17 Burst results for "World Oil Magazine"

"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

04:55 min | 1 year ago

"world oil magazine" Discussed on World Oil's Daily Brief

"Podcast I'm Cameron Wallace and today's Sunday November the first this is yet another week of having some positive news to share on the number of oil and gas rigs work here in the US and abroad, and so we're going to focus on that a little bit and then unfortunately Exxon has been in the news quite a bit of late between earnings and some steps are going to take to try to. Mitigate the impact of a week to three or so we're GonNa talk about that, and then finally some excellent news off-shore. Canada. That's going to be something that's GonNa be great to talk about. So we've got quite a few things covered and as always we have Mr cred Abraham editor in chief of world oil magazine with us today Kurt. Thanks for joining us. But well, thank you cameron and what a week it was and We're all sort of. A holding on here waiting for the election on Tuesday and we'll see how that works out. But in the meantime, more good news than bad news for the industry over the last week and the first piece of good news as you alluded to we WanNa talk about is the Baker Hughes Recount for the US and I should say for Canada's well because there's some good news all around as everyone will remember we've really slogged our way through a lot of porter months here this year during the spring and summer and into. The early fall I have to tell you now over the last eleven weeks. Let me back up just a second say as you remember, there were twenty four consecutive weeks of new all time lows in a bigger Hughes recount during the first half of this year about about a two, hundred, forty, four units on August the fourteenth. Now over the last eleven weeks, the count has gained fifty two rigs. We gain nine rigs with count on Friday. That's an increase of a little over twenty one percent over the last eleven weeks. And It's it's pretty phenomenal that forty two out of the fifty to have occurred in just the last seven weeks. So we're definitely working our way back up. It's not a massive recovery, but it is a mild recovery and it's better than nothing and.

Cameron Wallace US Baker Hughes Canada Exxon world oil magazine editor in chief Kurt
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

03:21 min | 1 year ago

"world oil magazine" Discussed on World Oil's Daily Brief

"Podcast on Cameron Wallace. And today is Sunday, October 11th. It's been an interesting week in the oil and gas space. There's been quite a bit of activity happening on the merger acquisition side. There's been some notable Acquisitions in The Operators and among service companies. We want to talk a little bit about some trouble that one of the major off remaining offshore drilling rig operators has got themselves into with some Bond restructuring. And then finally we're going to close with some stroke still more positive news on the rig count. So to help us get through all this is Kurt Abraham editor-in-chief of world oil magazine. So Kurt. Thanks for joining us. Well, thank you Cameron and just seems like week after week. We've had a number of notable things going on in the industry over the last couple of months and certainly last week fits into that series as well our number one story here. Over the last week translation translation is everyone knows is has been trying to avoid bankruptcy. They've been trying to Stave off going into chapter eleven. However, they took an action this last week which while on the surface seems to be a good thing. Then you realized that it's going to cause another problem which could actually send it to the very thing that they're trying to avoid. So I know that sounds a little confusing but but if you go back to the fact that Transocean is trying to avoid a bank actually filing go into chapter eleven. Okay, and then you go to the fact that this last week the engineer to bond swap to trim about well trim some of its nine billion dollar debt load and you know, he's the crunch that they're feeling from the lower oil prices. That sounds good until you realize that the wage. Taking money away from paying creditors that they had already promised to pay and the money can't simultaneously May pay for two things. It's either got to be one or the other. So other creditors led by two firms white box advisors off and Pacific investment management company. They say that if Transocean goes through with the bond swap that this in itself amounts to a default because there they meaning Transocean are pledging money that was already promised to these creditors and instead they're taking it and using it for the bond Swap and so that certainly not a problem. And so these companies have given Transocean until December 1st to fix the problem one way or another these credit app. Say they're seeking a settlement but would be prepared to demand immediate payment of their debt. If a deal cannot be reached and of course, I would certainly plunge Transocean into chapter eleven, which of course it's trying to avoid so that in essence is you know, that's a nutshell summation of what's going on here interestingly enough..

Transocean Cameron Wallace Kurt Abraham world oil magazine engineer Cameron
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

05:55 min | 1 year ago

"world oil magazine" Discussed on World Oil's Daily Brief

"Is Sunday, October 4th, as we get started here in the month of October. There are some key traders in the oil and gas projects who have some less than encouraging projections about oil demand recovery. The new rig count is out from Baker Hughes and there are some important details in there that may actually kind of conflict with some of those Traders projections Venezuela and Iran are continuing to Buck the US sanctions that have been imposed on production and shipments to that country. And finally Libya is recovering nicely from its blockades that it was facing during its own little Civil War this year and output is recovering accordingly. So to help us cover all this is Kurt Abraham in Chief of world oil magazine Kurt. Thanks for joining us. Well, thank you Cameron and the headlines just keep coming. Don't they? Yeah, that's for sure. Well this this thing about global oil demand. We now seem to have a consensus. Is emerging among some of the leading trading houses around the world and that consensus is that Global oil demand will not meaningfully recover for at least 18 months 18 months from October would be well past 20 21 that would be into the first half of 2022 at this rate. So I'm not a particularly encouraging Outlook from these training houses. But then again, they could be wrong. Nobody says they're going to be right but certainly the demands look is stretching out longer than probably all of us anticipated or hoped for say back in about May. So definitely I am and is still down it says here daily consumption is still about four to five million barrels a day below where it was expected to be before the pandemic so still firm birth. Room to make up there and that estimate is from Russell harty chief executive of vital Group, which is the biggest independent oil Trader..

world oil oil Trader Kurt Abraham Russell harty Baker Hughes US Kurt chief executive Libya Cameron Venezuela vital Group Iran
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

05:55 min | 1 year ago

"world oil magazine" Discussed on World Oil's Daily Brief

"Is Sunday, October 4th, as we get started here in the month of October. There are some key traders in the oil and gas projects who have some less than encouraging projections about oil demand recovery. The new rig count is out from Baker Hughes and there are some important details in there that may actually kind of conflict with some of those Traders projections Venezuela and Iran are continuing to Buck the US sanctions that have been imposed on production and shipments to that country. And finally Libya is recovering nicely from its blockades that it was facing during its own little Civil War this year and output is recovering accordingly. So to help us cover all this is Kurt Abraham in Chief of world oil magazine Kurt. Thanks for joining us. Well, thank you Cameron and the headlines just keep coming. Don't they? Yeah, that's for sure. Well this this thing about global oil demand. We now seem to have a consensus. Is emerging among some of the leading trading houses around the world and that consensus is that Global oil demand will not meaningfully recover for at least 18 months 18 months from October would be well past 20 21 that would be into the first half of 2022 at this rate. So I'm not a particularly encouraging Outlook from these training houses. But then again, they could be wrong. Nobody says they're going to be right but certainly the demands look is stretching out longer than probably all of us anticipated or hoped for say back in about May. So definitely I am and is still down it says here daily consumption is still about four to five million barrels a day below where it was expected to be before the pandemic so still firm birth. Room to make up there and that estimate is from Russell harty chief executive of vital Group, which is the biggest independent oil Trader..

