Wood Mackenzie's latest global oil production analysis* indicates that 3.4 MMbbl/d of oil production is cash negative at a Brent oil price of US$35. Since the dramatic drop in prices from late 2014, there have been few halts in production – with around 100…
Ratings and investor service firm Moody's has lowered its price estimate for Brent crude in 2016 to US$33/bbl, from $43/bbl, and suggests crude 'will remain well below $50/bbl through 2018.' West Texas Intermediate has also been lowered to $33/bbl…
Mexico’s federal government has entered into an exclusive agreement with Platts to utilize its oil and natural gas price data in the nation’s pricing formulas as part of its energy reform policy. Image…
It goes without saying that Art Berman with Labryrinth Consulting Services has a belief about oil prices that is likely not shared by many in the oil and gas industry: Berman believes the prices should be lower. “Prices have to fall further…
Sustained low oil prices could lead to a long-term drop in upstream oil and natural gas investment, according to a new report by the US Energy Information Administration. “Given the fall in oil prices that began in mid-2014 and the relationship between oil prices and upstream investment…
When the oil price drops, people want to know how long the decline will last and when it will go back up. Manouchehr Takin, a London-based international oil and energy consultant, tried to make sense of the economic side of low oil prices at yesterday’s SPE Offshore Europe breakfast briefing…
The recent rise in domestic crude oil production from 5.6 MMb/d in 2009 to 8.7 MMb/d in 2014 and the prospect of continued supply growth have sparked interest in the question of how the relaxation or removal of current policies, which restrict…
West Texas Intermediate crude (WTI) fell below US$50/bbl, to $49.93/bbl, on 20 July for the first time since April, despite reports that Saudi Arabian exports have fallen to their lowest in five months. According to statistics published by the Energy Information Agency (EIA)…
In a new two-part study, Wood Mackenzie explores the implications of the current low oil price for upstream fiscal terms. Governments dependent on oil taxation income are wrestling with lower oil revenues for public spending and pressure from oil and gas companies for more lenient terms…
Battered by the ramifications of rapidly declining oil prices, oil and gas company share prices continued to fall in 1Q 2015, but the share price declines have lagged behind the drop in oil prices, suggesting the market is pricing a recovery into the stocks…
UK North Sea industry body Oil & Gas UK has said called on the UK Government to abolish a 30% charge on oil and gas producers as oil fell to its lowest prices in nearly six years. The body says oil and gas producers in the basin are unable to cover their costs at US$50 a barrel…
Since June 2014, the oil price has been on a downward spiral. The price of West Texas Intermediate (WTI), a key global oil price benchmark, has more than halved and fell below US$50/barrel for the first time in 5.5 years yesterday (5 January)…
An underlying growth in global supply capacity, which is significantly outstripping demand, may mean that the world has now passed the peak price for oil, a report commissioned by Gaffney, Cline and Associates (GCA) suggests. The report…
Leading industry executives including BP CEO Bob Dudley cautioned against “over-reacting” to current low oil prices at global industry forum. 'While there has been some speculation that the high cost of unconventional oil production might…
The annual average oil price of global benchmark Brent crude for 2011 is poised to be the highest (in both real and nominal terms) since 1860, the year after the birth of the modern oil industry in Titusville, Pennsylvania, according to a report by IHS Cambridge Energy Research Associates…
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