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OilPrice.com 10/23/2020 16:30
Argentina will give subsidies of a total of US$5.1 billion to shale gas drillers in an attempt to revive production in its Vaca Muerta shale play and attract as much as US$5 billion in investments, Energy Secretary Dario Martinez said this week. The four-year subsidy program will cost Argentina US$1.5 billion in 2021, but it will still be better than paying to import liquefied natural gas (LNG), even if LNG prices have dropped, Martinez said, as carried by Bloomberg. Shale drillers who bid in an auction in November can get a maximum of $3.70…
OilPrice.com 10/23/2020 15:00
COVID cases are now surging around the globe, threatening oil demand and sending oil prices back below $40.For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these reports and many more.Friday, October 23rd, 2020On Thursday, the U.S. reported more than 70,000 COVID cases for the first time in three months, and the trajectory suggests…
OilPrice.com 10/23/2020 13:14
Baker Hughes reported on Friday that the number of oil rigs in the United States rose by 6 to 211. The total number of active oil and gas rigs increased for the week by 5, with oil rigs rising by 6 and gas rigs falling by 1. Total oil and gas rigs in the United States are now down by 564 compared to this time last year. The EIA’s estimate for oil production in the United States fell sharply for the second week in a row for the week ending October 16—the last week for which there is data, to 9.9 million barrels of oil per day. U.S. oil…
OilPrice.com 10/23/2020 12:30
The frequent oil blockades in Libya over the past few years have cost the country a total of US$130 billion in lost revenues, Finance Minister Faraj Boumtari told Al-Jazeera on Thursday. Libya’s oil industry has been plagued by on-and-off blockades as rival factions have been fighting for control over areas in Libya and its oil terminals and ports since the toppling of Muammar Gaddafi in 2011. The most recent blockade in Libya, between January and the middle of September, has cost Libya almost US$10 billion, the National Oil Corporation (NOC)…
OilPrice.com 10/23/2020 12:30
I have said and written many times, in many different contexts, that one of my core investing beliefs is that politicians have a lot less effect on the market than most people, and especially they themselves, think they do. The one major exception to that, at least when it comes to Presidents, is in terms of energy stocks. The Department of Energy is run by the White House, as is the Environmental Protection Agency, which is responsible for a lot of the regulations that directly impact the energy industry. Obviously then, who is President matters…
OilPrice.com 10/23/2020 12:30
Politics, Geopolitics & Conflict - ISIS is calling on its supporters to attack Westerners and oil pipelines and economic infrastructure in Saudi Arabia, based on a recorded message carried by the media but otherwise not confirmed as authentic. In the message, alleged ISIS spokesman Abu Hamza Al-Muhajir urges the targeting of Westerners in Saudi Arabia and attacks against the Kingdom’s economic infrastructure because of its support for the normalization of relations between Gulf countries and Israel. This is an attempt by forces (likely…
OilPrice.com 10/23/2020 12:30
U.S. West Texas Intermediate crude oil futures are trading nearly flat on Friday while heading for their first weekly losses in three. The market is feeling pressure from both the demand and supply sides, led respectively by surging coronavirus cases in the United States and Europe, and Libyan output increases. COVID-19 Update – Euro Zone Business Activity Shrinks Several U.S. states reported record daily increases in infections on Thursday, raising concerns about future fuel demand, while France extended curfews for about two-thirds of its…
OilPrice.com 10/23/2020 12:30
1. Demand stalls on COVID resurgence - “We think that the oil market would mount a significant rally if the flow of global demand data was strong,” Standard Chartered wrote in a note. “However, there is no fuel for any such rally currently; demand recovery has disappointed, and in some regions prospects are worsening.” - The investment bank estimates that global oil demand in August stood at 90.39 mb/d, down 592,000 bpd from a month earlier. Demand was down 11.58 mb/d year-on-year, worse than July’s figure of down…
OilPrice.com 10/23/2020 12:30
Peace in the Middle East may be fostered by natural gas, beginning with Israel's new-found energy leverage, but that peace will simply be shifted to a war of different alliances on the Eastern Mediterranean exploration and development front… But if natural gas promises to upset the global balance of power, the widespread race to secure hydrogen as the real bridge to a renewable energy future promises a geopolitical shakeup of far greater significance. Many of the “haves” and “have nots” will be the same, as…
OilPrice.com 10/23/2020 12:00
“I would transition from the oil industry, yes,” Democratic presidential candidate Joe Biden said during last night’s debate with President Donald Trump in response to a question from his opponent. “Would he close down the oil industry?” Trump asked Biden, as quoted by the National Review. “Would you close down the oil industry?” To this, President Trump’s opponent mentioned his plan for a transition away from oil, to which Trump said, “That’s a big statement.” “It is…
