U.S. crude futures dipped below $ 28.50, while the international benchmark Brent fell as far as $ 27.79 a barrel after reports that Iran had offered sharp discounts to customers in Europe and Asia to find buyers for millions
of barrels of oil in storage that it is now free to sell, after the lifting of most international sanctions on it at the weekend.
On July 24th, the price
of a barrel of oil in America reached a low of $ 48.
Not exact matches
The field, covering nearly 75 square miles, was discovered
in 1911 and has produced over 2 billion
barrels of oil equivalent (BOE), making it one
of the most productive fields
in the United States.
Prime Minister Stephen Harper lent support to the 1,200 - kilometre, $ 6 - billion pipeline that would carry more than 500,000
barrels a day
of crude
oil from Edmonton through the Rockies to Kitimat, B.C., where it could be transported by tanker to markets
in the U.S. and Asia, including China.
Netbacks, profit after subtracting transport and other expenses, averaged C$ 16.80 per
barrel of oil equivalent
in the first quarter, compared with C$ 21.25 a year earlier.
Andurand, who runs
oil hedge fund Andurand Capital Management LLP, wrote
in a string
of tweets on Sunday that companies may be less willing to risk investment
in long term
oil projects because
of low crude
barrel prices and a predicted peak
in electric vehicle demand.
«Despite the temporary pullback
in production
in the first quarter, we still expect our
oil sands volumes for the year to be within our original guidance
of 364,000 to 382,000
barrels per day,» he told a conference call with analysts.
With the ability to refine and upgrade crude
in Canada and 75,000
barrels per day
of committed capacity on the existing Keystone pipeline, Husky says it can grow its heavy
oil production without exposure to the WCS - WTI discounts until at least 2021.
The Irvings had their hopes dashed
in October when plans were scrapped for the $ 15.7 - billion Energy East pipeline, which would carry over a million
barrels of oil from Alberta to Saint John, N.B. every day, some of which would be processed at Irving Oil's refine
oil from Alberta to Saint John, N.B. every day, some
of which would be processed at Irving
Oil's refine
Oil's refinery.
LONDON — Pierre Andurand, a leading
oil fund manager, said that lack
of investment
in new production could lead to a situation where $ 300 per
barrel oil is «not impossible» within the next few years, Bloomberg reported.
On Thursday, it announced it would reduce its production guidance for the year by about 10,000
barrels of oil equivalent per day to an average
of about 315,000 boe / d, with exit production
of about 335,000 boe / d, to account for lower heavy
oil production, an advanced schedule for maintenance at its Tucker oilsands project and a slower ramp up
in liquids - rich natural gas output from its BD Project
in Indonesia.
The Permian continues to boom, and even
in case
of takeaway capacity constraints — which have led to around $ 11 a
barrel discount
of Midland, Texas,
oil to Brent — Permian producers would pump at profit if Brent were to rise (and stay) at $ 80, Bloomberg's Denning argues.
In 2008, Jeff Rubin, then an economist with CIBC, predicted the price of oil would hit $ 225 a barrel in four year
In 2008, Jeff Rubin, then an economist with CIBC, predicted the price
of oil would hit $ 225 a
barrel in four year
in four years.
At its peak,
in the spring
of 2012, light
oil at Edmonton was trading at a discount
of almost $ CDN 40 per
barrel to Brent prices, and at a discount
of almost $ CDN 20 /
barrel to U.S. mid-continent prices.
Total upstream production came
in at 689,400
barrels of oil equivalent per day
in the first quarter, compared to 725,100 boe / d
in the prior year quarter, as oilsands output fell to 404,800
barrels per day from 448,500 bpd.
The company operates
in over 70 countries and produces about 3.7 million
barrels of oil a day.
Canadian crude
oil exports,
in 1000s
of barrels per day, to US Petroleum Administration Districts for Defence (PADDs).
Oil output
in Venezuela, a member
of the Organization
of the Petroleum Exporting Countries, has fallen from almost 2.5 million
barrels per day to just around 1.5 million bpd currently due to political and...
In October
of 2011, the price
of WTI at Cushing, OK was discounted by almost $ US25 per
barrel compared to similar
oil grades on the U.S. Gulf Coast, only 600 miles away.
With
oil selling for around $ 100 a
barrel and gasoline prices high, sales
of cars that plugged
in rather than filled up were beginning to climb.
In the room were some 1,500 energy sector executives, most of them in a tetchy mood, given that oil was south of US$ 50 a barrel and over 35,000 Albertans had lost oilpatch jobs up to that point in 201
In the room were some 1,500 energy sector executives, most
of them
in a tetchy mood, given that oil was south of US$ 50 a barrel and over 35,000 Albertans had lost oilpatch jobs up to that point in 201
in a tetchy mood, given that
oil was south
of US$ 50 a
barrel and over 35,000 Albertans had lost oilpatch jobs up to that point
in 201
in 2015.
LOWER PROFILE: Shell's Appomattox
oil platform, capable
of reaching 175,000
barrels of oil per day, will soon be active
in the Gulf
of Mexico.
But van Beurden has been slimming down his portfolio
of oil projects with the intent
of keeping only those lean enough to make good returns
in a world
in which
oil prices average no more than $ 40 a
barrel, well below the average price over the past decade.
The international price
of oil had dropped an additional US$ 20 per
barrel since the Bank
of Canada's last economic outlook
in October.
He believes the price
of oil will climb back to $ 65 (U.S.) a
barrel in the short term and to $ 100 within the next five years.
It will operate
in the Gulf
of Mexico and has been pared down to be profitable with
oil at $ 50 per
barrel.
