Home / Tag Archives: oil production (page 2)

Tag Archives: oil production

Saudi oil minister says market should handle low prices

Saudi Arabia's Minister of Petroleum & Mineral Resources Ali Al-Naimi speaks at the annual IHS CERAWeek global energy conference Tuesday, Feb. 23, 2016, in Houston. (AP Photo/Pat Sullivan)

HOUSTON (AP) — Saudi Arabia’s oil minister says production cuts to boost oil prices won’t work, and that instead the market should be allowed to work even if that forces some operators out of business. Ali Al-Naimi said Tuesday that cutting production would mean low-cost producers like Saudi Arabia would be subsidizing higher-cost ones — an apparent reference to U.S. ...

Read More »

Facts and figures show the impact of low oil prices

Lonely gas station with palm tree

The impact of sharply lower oil prices is being felt around the globe. Oil-dependent countries are trying to mend busted budgets. Oil companies are cutting production and workers. While consumers in some countries enjoy lower gas prices, elsewhere consumers are paying higher food prices due to declines in the local currency. Some facts and figures to explain the regional impact: ...

Read More »

Cheaper oil buoys consumers, hammers producers

DALLAS — Oil prices have been lower for longer than expected. Now, with OPEC’s decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer. That, of course, is good news for consumers and fuel-guzzling industries like airlines, but oil producers are being squeezed and thousands of workers in the oil ...

Read More »

Challenging times continue for oil and gas companies

“Lower for longer” are the words being used to describe the oil and natural gas economic outlook for 2016, creating another whack at West Virginia’s energy sector. U.S. natural gas production could decline in 2016 for the first time in a decade, driven by low oil prices after 10 years of gangbusters growth from shale plays. To understand the decline ...

Read More »

Ohio’s Utica Shale development grows by $5.7 billion or 20.4 percent since last spring

natural gas

Ohio’s Utica Shale has seen an additional $5.7 billion in investment or a 20.4 percent increase since last spring, a Columbus law firm says in a new report. The shale industry has invested $33.7 billion in Ohio, according to the report from Bricker & Eckler LLP, which tracks the industry. Ohio’s shale development is growing despite low commodity prices and ...

Read More »

Oil price to rise only gradually to $80 by 2020: IEA

LONDON – Oil is unlikely to return to $80 a barrel before the end of the decade, despite unprecedented declines in investment, as yearly demand growth struggles to top 1 million barrels per day, the International Energy Agency said on Tuesday. In its World Energy Outlook, the IEA said it anticipates demand growth under its central scenario will rise annually ...

Read More »

U.S. shale oil output to fall for 8th month in December: EIA

U.S. shale production is expected to fall for an eighth consecutive month in December, according to a forecast on Monday from the U.S. Energy Information Administration (EIA). Total output is set to decline 118,000 barrels per day (bpd) in December, the biggest monthly decline on record, to 4.95 million bpd, the least since Sept. 2014, according to EIA data going ...

Read More »

Oil still drives development in Watford City

Even with the price of oil hovering around its 52-week lows, development in the Watford City, ND micropolitan area continues unabated. The vast majority of oil and gas produced in North Dakota’s Bakken Shale play is concentrated in four counties: Dunn, Mountrail, Williams and McKenzie counties. Seeking to maximize operational efficiency, the industry’s regional offices are tending to aggregate in, ...

Read More »

Magnets: the future of scale and paraffin reduction and prevention

“I was skeptical,” says Allen Lucas, the Production Foreman for Prime Operating based in Regan County, Texas, when he first heard about using magnets to treat scale and paraffin, the most common issues in producing wells. He’s not the only one. Leo Cavness, Operations Foreman with Traditions Resource Operating, LLC based in Texas, shared his own sentiments. “You’re always skeptical ...

Read More »