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




Subscribe to our free daily newsletters



OIL AND GAS
OPEC's oil price forecast near a make-or-break point for U.S. shale
by Daniel J. Graeber
Washington (UPI) Oct 11, 2017


The price for crude oil next year should be around the so-called Goldilocks number for shale oil drillers in the United States, OPEC economists said.

The Goldilocks scenario refers to a price point that's not so high that it encourages a strong drive in crude oil exploration and production, but not low enough to curtail capital spending and operations.

Economists with the Organization of Petroleum Exporting Countries said in their monthly market report for October that the price for West Texas Intermediate, the U.S. benchmark for the price of oil, could be in a range between $50 per barrel and $55 per barrel for 2018.

"A rise above that level would encourage U.S. oil producers to expand their drilling activities, otherwise the lower prices could lead to a reduction in their capital expenditures," the report read.

The U.S. Energy Information Administration reported the four-week average for total crude oil production as of Sept. 29 at 9.5 million barrels per day, an 11.8 increase from the same period in 2017. EIA said it expected a full-year production average of 9.3 million barrels per day in 2017 and 9.8 million barrels per day next year, "which would mark the highest annual average production in U.S. history, surpassing the previous record of 9.6 million barrels per day set in 1970."

A September report from consultant group Wood Mackenzie said capital discipline and operational efficiency have led to resilience for non-OPEC producers. OPEC economists, however, said well productivity in key U.S. shale basins, particularly the Eagle Ford and Permian reservoirs in the south, are "flat-to-lower." Drilling efficiency, meanwhile, dropped 20 percent from third quarter 2016 and service costs are up 10 percent year-to-date.

Total non-OPEC production is expected to increase next year, primarily because operators are dusting off projects that were shelved at the height of the market collapse, but there may be headwinds for U.S. shale if the price of oil turns lower.

"Lower prices are beginning to weigh on U.S. shale oil activity as concerns mount that aggressive development could lead to output declines," the market report read.

WTI was priced near $51 per barrel early Wednesday.

OIL AND GAS
LNG fuel strides continue for French company
Washington (UPI) Oct 10, 2017
Norwegian energy major Statoil will start using liquefied natural gas as a maritime fuel at the port of Rotterdam by the next decade, a French gas company said. French energy company ENGIE and its Japanese consortium partners said they were selected by Statoil to supply LNG as fuel for four crude shuttle tankers at the Norwegian port of Rotterdam. "The four planned dual fuel vess ... 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
NGOs slam UN aviation agency plan for biofuels

Breakthrough in direct activation of CO2 and CH4 into liquid fuels and chemicals

Surrounded by potential: New science in converting biomass

A key step in synthetic fuel production from seawater patented by NRL

OIL AND GAS
Scientists propose new way of increasing the efficiency of solar batteries

Governor Brown Sends SCE to CEC Investigation and ABC Solar Files CPUC Petition to Censor SCE

New efficient catalyst for key step in artificial photosynthesis

Saudi Arabia opens bid for 'utility scale' solar project

OIL AND GAS
OX2 hands over Ajos wind farm to IKEA Finland

Wind farms in Atlantic could power the world: study

Germany gets economic lift with wind energy

French energy company to build wind power sector in India

OIL AND GAS
Japan government, TEPCO liable for Fukushima crisis: court

New 'molecular trap' cleans more radioactive waste from nuclear fuel rods

French, Belgian nuke plants vulnerable to attack: Greenpeace

Largest Nuclear Training Center In France Opens Its Doors

OIL AND GAS
Auditor slams Canada on lack of climate actions

Drought not dingos behind mainland Australia tiger extinction: study

Cost of climate disasters to reach half of US growth in a decade: report

Science denial not limited to political right

OIL AND GAS
The U.S. needs at least twice as many charging points for EV

Uber competitor hits Paris roads with Chinese help

Battery technology keeping electric car adoption in the slow lane

UK car sales skid lower in September on poor consumer confidence

OIL AND GAS
Iraq forces retake IS bastion Hawija

Iraq flight ban halts dig for lost ancient city

Iraq forces retake centre of IS bastion Hawija: army

Iraq forces claim recapture of IS-held areas near Hawija

OIL AND GAS
Wal-Mart stops fish imports from NK-linked plant; NK operating some factories left by Seoul

ICAN: staunch campaigners for an end to nuclear weapons

With decision looming, Trump blasts Iran over nuke deal

N. Korea chemical arms a concern for peace




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