world oil oil Trader Kurt Abraham Russell harty Baker Hughes US Kurt chief executive Libya Cameron Venezuela vital Group Iran
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

03:41 min | 2 years ago

"world oil magazine" Discussed on World Oil's Daily Brief

"And today Sunday June the twenty eighth. And, as we get ready for yet another week to finish out June and step into July, there has been some new information regarding production figures and production plans, both in the US and abroad, and a lot of those are being colored by commitments from OPEC and and their allies to help prop up the oil price. Some of that has to do with the impact of demand. Thanks to corona virus, and some other outlying factors as well so today we'll be joined on this Sunday episode by Abraham Editor in Chief of world oil magazine to help us sort through these and see what is really going on with some of these different production figures, so Kurt thanks for joining us today. Thank you, Cameron, another interesting week ahead and interesting week behind a lot of developments for sure and I think the one of the biggest ones that we wanted to talk about is a recent survey conducted by the Dallas Branch of the US Federal Reserve thing they have shown some What could I be construed as encouraging signs for shale operators, but there seems to be maybe a few dark clouds in that horizon as well. Yeah this was a survey conducted between June. The tenth and Eighteenth and the results were just released on Wednesday June the twenty four th. And this survey was conducted by the. Dallas Office of the Federal Reserve System. And collected data and comments from one hundred sixty five emp executives, a majority of those were producers, but there were some service company executives in the mix. and. Yet. It's kind of a split personality and result here because you have some positive comments. In terms of win individual executives thing, their companies might restart production for instance. and. Then on the other hand, you've got some really what I would call a very somber in wary mindset by some of the producers in terms of. What they think the overall market going to do and what the outlook for production is Amina. Drilling is going to be. As well as restarting production, so you have to really dive into some numbers to get the truth feel. And, that's what we've done here. One of the comments received the Dallas Fit I. Think is really interesting to listen to in this fella from Texas said. This is a producer, he said. This is a summary Time line that he has for the EMP industry. He says I. It was dismal during the lockdown second. It is or will be miserable during the transition which he thinks is from June through December of this year. Third, he says it will be somber in the new normal which he? Labels is the year two thousand twenty one he says quote. The oil industry went in a deep hole in first quarter twenty twenty reached the bottom, and now we are trying to climb up. It will be quite a while he says twenty twenty, two plus to get back up the whole to the pre cove in nineteen level of activity and service pricing so really an interesting comment, improbably reflective of a majority of the respondents I would say cameron in the survey. Well, it's really a shame to see that there's that much of a cloud over the horizon would have appeared initially that we were kind of turned the corner, and it's easy to to get a little exuberant..

producer Dallas US Cameron Federal Reserve System OPEC twenty twenty world oil magazine EMP Abraham Editor Kurt Texas Amina
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

03:13 min | 2 years ago

"world oil magazine" Discussed on World Oil's Daily Brief

"In our Sunday wrap of the week. Slash looking forward show. We'd like to take a look at what's coming up and as we get ready to start a new week, it looks like we finally shrugged off any impact, positive or negative from the OPEC plus agreement extension at take very long, and is being reflected not only in the oil prices and recounts, but also in some of the longer term projects that are being slated across the industry. So on today's shows we ready for a new week. Crude Abraham Editor in chief of world oil magazine will join us and take a look at what some of these broader trends are. That will be continuing with us. As the industry was forward for the next few months, so Kurt thanks for being on the show today. Thanks Cameron We had quite a week and looking forward It should be equally interesting. You know talking about oil prices. It's a funny thing how quickly they can move one direction or the other on relatively flimsy information. Back on Wednesday, the the Federal Reserve chairman in the US Jay Powell. Made some lengthy remarks in a press conference setting albeit virtual online, which was interesting. And you know sometimes. It would be better if he just didn't say anything at all. Because for some reason, the both the the oil market and the stock market in the US take everything he says quite literally and react accordingly, and sometimes you wish just shut up because. He made a few comments saying that well, you know we might have a little slower recovery than people think, and it stretch out a little bit and. By inference then demand for oil would be slower to pick up here and did a couple of things number one. Knocked the oil price off of an upward trajectory, it had been on for the earlier part of the week. And it, continued through Friday looks like There's about a ten percent loss just since his remarks on Wednesday, so in two days time Thursday and Friday the oil price on the futures market lost about ten percent went from thirty nine sixty close on Wednesday to a late on a Friday hovering around thirty six dollars a barrel, so that was not helpful, and of course we all know that the stock market in the US took a major dive on Thursday with what appear to be very small recovery on Friday. So you know he's got to watch what he says. The cause These traders are so sensitive to every little thing now that having been said. There are other things in the fundamentals in the oil, market and natural gas as well to make us think. Perhaps for hitting the bottom. Of this crash of this depression, and perhaps we're going to start to bounce up a little bit shortly and you've got some information..

