Subscribe to our free daily newsletters
  Oil and Gas News from OilGasDaily.Com  




Subscribe to our free daily newsletters



OIL AND GAS
OPEC backed into a corner, Texas economist says
by Daniel J. Graeber
Washington (UPI) Aug 24, 2017


With U.S. crude oil production on the rise, it's clear the production agreement from OPEC hasn't worked as intended, an economist in Texas said.

The Organization of Petroleum Exporting Countries and a handful of non-member state producers in January started a plan to pull global crude oil inventories closer to the five-year average. A market surplus last year pushed crude oil prices to historic lows, slowed capital streams toward exploration and production and hurt the financial well-being of producers and producing states alike.

The state economy in Texas last year faced headwinds because of weak energy market conditions, but has since shown clear indications of recovery. Though oil prices are still half what they were about three years ago, Karr Ingham, an economist with the Texas Alliance of Energy Producers, said it's clear that U.S. shale producers are resilient.

"OPEC production curtailments did not achieve the desired price outcome, and once again Texas and the US are the chief offenders - and I say that with great pride," he said in a statement. "Oil supplies remain plentiful because domestic producers are becoming increasingly efficient at producing crude oil at lower costs, so a $45 per barrel oil market provides more incentive than in the past."

West Texas Intermediate, the U.S. benchmark for the price of crude oil, was around $48 per barrel early Thursday.

Ingham's group reported Texas crude oil production was about 5.7 percent higher than it was last year. In terms of value, that means crude oil produced in Texas was also worth more. For Texans, meanwhile, about 9.9 percent more were on the payroll in the oil and gas industry than last year, though the level is still about 28 percent lower than the peak in late 2014.

A July report from the Federal Reserve Bank of Dallas found job growth in the state was 3.6 percent and the overall forecast for the year was 2.8 percent, an upward revision from 2.6 expected in its last forecast.

The Permian shale region in Texas is expected to represent about 30 percent of total U.S. crude oil production next year. Exploration and production in Texas, reported as rig counts, peaked in 2008 at 946. Current levels are about half that, but more than double the level from this time last year.

"Make no mistake about it, U.S. producers - and Texas producers, in particular - have backed OPEC and other producers around the world into a corner from which there seems to be no easy escape," he said.

OIL AND GAS
ExxonMobil misled public on climate for decades: study
Paris (AFP) Aug 23, 2017
US oil giant ExxonMobil knowingly misled the public for decades about the danger climate change poses to a warming world and the company's long-term viability, according to a peer-reviewed study released Wednesday. An analysis of nearly 200 documents spanning decades found that four-fifths of scientific studies and internal memos acknowledged global warming is real and caused by humans. ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.

SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only

Comment using your Disqus, Facebook, Google or Twitter login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

OIL AND GAS
Cyborg bacteria outperform plants when turning sunlight into useful compounds

Stretchable biofuel cells extract energy from sweat to power wearable devices

Potato waste processing may be the road to enhanced food waste conversion

Mexico's prickly pear cactus: energy source of the future?

OIL AND GAS
Deep-UV probing method detects electron transfer in photovoltaic devices

Midsummer receives two new orders for its DUO thin film solar cell manufacturing system

The power of perovskite

China's solar panels shine spotlight on North Korea trade

OIL AND GAS
Wind energy blows up storm of controversy in Mexico

U.S. extends wind energy taproots into Zambia

Night vision for bird- and bat-friendly offshore wind power

Norway's Statoil reshapes hold of giant wind farm off the British coast

OIL AND GAS
UAE nuclear programme edges toward 2018 launch

129I waste used to track ocean currents for 15,000 km after discharge from nuclear plants

Analysis highlights failings in US's advanced nuclear program

Clashes at anti-nuclear demo in France

OIL AND GAS
Study gives first proof that the Earth has a natural thermostat

Incomplete drought recovery may be the new normal

Asian Development Bank finds new climate finance stream

Heat map showcases extreme temperatures in Southern Europe

OIL AND GAS
Merkel wants to 'restore trust' in diesel after scandal

Uber's ousted CEO calls investor lawsuit unfounded

China's Great Wall Motor plans Fiat Chrysler purchase

Uber bows to Philippines suspension after show of defiance

OIL AND GAS
Iraqi forces close in on IS-held Tal Afar

Iraq begins battle to retake Tal Afar, IS bastion near Mosul: PM

Iran general slams Iraq referendum plan during Erdogan talks

Iraq readies to retake another IS bastion: officials

OIL AND GAS
Trump keeps Iran deal, but threatens more sanctions

S. Korea seeks rare talks with North to ease military tensions

US sending mixed messages on Iran nuclear deal: Zarif

US-China citizen gets 10 years for spying in Iran; 2 Iranians charged in US over hacking




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News






The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement