Both of these assumptions have been completely reversed
by the shale oil revolution, dramatically increasing North American energy production and increasing crude oil exports.
Shaken
by shale oil production in the United States, softening demand from China and Europe, and rising global concern about climate change, Canada's tar...
Not exact matches
There have been a number of high - profile derailments of trains — including one
by UP — carrying
shale oil, much of which is produced in new drilling areas without established pipeline networks and must be moved
by rail.
Driven
by shale expansion, US
oil production this year is forecast to increase
by 570,000 barrels per day (bpd) to 9.9 million bpd, the US Energy Information Administration estimates.
Analysts estimate that a sanction - free Iran could add another 1 million barrels per day of
oil to global supply
by 2016, providing a supply cushion if U.S.
shale producers end up running out of financing.
But they represent another way for Wall Street and
shale producers to increase the flow of
oil, and frustrate plans
by the Organization of the Petroleum Exporting Countries to prop up prices.
The companies say the pipeline would carry Bakken
shale oil more cheaply and safely from North Dakota to Illinois en route to U.S. Gulf Coast refineries than it could be shipped
by railroad or tanker trucks.
While Tillerson has ties to Russia, he partly missed a key energy development back home in the United States
by ceding growth potential in the
shale oil industry to smaller, more nimble rivals, including Continental Resources.
The United States will overtake Russia as the world's biggest
oil producer
by 2019 at the latest, the International Energy Agency (IEA) said on Tuesday, as the country's
shale oil boom continues to upend global markets.
Ahead of the deal, however, Nigeria's
oil minister had insisted the group was «aligned» and was in agreement about extending the cuts, despite the risk of a strong comeback
by U.S.
shale oil producers.
Who could have foreseen that OPEC would decide to sacrifice billions of dollars
by refusing to curb production, just so it could hurt
shale -
oil producers in the United States?
In recent years, America's unprecedented
oil and gas boom has been driven
by one factor above all others — and that's
shale.
Production is growing not just in Canada's oilsands but in the huge Bakken oilfield shared
by Saskatchewan and North Dakota, and in the
oil shales of the Rocky Mountain states.
US - based
shale producers including EOG Resources Inc., Continental Resources, Inc., and Pioneer Natural Resources are set to suffer as
oil prices continue to be weighed down
by the increased production Trump's policies imply.
Protesters have been buoyed
by the recent success of Native American groups and environmentalists in their campaign against construction of the 1,100 - mile (1,770 - km) Dakota Access pipeline, a project spearheaded
by Energy Transfer Partners (etp) that would carry
oil from North Dakota's Bakken
shale fields into Texas.
O'Loughlin said that relatively high
oil prices, supported
by healthy demand and production cuts
by the Organization of the Petroleum Exporting Countries (OPEC) to tighten markets, «are encouraging U.S.
shale producers to continue ramping up production.»
Output from major
shale oil regions will grow
by 131,000 barrels a day in April, the Department of Energy predicts.»
The cash - and - stock deal marries operations that are broadly complementary in terms of geography as well as giving Marathon extra capacity in the U.S. light crude produced
by a booming
shale oil sector.
The extraordinary cost reductions achieved
by North American
oil and gas companies have likely reached their limit, and any boost in profitability for much of the U.S.
shale and Canadian
oil sands industries will have to come from higher
oil prices, according to a new report from Moody's Investors Service.
The only production that could be brought back on line fast is
shale oil, but without the extremely low interest rates caused
by government meddling,
shale drilling will be much more expensive in the future.
British Columbia taxpayers are now subsidizing massive water allocations, road construction and basic scientific research for uneconomic
shale gas development
by multinational and Chinese national
oil companies.
Think about the disruption being caused
by electric and autonomous cars in automotive;
by regulatory challenges in banking;
by shale resources in
oil and gas; and
by a groundswell of public dissatisfaction in political institutions, to name just a few.
He's also chairman of a $ 26 million fund, BH Logistics, established in April with backing from a Chinese conglomerate, and a $ 40 million fund involved in
shale oil exploration, according to documents filed in June and first reported on
by Bloomberg News.
Despite efficiency improvements, the
shale industry is expected to be cash flow negative
by a combined $ 20 billion this year as
oil prices sink.
The recent
oil shale boom was powered mostly
by small firms because larger multinationals like Exxon and BP are structured for big payoff, technically - difficult projects like deep water drilling and Arctic exploration.
The
shale oil industry was scam
by the big private equity funds who took a flier on the
shale business because the bond market gave them access to dirt cheap capital thanks to the Fed's ZIRP.
The share price of Carrizo
Oil & Gas, an Eagle Ford - focused
shale driller, has plunged
by as much as 15 percent over the past week.