Jay Powell US world oil magazine OPEC Kurt Federal Reserve Abraham Editor Cameron chairman
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

15:24 min | 2 years ago

"world oil magazine" Discussed on World Oil's Daily Brief

"And today is Friday. April twenty fourth at. We are on Friday. Finally at the end of a very historic week and so joining us is Curd Abraham Editor in chief of world oil magazine to help us understand what transpired this week. And what we can kind of expect for the next week so. Kurt thanks for your shoulder. Yeah thanks Cameron and Again another historical week and What interesting things have gone on? ransom really significant events Particularly in the oil market and in pricing itself You know we've seen things this week. We never thought we'd see in our lifetime. Things never happened before like the negative territory experienced on Monday. Of course that went away. Once we expire the May contract on the Mercantil went into trading the June contract but nonetheless Really really yes. Unusual things so where we are now with The oil price When we last Did this together on Wednesday. The price at settled that day at thirteen seventy eat up two dollars and twenty one cents so beginning to climb its way out of the trough a little bit and then Yesterday the price gained another two dollars and seventy two cents to sixteen fifty today. Things slow down a little bit of forty four cents at sixteen ninety four. Now I will say this in the after regular market trading It's been inching up a little bit more so we'll have to see whether that holds or whether something will happen over the weekend to wipe that out but So far so good albeit slowly. The Dow Jones predictably has been on the rise for last several days When we were here on Wednesday it had finished about twenty. Three thousand four seventy six and was up about four hundred fifty seven points Yesterday it finished at twenty two thousand five fifteen was up about thirty nine and a half points and today it resumed a A stronger climate was up two hundred sixty points at twenty. Three thousand seven seventy five so there is some optimism in the market. There continues to be hoped that things are going to improve Not only from cove in nineteen basis overall as affects the whole national economy but also Some hope for the oil sector so the to remain relatively tied together. Now that having been said we've had an interesting week with a few other things Let me look at my notes here. there's interesting situation where the Kuwaitis came out Yesterday and said that they are going to actually begin their OPEC plus cuts ahead of schedule ahead of the first of They See I don't know how much they said they were going to cut back by or if they did at all but it all specifically how much they were going to cut it was more of a statement of. Right. We're GONNA go ahead. You know internship here. I mean that could be five or ten thousand barrels a day and what you know. What difference does that make a so you? The devil is in the details but I think the intention was to embarrass the Saudis. Just a little bit and say hey. Look we're GONNA be statesman even if you aren't I think that was the intent so we'll see but We had that little interesting. Divide crop up within OPEC itself We had another interesting thing here. You know we. We continue to monitor the Railroad Commission Over the next week or so little over a week as they grind along. I think that's a good description as they grind along toward their next meeting on the fifth of May You know they established this blue ribbon task force and a lot of questioning going on as to whether this is going to be effective at all because number one. You've got so many entities involved. You've got six different associations that supposedly going to guide this task or see what how there's going to be any cohesive Decision Making and research going on in this group Secondly they've only got two weeks When was the last time that you ever saw governmental entities and frankly you know associations no knock in the associations but they're not used to moving that quickly? I just don't know two weeks is enough now. Did they specifically say that they would have the commission's work done in two weeks? I didn't really get that impression. Dog I got the impression I heard Wayne Christian allude to them coming back in two weeks to the fifth of May meeting and coming back with some recommendations as to what to do or not to do he. He wants to move quickly and come up with something. He referred if I went back and looked at some of the notes. I've got here on what he's said directly. He said he wants them to move quickly and to leave no stone unturned and to to look at everything. That's possible but that they've got to do it super quick because the situation demands it. Now you remember we had Ryan certain one of the other commissioners who said you don't have this kind of time period forget the force. You don't have the time and that by not making a decision on Tuesday. They were making a decision. You know not to make a decision But that it wasn't good from a timing standpoint so I don't know Yeah that was Kinda. Why my impression was that? It was the the biggest punch since gusts field goal kicking. You'll the way Ryan Sydney reacted to the suggestion. Because I I think that maybe you know. My cynical mind was tracking along with those thinking. Wait could be weeks and weeks and weeks before a commission is fully formed producers recommendations. But hopefully we'll be proven wrong. Well it was my impression based on the way that the Wayne Christian Phrase things and in the overall character what. He said that they had reached this decision before having the meeting on Tuesday and apparently had everyone in place to go ahead and start move. The that was that was my take on it. So THEM NATE. Some the organizational maneuvering upfront however to get this group of people to come to some consensus on various things in two weeks. I I just don't know but if you remember I was sitting. Who was not impressed in in? Who really questioned whether they needed to take the and it was only going to delay the pain so to speak for the industry. And then you had Christie critic the other commissioner on the other hand who basically just kind of sat there and Seemed to be just fine with it wasn't Particularly worried about the timing. So the three commissioners themselves are all sitting in my estimation. It's slightly different places along the time line here and so it's going to be interesting to see how this works out. Well I know that we take pains on this show to not try to speculate. As to where we think the individual commissioners will vote. But I think we've said it before and I think you'd agree. That is pretty clear. Where commissioners sitting in critic sit on the issue? So I guess it will just be I'm really looking forward to seeing what Chairman Christians. Commission comes up with. And how how he feels about it and if it is in track with whatever he's wanting to do well that's true an in we have to give them all the benefit of the doubt and that was many many years ago that to the former president. Gerald Ford made the statement. Never say never when they Proposed that he'd be running mate with Ronald Reagan So odd things can happen. You never know how people may swing at the last moment so we need to give them all benefit of the doubt that having been said there are indications of where at least two of the commissioners are setting positionally at the moment. Yup So we'll have to say now You know we've got this situation with Canadian oil output that. We haven't talked a whole lot of alcohol which we need to be 'cause in other Canadians Particularly Alberta have been talking about Weiming to participate in some kind of Mutual reduction cut deal some cooperative effort Which would they say they'd like to have Texas and Oklahoma North Dakota Maybe Louis Louisiana. Maybe not but states like that. Maybe Mexico Work with Alberta and They've hinted that they'd like to have Mexico participate. But I'm a little doubtful about that. But anyway they'd like to see at least a two country solution to the production situation some coordinated cut and so in line with that. We have some numbers that are floating around. There are some predictions from more than one source that Canada's production could easily drop fifteen percent this year overall. I'm I might even say that might be a little bit Light in terms of an estimate might be more than that Oil Sands Right now are more than sixty percent of the total country production and we know what condition the oil sands are in at present and most of those projects in average break-even price of fifty. Two dollars a barrel. So you've got sixty percent of the country's production on these fifty two dollars a barrel to function and so that's obviously going to take a big out of the oil sands and if you take the oil sands down or at least part of it down. I think you're going to cut more than fifteen percent production now. The oil production average in Canada last year was four point two million barrels a day. Roughly we know that for a fact because we get our numbers from our friends at the Canadian Association Petroleum Producers Were pretty confident in at number now If you cut fifteen percent We've heard numbers that the production drops six hundred thousand barrels a day. Well if you cut fifteen percent is more than that. It's more like about six hundred thirty thousand barrels. A day that would re Knock the country down to an average of three point six million per day for this year. But I'm telling you the longer that this Shortfall in demand continues and the longer it is until production. Our demand begins to pick up in production as is able to be absorbed. You gotta wonder if then average isn't going to come lower than three point six million I'd have to think the market factors will intervene and unfortunately make that number higher. I know that they're already having to suspend some shipments down to the US simply because there's no demand for that really heavy sour oil that we actually need for for funding purposes so Yeah it's GonNa get worse for better for Friends of North Whale and they already had the problem before. All of this latest cycle started. They already had the problem of trying to get more oil out of the country by railroad tank. Car If you remember and that was sort of a mixed result What they were trying to do there now. Speaking of railroad tank cars one other thing to mention before we finish for the day. And that is. I saw this in one news item. Yesterday I've got to go back and research more and we can talk about it more on Monday. One of the more intriguing if not somewhat bizarre ideas floated around is to start storing oil and railroad tank cars. But you know I listened to that and I say well there could be some fundamental problems with that. Not not the least of which is where you're going to put all the tank cars. You're going to string them along sightings along the main lines all over the country and aren't those targets for problems either sabotage and or lightning strikes or who knows what else so you know. I Like I say I haven't gone through..

