Day: December 17, 2020

Bankruptcy Hit U.S. Oil Producers To Lose Quarter Of Production In 2021

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As Chapter 11 filings by US E&Ps continue to pile up, onshore oil production from companies that filed for bankruptcy in the last two years is set to decrease by about 25% by the end of 2021, or by about 200,000 barrels per day (bpd) compared to current output levels, a Rystad Energy analysis shows. The loss puts the projected nationwide production growth for 2021 at risk of being offset. Operated oil production from the recent Chapter 11 filings is heavily weighted in the Eagle Ford and Bakken regions, at…

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Trafigura Sees Oil At $60 Thanks To Vaccines

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Commodity trading giant Trafigura expects a strong rebound in oil demand next year thanks to mass vaccinations, which will push crude oil prices to $55-60 a barrel, Argus Media reported, citing the company’s chief economist Saad Rahim. “You have already seen a strong recovery in many places — certainly in China, but also in Europe and Japan, for example. The United States is lagging in some parts, but I think we can see some stronger momentum. India had taken a major hit, but the momentum there is also looking strong,” Rahim told Argus.…

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Saudi Arabia’s Crude Oil Exports Inch Up In October

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Saudi Arabia’s crude oil exports rose to 6.159 million barrels per day (bpd) in October, up by nearly 100,000 bpd from the 6.066 million bpd exports in September, data from the Joint Organisations Data Initiative (JODI) showed on Thursday. Total oil exports from Saudi Arabia, including crude oil and total oil products, increased again month over month by 281,000 bpd to 7.38 million bpd in October, according to the JODI database, which collects self-reported figures from 114 countries. In September, the world’s biggest oil exporter, Saudi Arabia, exported more than…

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Wall Street Is Warming Up To Canada’s Oil Sands

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Things are looking up for the Canadian oil sands. After years of strife and faltering profits, battered by environmental regulations and domestic pipeline shortages as well as the flood of cheap shale oil and gas coming out of the United States thanks to the West Texas shale revolution, 2021 is on track to be a much, much better year for Canadian oil. While pretty much any and every oil-producing nation in the world has had a less-than-stellar year, to put it mildly, few have had it as bad as Canada.…

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The UK Ends Support For Overseas Oil & Gas Projects

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The United Kingdom will end direct government support to oil, gas, and coal project overseas as soon as possible, as part of the country’s ambition to support the energy transition, UK Prime Minister Boris Johnson said over the weekend. Ending taxpayer support for overseas fossil fuel projects is a major shift in policy, considering that the UK government has supported US$28 billion (£21 billion) worth of UK oil and gas exports through trade promotion and export finance over the past four years alone. The decision to end direct government support…

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