OilPrice.com 10/23/2020 11:30
Nigeria’s oil production and exports have not been disrupted by the escalating protests against police brutality in the biggest oil producer and exporter in Africa, according to shipping data and traders who spoke to Bloomberg. For two weeks now, Nigerians have been protesting against the notorious Special Anti-Robbery Squad (SARS) unit, calling for the authorities to disband it. Rights group say that the Nigerian army and police shot dead at least 12 peaceful protesters in Lagos this week. The escalating tension in Africa’s top oil…
OilPrice.com 10/23/2020 11:00
Alberta is lifting the mandatory curtailment of oil production as of December 2020 since there is enough space on pipelines to allow producers to utilize available pipeline capacity and create jobs, the provincial government said on Friday. The mandated production limits were set in place by the previous government of Alberta after takeaway capacity constraints in late 2018 led to plummeting prices of Canada’s oil. As Canadian oil production was growing, takeaway capacity constraints and maintenance at U.S. refineries in the fall of…
OilPrice.com 10/23/2020 10:30
Iranian tankers are hiding in Iraqi waters to do their ship-to-ship transfers of crude oil to avoid U.S. sanctions, the Wall Street Journal reports, citing documents and U.S. officials. The Iraqi port of Al Faw is one regularly used point of transfer, according to the sources and the documents. There, Iranian tankers offload the crude to other vessels where it is mixed with oil from other sources, such as local crude, to avoid detection. Apparently, such transfers have grown into a lucrative business for the parties involved, who then sell the…
OilPrice.com 10/23/2020 10:00
Venezuela’s state oil company has made a pessimistic estimate for next year’s oil prices, expecting to make just $35 per barrel for the crude it exports, Reuters has reported. This compares with $60 per barrel estimated for this year. U.S. sanctions on Caracas have made it hard for PDVSA to sell its oil abroad, so it has been forced to offer it at steep discounts. The latest oil price crisis has definitely not helped, either, slashing prices further. Since the start of the year, PDVSA’s most popular Merey blend, for example, has…
OilPrice.com 10/22/2020 20:00
One by one they are starting to fall. The long predicted consolidation wave in U.S. shale players, particularly those with assets in the Permian stacked play, is in high gear. Just in the last month or so, Chevron, (NYSE:CVX) has taken out Noble Energy, (NYSE:NBL); Devon (NYSE:DVN) swallowed WPX Energy, (NYSE: WPX); ConocoPhillips, (NYSE: COP) snapped up Concho Resources, (NYSE: CXO), and just last night, Pioneer Exploration, (NYSE: PXD), announced it would merge with Parsley Energy, (NYSE:PE). Earlier this year in an OilPrice article, I wrote…
OilPrice.com 10/22/2020 19:00
The IPO market isn’t quite what it was a decade or two ago. Today, more and more startups are opting to remain private or sell out to bigger firms. Increasing red tape, including rising regulatory and disclosure costs, have been roundly blamed for this unfortunate trend that has been disenfranchising small investors. Lately, Wall Street has also started to sour on money-losing enterprises with robust topline growth no longer considered. The Covid-19 pandemic has only served to muddy the waters even more for stock markets. However, there’s…
OilPrice.com 10/22/2020 18:00
Venezuela, once Latin America’s largest oil producer and a founding member of OPEC, has seen its economically vital oil industry collapse triggering one of the worst economic and humanitarian crises of the century. The pain is far from over for Venezuela’s people and the country’s failing economy. Before 1920, Venezuela was a poor agricultural country facing many of the developmental issues plaguing Latin America. The country’s journey to becoming a crude oil superpower, leading petroleum state, and founding OPEC member…
OilPrice.com 10/22/2020 17:00
The phrase “peak oil” has been getting a lot of airtime in the media lately. One headline scoffs at the idea of peak oil in the near future, while another says that OPEC believes rich countries have already reached it. Some articles proclaim that peak oil will be a product of demand rather than supply, while others argue the exact opposite. Either way, the threat of peak oil has certainly grabbed the attention of the media this year. Earlier this month, the International Energy Agency’s executive director Fatih Birol announced…
OilPrice.com 10/22/2020 16:00
With so much talk about offshore wind and utility-scale solar, it is easy to forget about one other abundant, emission-free energy source. Geothermal has garnered a lot less attention than the more established forms of renewable energy generation, but this is slowly changing as parts of the world increasingly focus on replacing fossil fuels with cleaner alternatives. Alberta, for example, will be promoting the development of geothermal energy as a means of diversifying its heavily oil-dependent economy. This week the province’s legislators…

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