OPEC world oil magazine commissioner Kurt It Ryan Sydney Curd Abraham Mercantil Canada Railroad Commission Cameron Wayne Christian
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

14:01 min | 2 years ago

"world oil magazine" Discussed on World Oil's Daily Brief

"I'm Cameron Wallace. And today's Wednesday April fifteenth the day after the hearing of the Texas Railroad Commission on the subject of prorogation and I think a day three of the OPEC plus agreement as well so to talk about all of these developments. We are joined by. Kurt Abraham Editor in chief of world oil magazine. Kurt thanks for being with us today. Thank Cameron and Good afternoon to those of you. Who are going to hear this shortly in the middle of the US in this time zone but interesting developments All over the place We have developments obviously from yesterday's railroad commission meeting in terms of what was said now. There's no definitive action taking place yet. But it certainly wasn't day for various forms of commentary We have some Continued actions by the Saudis going on which will impact things. And of course we always Lead this whole thing with the numbers for the day we were specifically to the oil market number is in the Dow Jones because the two seemed to track each other. All the time Yes let's see actually back on Monday when we last talked everyone we were at Dow of about twenty three thousand three ninety and that actually had a nice rise yesterday on the fourteenth to about five hundred hundred sixty points up to twenty three thousand nine hundred fifty and then today we had a fallback of about four hundred forty five points back down at twenty three five four. Now some of that has to do with Some developments on the cove nineteen but some of it continues to have to do with the oil price and various things happening or not happening now. Oil Price For its part was about twenty to forty one on Monday the thirteenth. Yesterday it slipped down to twenty dollars and eleven spence a barrel that was minus one dollar and thirty cents and today we have a preliminary figure. We're not sure that this will be the final figure. So don't anybody get to riled up or upset just yet but it's possible that the price will fall under twenty dollars a barrel. We have a preliminary figure from the Nymex of nineteen dollars and eighty seven cents but that could be revised a little bit higher. So we'll wait and see but you know obviously not looking too good and so that's the situation on the fundamentals front now Cameron you were referring earlier when you and I were discussing some the content for today to Some of the things the Saudis are up to. You Might WanNa just elaborate on that. Yeah just real quickly the OPEC PLUS DISCUSSIONS. That happened a few days ago. The production cut agreements that they settled upon. I guess don't actually begin until may the first and so in honor of that Date Saudi Saudi Arabia has been producing oil as rapidly as a can right up until that point and so they've been keeping the the oil taps open and they've also been doing some of very heavy discounting to Asian customers at the same time for future deliveries. So I guess they're using this opportunity to steal a much market share as they can and get as much out of the ground as possible before the agreement kicks in as you said it not exactly in the spirit of the agreement so hopefully they'll I guess got fifteen more days sixteen more days to do that if that's what they're going to do but hopefully they and everybody else will be ready to follow the rules. Come the first but also raises a question or the specter of storage as well. I know that From the stuff. We've been hearing around here lately that. Us storage can be measured in a matter of Just a handful of weeks and I think it's the same situation for them so I guess we'll find out quite sooner rather than later what happens when you reach one. Hundred percent storage capacity. Well that's right and it brings up some other things as well Not The least which is the fact that in between now and may the first The Saudis can produce an awful lot of oil Without adhering to the agreement yet and also a lot of damage can be done to various countries. Production and petroleum economics those countries Not least of which is what's going on here in the US and this leads into some of the topics that were discussed at yesterday's special open meeting of the Texas Railroad Commission in Austin which was held electronically. Which was I think I as far as the extend of it is concerned and One of the things that was brought up Especially by the people who are four per rationing in that is there is limited time to do something constructive to try to intervene before too much. More damage is caused to the Texas industry economy. And one of the points I brought up was. Hey look you know OPEC's going to be able to produce unfettered for another. You know fifteen sixteen seventeen days and what have can they wreak in that time period by doing that so that was one of the contentions of was brought up yesterday but there is a whole laundry list of differing opinions and data in a lot of the new show about contracts and processes and legalities quite frankly some of it was was mind numbing and it out this hearing on potential perishing by the commission that was really an event for the ages? A truly historic event It shows the seriousness of the current oil market and now three railroad commissioners bless. Their hearts are faced with what could be the major decision of each of their professional lives. This can mold and shape their reputation for the rest of their lives Depending on how it works out whether to prorate or not but the other thing you have to worry about his in tandem you have the fate of so many industry companies and individuals and the individuals jobs. The fate of all that is hanging in the balance. And you know Wayne Cranston the commission chairman. He referred to the magnitude of this decision are facing when he said at the end of the hearing. Yesterday it's humbling to realize the position we find ourselves in. I wish we could Be Together more To discuss the details of the Parisian in question he said there's hundreds of thousands of folks in this industry and their families and their kids out there in Texas and my heart goes out to them. I will pray for myself. And for my fellow commissioners and it's you know it's that serious you know you have to give the commissioners the three of them Christian Chris Craddock and Ryan sitting immense credit because they were willing to stand ten hours and fifteen minutes of us to Moni and they just had a few breaks. What seemed to me to be an insufficient lunch period? That's all I can say. And their stamina was quite impressive because they said listening to so many speakers drone on for three to five minutes and frequently longer and our speakers citing all these various statistics and delving down into what I referred to earlier all sorts of aspects of procedural and contractual legal minutia. And you know to be quite honest some of these people. I'm sad to say we're complete bores. Yeah and a few others were very inspiring and a passion of their comments and then most of the others fell somewhere. In between the common thread seemed like the the camp that was four probation had very qualitative bent to their argument. They were talking about what this would mean for the future of the industry and for companies in the families of people that work for them whereas the argument against preparation. The only way you could really do it was to take the the raw quantitative approach and just tried to use all of the legality or any of the cold hard economic fact such as it was to try to defendant so you had two different approaches. I think depending on where you stood on the on the issue. Oh I I quite agree. In the problem with the presentations made by the people against the pro rationing or the fact that they took on a very technocrat quality There wasn't a whole lot of humanity in my opinion in the arguments that they put forth. This is all very technocratic And I will say this. The commissioners They bend over backwards to be fair. They ask intelligent questions of everyone where they could. I mean some of the things said we're just over the top and need occasionally see some bewildered looks on commissioners faces and you had a feel for them but the other thing that's now bothering me. Is that in? What relatively few media reports were done on that meeting. I was surprised that there weren't as many as as we could have had. They did take out a rather homogeneous flavor All these stories by the general media. They play up the fact that the companies testifying against parenting concerned about protecting the free market. So you get this feeling that these firms and other entities that are against rationing were acting as statesmanlike protectors of free market economics however there is not one mention in any of these news reports of potential ulterior motives for some of the statements made and it all it was what was not covered in any of these reports but which yours truly heard or some statements by some of the smaller producers who were favored the rationing accusing of the very largest firms of just trying to wait them out hope that the smaller firms go under and then pick up some the assets for pennies on the dollar so that was none of that in any of the news reports. But I can tell you that that was something that was raised in yesterday's proceedings There was no mention of the fact in the general news reports that the really is not a true free market in oil. Not when you have state actors like Saudi in Russia that can impact the market so substantially. So we had that problem You know another thing that came across the dino was incorrect was that the general media said well the vast majority of people testifying Tuesday. We're against peration. That's just not true out of thirty nine speakers that I listened to during all but forty five minutes of the hearing. I had to go out for a brief errand and frankly because I had so much fatigue I needed a break so probably total speakers were closer to maybe fifty. I'm not sure we have not been able to get a count out of the commission yet. fifteen out of the thirty nine declared a RA- leaning toward being four eighteen declared or leaning toward being against and six were truly neutral so it fifteen versus eighteen with six neutral. I wouldn't call that overwhelming not by any stretch. Yeah you know. The the problem is the mainstream media. You know bless their hearts. This is a very nuanced argument. That's taking place and you know you can't really expect too much depth of understanding. Based on the way they operate of what's happening to see what the companies they have heard of before have to say and so that Kinda forms the basis of their their stand so. I'm glad that you endured that as much of that Hearing as you did Kurt because the industry needs someone with you know your degree of of expertise to be reporting on this and telling them really happen because otherwise we're down to just a couple of wire services and you know I don't mean to disrespect I say this but they don't understand the subject matter as as deeply as as this requires No not not whatsoever in one of the things that bothered me was there. Were two media outlets who's lead paragraphs let off the whole story with an inflammatory statement that was made by the CFO for diamondback energy. Yeah who said that? His firm was seized all drilling if Perot is instituted and he made it sound like this was the theme of the whole meaning. That's not the case or far more angles than that and for a media outlet to refer pro rationing as an OPEC style. Cap is a deliberate attempt to paint an unflattering picture I would say and and and frankly the diamondback remarks If you WANNA take into the ultimate could be construed as a bit of a threat in other words. He's sort of saying thinly veiled. Don't you dare impose parading or we'll have to make these bad things happen. That's how that came across wasn't a threat that was that was a promise..

