surgery three point six percent major indexes down about it eight eight tenths of a percent in early trading at this hour the Dow was down two hundred thirty five points the S. and P. five hundred down twenty one the nasdaq down sixty

RON Christine Romans Iran Baghdad