Pipeline outages
in Iraq and Nigeria have removed more than 800,000
barrels of crude
oil per day from the market for at least the next two weeks.
Last March, Royal Dutch Shell said it was selling most
of its stake
in Canada's
oil sands, a vast project that has extracted millions
of barrels of sticky, gooey hydrocarbons from the ground
in a process that resembles mining more than drilling.
The day before Marathon announced it was breaking up
in January 2011, the combined company had a market value
of around $ 28.9 billion, when
oil was trading at around $ 90 to a $ 100 a
barrel.
Total produced 2.703 million
barrels of oil equivalent per day (boe / d)
in the first quarter, driven by ramp - ups and new acquisitions, up more than 5 percent compared to the same period
in 2017, and above analysts» estimates
of 2.663 million boe / d.
The deal, when announced last autumn, was predicated on a recovery
in the
oil price to $ 60 per
barrel by 2019, an increase that now seems less likely with a glut
of crude still circling the globe and keeping prices below $ 50.
The project's three fields, Chayvo, Odoptu, and Arkutun Dagi, produce some 100,000
barrels of oil a day
in temperatures that drop to nearly 50 degrees below zero.
«When we price
in $ 70 [per
barrel]
oil, part
of that is future supply continuity,» Kilduff explained.
This comes after the Norwegian
oil company Statoil said it found an area containing up to 130 million
barrels of oil in the North Sea.
An estimated average
of 20 billion
barrels of oil and 1.6 billion
barrels of natural gas liquids are available for the taking
in the Wolfcamp shale, which is
in the Midland Basin portion
of Texas» Permian Basin.
In February, OPEC anticipated demand for its members» oil in 2013 would dip by about 100,000 barrels per day compared to previous forecasts, mainly because of increased production in North Americ
In February, OPEC anticipated demand for its members»
oil in 2013 would dip by about 100,000 barrels per day compared to previous forecasts, mainly because of increased production in North Americ
in 2013 would dip by about 100,000
barrels per day compared to previous forecasts, mainly because
of increased production
in North Americ
in North America.
OPEC, along with Russia and several other producer nations, is keeping 1.8 million
barrels a day off the market through the end
of the year
in order to shrink global stockpiles
of oil.
Near the end
of August, the price
of oil dipped under $ 40 a
barrel for the first time
in more than six years, further imperiling Canada's sluggish economy.
In fact, in the 10 years previous to the January 2011 cut - off of the graph, Canadian light oil sold (in Edmonton) at a $ 2 per barrel premium to the average cost of U.S. Saudi Light oil imports because of our access to premium - priced markets in the mid-continen
In fact,
in the 10 years previous to the January 2011 cut - off of the graph, Canadian light oil sold (in Edmonton) at a $ 2 per barrel premium to the average cost of U.S. Saudi Light oil imports because of our access to premium - priced markets in the mid-continen
in the 10 years previous to the January 2011 cut - off
of the graph, Canadian light
oil sold (
in Edmonton) at a $ 2 per barrel premium to the average cost of U.S. Saudi Light oil imports because of our access to premium - priced markets in the mid-continen
in Edmonton) at a $ 2 per
barrel premium to the average cost
of U.S. Saudi Light
oil imports because
of our access to premium - priced markets
in the mid-continen
in the mid-continent.
The price
of a
barrel of oil, using the WTI benchmark, rose from $ 29.70 to $ 76.32 from mid-2000 to mid-2010, an increase
of 157 %
in only 10 years.
Mike Kelly predicts an oversupplied
oil market
in 2018 causing
oil to stabilize around $ 40 per
barrel in the second half
of next year.
When combined with the Company's existing 10,000
barrel per day agreement for
in - field gathering with Oryx Midstream Services and planned investment
of approximately $ 20 million
in its own
oil gathering system
in 2018, PDC believes this agreement ensures its ability to successfully produce and deliver volumes
in accordance with its current development plan.
For the past two years, energy stocks have looked quite dirty, as the price
of oil sank to a latter - day low
of US$ 27 a
barrel in February.
In 2012 and the first half
of 2013, Canada's
oil exports averaged about 2.4 million
barrels per day.
Between June 2012 and July 2013, the difference between the landed costs
of Saudi Light
oil into the U.S. and the price
of light
oil at Edmonton was $ 18.48 per
barrel, while the difference
in costs between Mexican Maya landed
in the U.S. and Western Canada Select heavy blend at Hardisty, AB, was $ 29.02 per
barrel.
Iran's
oil exports hit 2.6 million barrels per day (bpd) in April, the Oil Ministry's news agency SHANA reported on Tuesday, a record since the lifting of sanctions, with China and India buying more than half of Iran's o
oil exports hit 2.6 million
barrels per day (bpd)
in April, the
Oil Ministry's news agency SHANA reported on Tuesday, a record since the lifting of sanctions, with China and India buying more than half of Iran's o
Oil Ministry's news agency SHANA reported on Tuesday, a record since the lifting
of sanctions, with China and India buying more than half
of Iran's
oiloil.
The EPA found that,
of the 20,000
barrels spilled
in Michigan, approximately 4000
barrels of oil remain trapped
in river sediment, so clearly it can sink.
Economists are now fretting over daily swings
in the price
of oil, which recently surged to more than US$ 105 per
barrel — its highest level
in more than two - and - a-half years.
On April 29, more than 28,000
barrels of crude
oil sprang from the Rainbow pipeline
in Alberta and gushed into the boreal forest and nearby marsh.
One
oil bull did jump into the fray: «The price
of oil will be $ 1,000 a
barrel in 20 years.»