OPEC Kurt Abraham Cameron Wallace Texas Railroad Commission US Texas world oil magazine Saudi Arabia Editor in chief spence Perot
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

09:07 min | 2 years ago

"world oil magazine" 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
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

08:07 min | 2 years ago

"world oil magazine" 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 afternoon and welcome to the world oil daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Tuesday march the tenth. America's days is a net. Oil Exporter may be numbered. Russia's threatening another production hike while keeping the door open for more OPEC discussions and Saudi Arabia is also doing their part to drive oil prices down by declaring another production increase of their own. I up America's nascent status as a net petroleum exporter is already risk as plunging oil. Prices threatened domestic production and give a leg up to the world's biggest producers the US only in recent months begin exporting more petroleum than it imports shift fueled by record shale production in fields such as the Permian basin now amid the worst price route nearly three decades. American drillers are facing a million barrel drop in production that could curb. Us exports and set back the company's march toward energy independence for four of the last six weeks the US has shipped out more crude and refined products. And it's brought in but that margin is relatively thin. If shale output were to fall by one million barrels a day this year that could be enough to take the US from a net exporter. Back to net importer. Us benchmark crude tumbled twenty five percent on Monday to close at thirty one. Thirteen a barrel which is well below the average break even price for producers in the three biggest. Us Shale fields major banks were quick to revise price forecast downward as Saudi Arabia and Russia. The world's largest crude exporters are poised to flood the market with discounted oil in an all-out price war. The surge of inexpensive supply could pose a secondary blow to shale producers as US refiners opt for foreign barrels over domestic. 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 solutions 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 new 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 in vessels including F. Pso's and let secure a sustainable energy future together. Russia stepped up its price war with Saudi Arabia by warning it can raise oil production while also saying further cooperation with OPEC is possible after the collapse of OPEC plus talks last week. Russia could increase output by as much as five hundred thousand barrels a day in the near future Energy Minister Alexander. Novak said on Tuesday. His statement came just minutes after. Saudi Aramco escalated the battle for market share by pledging record. Oil shipments in April the OPEC plus union forged by Russia and Saudi Arabia in two thousand sixteen to support oil prices collapsed last week when Novak refused to be strong armed by the Saudis into accepting additional output cuts of one point five million barrels a day. The failure of the talks has prompted Saudi Arabia to slash its crude prices targeting potential buyers of Russian oil in Asia Europe and the US in response oil slumped by the most in three decades on Monday despite this escalating battle for market share. Novak said Russia is open to further cooperation with Organization of Petroleum Exporting Countries. And its allies. I want to say the door isn't closed. Novak told the state run Rossiya twenty four news channel in his first public appearance since March sixth meeting. If needed we have various tools including reducing an increasing production and new agreements can be reached OPEC plus has meetings scheduled for mayor June when the Union may evaluate the market situation. Once again he said in the meantime Russia's oil industry is regrouping for potential output hike from April the first when the current OPEC plus deal expires. The nation's producers have the capacity to raise the output by two hundred thousand to three hundred thousand barrels. A day in the short term and by as much as five hundred thousand barrels a day in the near future oil rebounded on Tuesday. After Monday's historic crash Brent crude was trading seven point five percent higher at thirty six ninety three barrel at ten twenty six. Am in London. Russia produced a little more than eleven million barrels a day of crude oil and condensate in February according to preliminary data from the Russian energy ministry raising the level by another half million barrels would bring the nation's output to an all time high still Russia will not be able to match the production hikes plan by the Saudi kingdom within the next two months and finally today. Saudi Arabia escalated its oil price war with Russia on Tuesday with its state owned company pledging to supply a record twelve point three million barrels a day next month a massive production hike looking to flood the market. The output increase of more than twenty five percent from last month puts Aramco supply above its maximum sustainable capacity indicating that the kingdom even tapping it strategic inventories to dump as much crude as quickly as possible on the market in February. Saudi Arabia produced about nine point. Seven million barrels. A day. It's the latest maneuver in what set to be a long and bitter price war between Russia and Saudi Arabia. Moscow responded within minutes in what looked like a war of words with Alexander Novak saying Russia had the ability to boost production by five hundred thousand barrels a day. Riyadh is using strategic oil stocks to boost supplies at very short notice according to people familiar with the strategy on top of domestic stockpiles. It also stores crude near consumption hubs in Rotterdam Okinawa and the Egyptian port. Cd career. Russia does not have a network of strategic oil stocks to match Bob McNally founder of consultant rapid energy group and a former White House official said welcome to the free market. The world is about to learn very swiftly how important a swing producer is for stability not only for the global oil market but the broader economy and geopolitics for decades the oil market has been largely regulated first by Americans who set production quotas for their oil companies