When the history books are written, the
shale oil «boom» will be looked back upon as one of the bigger scams executed beautifully
by Wall Street.
Hurricane Harvey resulted in U.S.
oil production falling
by 200,000 bpd in August — outages that occurred mostly in the Eagle Ford
shale and offshore in the Gulf of Mexico.
The boom in unconventional fuels — such as bitumen extracted from Alberta's tar sands and
oil extracted from North Dakota's Bakken
shale formation
by hydraulic fracturing («fracking»)-- has swelled global reserves even as climate scientists issue ever - sterner warnings that burning more than a small fraction of these reserves would be suicidal.
As a result, OPEC has less incentive to continue to prop up
oil prices
by reducing its production, since all it seems to be doing is encouraging
shale drillers to increase their output.
OPEC efforts are not the key driver here but the reduced
oil production US
shale due to the cyclone episodes and the bullish drama created
by the brokers.
Indeed, domestic
oil production — driven
by shale extraction — rose to an all - time high of 10.59 million barrels per day (bpd) last week, the Energy Information Administration (EIA) said.
Today, Russia is similarly hemorrhaging capital as a result of international sanctions and crashing
oil prices, prompted
by both the American
shale oil boom and OPEC's inaction in stabilizing the commodity at last month's meeting.
Among commodities,
oil prices moved higher as fears about rising US
shale production abated somewhat, and market participants began giving more weight to the effectiveness of supply cuts
by members of the Organization of the Petroleum Exporting Countries and several other large
oil - producing countries.
OPEC initially responded
by unleashing its own torrent of
oil, which it hoped would drown out weaker
shale drillers.
Gas is easier to produce than
oil from
shale and other «tight» rocks, and
by 2040 the EIA expects US production to be 56 per cent higher than in 2012.
O'Loughlin said that relatively high
oil prices, supported
by healthy demand and production cuts
by the Organization of the Petroleum Exporting Countries (OPEC) to tighten markets, «are encouraging US
shale producers to continue ramping up production.»
In the September 2013 Quarterly Report we wrote that,
by 2015, increasing production from US
shale oil would be «easily absorbed
by an estimated incremental demand of 4 million barrels from non-OECD countries over the same time frame».
Market participants continued to weigh the supply - side impact of production cuts
by the Organization of the Petroleum Exporting Countries (OPEC) and other major
oil producers in late 2016 and, on the other hand, the ability of the US
shale oil industry to maintain output in the face of lower prices.
In its highly anticipated Annual Energy Outlook 2018, the agency forecasts that the U.S. will become a net exporter of energy
by as early as 2022, thanks in large part to the boom in
shale oil and liquefied natural gas (LNG) production as well as the relaxation of export restrictions.
I was concerned in several conversations, with me undertaking most of the listening, about the prospect of a sharp
oil price tag spike, if the Opec exporters» cartel, getting broken US
shale producers
by dragging prices down, starts off limiting source as soon as much more.
The real issue for the Saudis is whether the US
shale industry can respond to $ 80 - $ 100
oil by increasing production enough to flood the market again.
According to the report, the EIA says that U.S.
shale oil production will increase
by 111,000 barrels a day to 6.55 million barrels a day in February next month, and that production in the Permian Basin will surge
by 76,000 barrels a day.
«While
oil could appreciate further if the U.S. withdraws from the 2015 Iran nuclear deal, gains are likely to remain limited
by robust production from U.S.
shale,» he wrote.
However, bullish optimism could be contained
by rising production from U.S.
shale refineries and growing criticism from the Trump administration over
oil's inflated value.
REGIONAL SUPERSECTION —
SHALE OIL BOOM RATTLES GCC ECONOMIES By Gordon Platt As US shale oil and gas production continues to grow, it could have an impact on GCC economies over both the short and long
SHALE OIL BOOM RATTLES GCC ECONOMIES
By Gordon Platt As US
shale oil and gas production continues to grow, it could have an impact on GCC economies over both the short and long
shale oil and gas production continues to grow, it could have an impact on GCC economies over both the short and long term.
But in a major shift away from the previous Saudi - led policy of maintaining production to squeeze high - cost US
shale -
oil producers, OPEC countries agreed to target a lower level of 32.5 — 33.0 million barrels a day, although there was some skepticism about the absence of details on which members would curb output and
by how much, which were delayed until the next meeting in November.
The agency said that with the number of rigs running in the US plunging
by 60 per cent in response to lower
oil prices, US
shale oil production had «buckled» in April, «bringing a multiyear winning streak to an apparent close».
What if an America made energy - independent
by the
shale revolution decides that the US should no longer guarantee the safety of
oil wells in Saudi Arabia and Kuwait?