through the Texas Railroad Commission in the first half of the twentieth century and later by the Organization of Petroleum Exporting Countries through that time Texas and later OPEC acted a swing producers upping output at times of scarcity and reducing it at times of lower demand to help keep prices stable with oil demand rapidly falling due to the economic impact of the corona virus epidemic. The Saudi production hike followed potentially by another one from Russia is likely to force oil companies historic route rather than processing. Traders are already seeking out tankers to help store the glut. The International Energy Agency said earlier this week. The global oil demand will contract this year for the first time since the global financial crisis in two thousand nine the US and other western countries are starting to worry about the oil price. War between two of the world's most powerful petroleum nations on Monday the US Department of Energy denounced in a rare statement attempts by state actress to manipulate and shock oil markets. And there you have it. Our top oil and gas news stories for Tuesday march the tenth 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. E Mail 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.

Russia Saudi Arabia OPEC US Oil Exporter Alexander Novak World Oil DOT world oil magazine Cameron Wallace Saudi Aramco the daily brief
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

04:36 min | 2 years ago

"world oil magazine" Discussed on World Oil's Daily Brief

"Two Thousand Sixteen. The two nations have consistently found a way to resolve their differences and forge a common policy that supports group prices. However the pressure on the group is not greater than ever and the needs for its two dominant nations aren't necessarily aligned. Saudi Arabia's push for a big cut reflects mounting concern that growth and fuel consumption could be wiped out this year as the corona virus outbreak wreaks havoc on the world. Economy Oil just suffered its biggest weekly slump since the global financial crisis following too low to balance the budgets of most OPEC members but not Russia yet the coalition has already making deep cuts to offset the US shale boom agreeing on a fresh apply reduction of two point one million barrels a day as recently as December OPEC's up last month was the lowest since two thousand nine when the group implemented the sharp's production cuts in its history at the depths of the global financial crisis. The Corona virus outbreak has worsened since the joint technical committee. I recommended a production cut of six hundred thousand barrels a day in February OPEC and its allies are widely expected to agree on deeper output cuts. But it's not clear whether that will be enough to bolster Goldman Sachs and others. Said they expect demand to shrink in two thousand twenty for only the fourth time in nearly forty years. Meanwhile government data showed that US oil stockpiles rose by seven hundred and eighty four thousand barrels. Last week well below the three-million-barrel forecast by analysts in a Bloomberg survey. Us crude oil production hidden all time high at thirteen point one million barrels day. According to the US Energy Information Administration the market also got some support from the bigger-than-expected draws and gasoline diesel stockpiles west Texas intermediate futures. For April delivery little changed at forty seven dollars and seventeen cents a barrel on the New York Mercantile Exchange as of eleven forty six am meanwhile Brent futures for May fell thirty one cents to fifty one dollars and fifty five cents a barrel on the Ice Futures Europe exchange. Finally today Goldman Sachs became the first Major Wall Street Bank to anticipate the global oil demand will contract in twenty twenty for only the fourth time in nearly forty years. The dire forecast came just as influential oil market consultants facts global energy and IHS market also published similar warnings creating an ominous backdrop for the meeting of OPEC and its allies in Vienna. The group faces a steep challenge getting countries to agree on a deep enough production cut to keep the market from sinking into a glut while the outlook for demand grows dimmer by the day as the CORONA VIRUS SPREADS. Goldman sees global oil demand falling one hundred and fifty thousand barrels. A day I'll fax. Global Energy expects consumption to shrink by two hundred twenty thousand barrels a day. The spread of the corona virus from China across the world is threatening economic growth and fuel demand as companies ban. Travel and Supply. Chains are disrupted meanwhile. Ihs market said in a report that global oil demand will fall by three point eight million barrels a day in the first quarter from a year earlier. Which would be the biggest decline in history? Even if there's a recovery in the second half it appears at full year consumption will be less than twenty nineteen other firms while still calling for higher demand are getting more pessimistic. Morgan Stanley reduced its global forecast to five hundred thousand barrels a day due to deeper refinery run cuts in China than previously thought energy aspects limited trimmed. Its outlook by two hundred thousand barrels. A day but said he's not ruling out a scenario where global oil demand doesn't grow at all China. The world's biggest oil importer will see feel demand declined by thirty six percent in the first quarter according to research affiliated with China National Petroleum Corporation. The state owned oil giant that will result in excess of about two hundred million barrels in the market since nineteen eighty four. Oil demand has grown every year barring three occasions two thousand eight and two thousand nine during the global financial crisis and in Nineteen ninety-three as the US recovered from recession. So far the International Energy Agency anticipates oil consumption growth of about eight hundred thousand barrels a day in two thousand twenty a third less than forecast before the outbreak and well below the tenure average of one point three million barrels a day but that outlook based on containing the virus in China was released on February the thirteenth and since then the crisis has taken a turn for the worse and there you have it. Our top oil and gas news stories for Wednesday March. The fourth 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.

Us China OPEC Goldman Sachs world oil magazine Global Energy Saudi Arabia Morgan Stanley New York Mercantile Exchange China National Petroleum Corpo Goldman International Energy Agency Texas
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

06:47 min | 2 years ago

"world oil magazine" Discussed on World Oil's Daily Brief

"The comparison between output in February and historical data is affected by membership changes with Ecuador Guitar in Indonesia having left the group all Congo Gabon and Equatorial Guinea. Have joined though Saudi Arabia as OPEC's biggest member delivered its pledges in full Iraq Nigeria which have repeatedly demonstrated poor implementation actually increased their production those increases however were eclipsed by a plunge in Libya where a rebel military commander has blockaded oil ports all haggling over peace settlement with the national government. Libya's output tumbled by six hundred forty thousand barrels a day or about eighty percent to just one hundred fifty thousand barrels a day the country has long been exempt from making cuts as part of the opaque plus deal because of its internal struggles. The North African producer has lost almost one million barrels a day since the start of the year because of the conflict roughly equivalent to all the voluntary curbs that OPEC and its allies. Promised as part of their latest intervention. Libya's misfortune is spurring other OPEC members from an even deeper route in crude prices. Opec is expected to cut deeper at this week's meeting all the two twenty-nine analysts traders and brokers surveyed predict that the OPEC plus coalition will announce substantial additional reductions when it meets than average estimate of seven hundred and fifty thousand barrels a day the alliance spans all thirteen OPEC nations plus ten non-members such as Russia and accounts for about half of the world's oil supplies. Saudi Arabia has been pressing OPEC plus to act for several weeks. There has been reluctance from Russia. Their most important partner there are signs that Moscow now recognizes the need for some kind of response. The situation in global markets is certainly serious with prices near their lowest in more than two years and a growing contingent of trading desks anticipated that demand growth could all but wiped out for the first time in more than a decade control of the world's fastest growing economy and its massive offshore. Oilfields are up for grabs today. As Guliani votes in national elections the business friendly administration of David Grainger is seeking reelection facing if Ron Ali of the People's Progressive Party. Who is pledging to renegotiate? Some oil contracts the winners and what is forecast to be a close election will shepherd the remote jungle-clad nation through a bonanza that the International Monetary Fund says will propel economic growth of eighty six percent. This year the fastest in the world the deposit which Exxon Mobil first successfully drilled in two thousand fifteen is so large relative to the population of seven hundred eighty thousand by the middle of the decade. Yana may overtake Kuwait and become the world's largest per capita crude producer. The winner of the election will lead the sixty five seat National Assembly for a five-year term. Just production starting at the offshore fields which are estimated to hold the equivalent of eight billion barrels of crude energy companies including Hess China's synock until Oh have invested in the country for the oil industry a win for the opposition. People's Progressive Party would test the country's commitment to contract law. It's a touchy subject in a country that has been criticized for giving away its resources to cheaply a global witness report recently criticised Grainger's government for signing a quote exceptionally bad contract. Exxon the deprive the country of fifty five billion over the life of the deal. Exxon and Grainger both disputed the findings Grainger's competitor. Ali said that some of the contracts are even more lopsided than that of the Exxon deal rather than rewrite the contracts in practice and Ali government would probably try to get companies to commit to more social spending and job creation will also setting stricter terms and future contracts. The olive opposition is estimated to have a seventy five percent chance of winning the presidency government. Revenues are forecast to rise. Thirty seven. Fold to ten billion dollars a year in a decade. According to oslo-based research company Rice that energy given the stakes whoever loses is likely to contest the result in the courts. Such a challenge would test the institutional strength of a country that's only had two democratic changes of government in its history both sides have floated plans to create thousands of jobs spent heavily in education and build out roads and other infrastructure. The country is braced for REPA- transitioning from relatively poor expert of sugar and gold into one of South America's richest countries. Grainger told a crowd earlier this year that the guy needs. We'll never be poor again and launching the campaign for the political alliance known as the Partnership for National Unity. He said that oil wealth belongs to you and this government will make sure you benefit from this oil wealth results from the vote which will determine the makeup of the National Assembly as well as who controls. The presidency are not likely to be announced for several days as electoral authorities gather ballot-boxes from remote settlements. The world's best performing economy borders Venezuela which is undergoing the world's deepest slump to top. It all off. Jonah has a longstanding territorial dispute with its neighbour finally today two of the world's largest and most important energy industry gatherings were cancelled by organizers. Ihs market on Sunday amid mounting concerns about the corona virus outbreak. Sarah Week due to start in Houston on March the ninth and the World Petrochemical Conference in New Orleans later. This month have both been canceled. Sarah Week has been an annual industry fixture over more than three decades and has become an important forum for its biggest players. This year's event promised to attract thousands of delegates around the world the chief executive officers of Saudi Aramco. Bp until towel were among those due to speak during the events five day program last week International Petroleum Week went ahead and London but oil producers including BP and Saudi Aramco trading houses and brokers cancelled many events scheduled to take place on the sidelines of the official event other companies including Repsol didn't send representatives Ip Week. Is the largest conference. In Europe usually attracting about three thousand people including a WHO's who of the industry in Europe the Middle East Africa the cancellation of Sarah Week. Follow the rising confirmed cases of the cove nineteen virus in the US and elsewhere and as more companies initiate travel bans on Saturday. The US confirmed its first. Death and Washington state declared an emergency after an outbreak. America has warned against travelling to northern Italy and parts of South Korea where the virus is spreading in Switzerland last week the Geneva International Motor Show and the Basil World Watch and jewellery show were both scrapped. Ihs SAYS IT plans to go ahead with Sarah Week. Twenty twenty one in Houston on March first or the fifth of next year. And there you have it our top oil and gas news stories for Monday march. The second 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.

OPEC Sarah Week Libya Saudi Arabia David Grainger Ron Ali Exxon world oil magazine Exxon Mobil Grainger producer National Assembly Houston Gabon Saudi Aramco Indonesia International Monetary Fund Equatorial Guinea
"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

09:37 min | 2 years ago

"world oil magazine" 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.

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"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

08:05 min | 2 years ago

"world oil magazine" 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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"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

08:34 min | 2 years ago

"world oil magazine" 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 afternoon and welcome to the world oil daily brief podcast. I'm Cameron Wallace. And these are your top oil and gas headlines for Tuesday January twenty first at the World Economic Forum in Davos Energy Chiefs Co two catcher technologies as Greta. Thunberg slams the world's lack of action on climate change the US shale industry has already peaked for service. Companies like Halliburton and clawing back some of its recent losses. Following prolonged unrest in Libya I up capturing carbon dioxide from the fossil fuel industry is key to slowing dangerous global warming energy chief said and devils as climate concerns dominated the annual business forum more than ever before oil and gas producers are under mounting pressure to help prevent a damaging rise temperatures and carbon capture is increasingly luring investors as a tool to curb emissions whether pulled from the exhaust of smoke. Stacks from the open air. The C O two can be buried underground or used to extract oil Vicky Hall of Chief Executive Officer of houston-based Occidental. Petroleum said they're investors. That care that want to protect our environment. Those are starting to make a difference for US within two years. We'll be building the largest direct air capture facility in the Permian Basin Occidental's air capture site will separate carbon dioxide directly from ambient air. Co Two can then be injected into oil reservoirs to boost output in Texas Permian Basin Hall of Said if we can perfect direct air capture than we can use it anywhere. Climate concerns dominated the panel discussion and run through the entire program of this year's World Economic Forum climate campaigner. Greta Thunberg spoke to a packed room in the opening session. Issuing Sharpe rebuke to leaders over the world's failure to curtail emissions also addressing. The climate challenges facing the oil and gas industry was fatigue. Enroll executive director of the International Energy Agency. Barale like Khawla touted the potential of carbon capture to help emissions. They're all said in an interview. Carbon capture is very important because we still have a huge amount of fossil fuels in the market is the only technology which can marry the fossil fuels. We have oil gas and others and our climate goals. 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 technology 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 in the US. Shale fracking has already peaked and is in a period of sustained contraction according to two major providers of services to the industry that view from Halliburton Company and slumber J. Limited signals and eventual deceleration. Us oil production which is currently at record highs. Slower output growth would have global ramifications given additional American barrels are forecast to account for most of the increase in worldwide supply. This year Halliburton chief executive officer. Jeff Miller said Tuesday that customer spending in North America will keep falling this year. That echoes slumber Jay. Which said Friday? It's continuing to shrink. Its business in the region to match lower manned. The oil services industry has cut thousands of jobs in the US and scrapped unwanted fracking equipment in recent months as shale companies slash spending in a bid to generate free cash flow amid a stagnant oil market and slumping natural gas prices. The deep retrenchment indicates a lack of conviction that demand will ever recovered a previous highs. Halliburton said Tuesday slashing. Its own spending by twenty percent from last year to one point. Two billion dollars to keep up with the changing market twenty nine solidified the pivot from growth to Capitol discipline in North America Miller told analysts and investors on Tuesday conference call as unconventional enter maturation phase. Halliburton is committed to the North American market. Houston-based Halliburton said north. American revenue slumped twenty one percent in the final three months of last year compared with the third quarter. The company took two point. Two billion dollars of impairment charges for the most recent period related to severance costs and write down pressure pumping and drilling equipment. Miller said that Halliburton cut twenty two percent of its Frank Fleet last year slumber. J. The world's largest oil and GAS SERVICES COMPANY HAS ALREADY REDUCED. Its pressure pumping fleet in half and said Friday. It has no intention of bringing out equipment back into service. It took twelve point. Seven billion dollars in pretax charges for the third quarter and is restructuring its North American Land Business Unit oil prices improve publicly traded oil and gas exploration and production companies aren't likely to materially change. Their capital spending plans probably narrow an analyst. Raymond James said on Tuesday that we predict an underspend of eleven percent meaning the EMP industry is cash flow positive after cap ex for the first time since two thousand five. The gloomy picture at home contrasts with improving demand. Internationally as larger oil companies. Make a slow recovery from depressed crude prices several years earlier however Halliburton the number three services provider has historically generated more of its sales in the US and Canada than slumber J. or Baker Hughes the other big player Miller said statement in twenty twenty. We expect our international growth to continue an international margins to improve Halliburton report at one point. Six five billion dollar net loss for the fourth quarter compared with net income of six hundred sixty four million a year earlier excluding the impairment charges earnings per share exceeded analysts estimates by three cents shares of the company. Rose one point nine percent to twenty four. Forty one at eleven. Am in New York. Today's episode of the daily brief 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. Lng 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. Finally today oil raised some earlier declines as concern mounted about supply disruptions in Libya and Iraq despite ample output from other major producers futures trimmed the daily loss to half a percent on Tuesday in New York after earlier dropping almost a full percentage point the Libyan port crisis that strangled crude exports from North Africa's biggest oil supplier extended into a fourth day while warring factions haggled over a peace deal meanwhile spreading unrest in Iraq is threatening shipments. Opec's number two producer the Libyan disruption is significant because there's a lot of demand for light sweet crude among refiners working to comply with Stricter Imo twenty twenty shipping fuel rules. Oil prices fell earlier in the session in tandem with metals equities following a series of negative developments in Hong Kong and worries about a deadly virus in China International Energy Agency. Executive Director. Fatih barrel said at the Davos Forum that the world is awash with oil mainly from US thrillers Libyan military leader Khalifa. Huff tar has blocked ports in a show of defiance after world leaders failed to persuade him to sign a peace deal in Iraq. Protesters halted production at one. Oilfield and rockets reportedly hit the Green Zone in Baghdad. After a week of unrest and there you have it our top oil and gas news stories for Tuesday. January twenty first 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 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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"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

07:01 min | 2 years ago

"world oil magazine" 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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"world oil magazine" Discussed on World Oil's Daily Brief

World Oil's Daily Brief

09:10 min | 2 years ago

"world oil magazine" 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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